Quote:
Originally Posted by Craig Vernon
I realize most on here live and enjoy what they already own in TV. As someone who watches the market looking to purchase there is a simple way to see what the truth of the market is and that is pull up Zillow and look at what is selling and at what price. Anyone who believes their patio villa is still worth 300k is wrong. Anyone on an interior lot who believes they can still get 300 per sq ft is wrong. Anyone who believes housing at current interest rates, taxes and bonds are a good investment are wrong. Anyone who doesn't care about any of these things and is looking to live the dream is going to pay for it and most likely will be upside down in the home's value potentially for many years. Sales are slowing, listings are going up, and prices are dropping on preowned but only from levels that were unsustainable over the last three years. If you bought prior to 2021 great. If you purchased 2022 or after with improvements etc you are most likely going to struggle to recoup. This is a bad environment for flippers, investors, and value buyers but perfectly fine for existing and future residents looking to be where many of you already are.
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I disagree on investors, but it totally depends on how long they are willing to wait. Even 2008 investors eventually made lots of money, if they waited long enough.