His point, if I may, is that it isn't a market driven price decline. At least not in large part. It was priced incorrectly to begin with, even in an inflated market, so Jamin is being deceptive with using this as an example of the broader market trends.
This is exactly right. My wife’s best friend bought a house in Tacoma three years ago for $350k. She’s moving for work and put the house on the market for $550k and wanted cash and no inspection. The house sat for a month, zero offers. Dropped the price to $500k, it got snapped up in a week following inspection. So the house “only” appreciated ~43% in 3 years, even though it stayed on the market longer than expected and required a price drop to move. Hardly a crash.
We are returning to normal. Prices still up compared to a year ago, but down a little from 2 months ago. Just sitting longer and no multiple cash offers over asking price. It was a market I’ve never seen in my 44 years.
I think it will level off down around 15-20% from the high, but 40% is not out of the question if we get a full on recession. That would put me barely ahead on my house purchased in 2016.
I almost sold a year ago (to take profits and call the high), but glad I didn’t with rates so high. I’m locked in at 2.0% on a 15 year. I wouldn’t want to downsize and pay cash or rent for 2 years to wait out the price drop and hopefully a rate drop.
Zillow still has my home at an all time high, but I know that is BS.
So dumb, just like the clickbait ads (“this investor bought Amazon and Bitcoin at $10. Hear his next $2 dollar stock)
That's how I went broke
Is that why you’re so bearish on real estate when crypto has gone down 70%+ from all time high while real estate basically hasn’t even declined at all yet, just no more bidding wars? Note: I still think real estate could decline 15%-20% in the next year, especially if fed is hawkish and inches rates to 7%. But my guess is next 2 years fed wimps out and can’t continue these rate increases due to recession and inflation gets out of control and we get stagflation . So basically rental market will be brutal for renters and asset prices across the board will go up (not crypto though because it’s worthless)
If you don't understand the fundamental differences between now and 2008, then sure, you might believe this clown. Lending standards, down payments, equity, lack of housing supply, etc. are all markedly different. But, there are short real estate ETFs you can invest in if you're so convinced. Check out DRV.P . Good luck.
Every year, dozens of hucksters predict doom for stocks, bonds, housing, whatever. They are almost always wrong. But they pretend otherwise and keep predicting doom. And like the carnival barkers that they resemble, they attract a crowd of suckers.
Here is this guy Grandich in 2009 being HUGELY wrong about everything. He predicts doom for stocks. They soared. He says the U.S. dollar is going to hell. The dollar instead has just kept rising. Basically, he was as wrong as anybody can ever be.
And this is the guy you will listen to now? Lord Almighty.
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