Do you think the housing market will crash soon knowing interest rates are rising and millenials don't want homes
Do you think the housing market will crash soon knowing interest rates are rising and millenials don't want homes
bpd â¤ðŸ™ŠðŸ¥• wrote:
Do you think the housing market will crash soon knowing interest rates are rising and millenials don't want homes
Millennials do want homes, they just can't afford them.
So, no.
It is an absolute certainty that housing prices will crash, even without regard to millenialls propensity to puchase or interest rates.
It's baked in the cake due to demographics of boomer die-off already in progress, peak debt service capacity whether among the most credit worthy or sub-subprime owners or potential owners, impending bankruptcy of many local public entities.
Anything bought mostly by credit and or government subsidy is destined for a deflationary collapse: real estate, college tuition, automobiles, stock and other financial "assets" bought on margin, "healthcare" right after premium + deductible is more than peoples' net worth.
If prices crash enough millennials will be forced to take in their destitute parents.
Housing prices will not crash.
Millennials will eventually buy homes once their fear of the debt is conquered. The trouble is the millennials are notoriously lazy. They are ill prepared to take care of a home; repairs, maintenance, upkeep, etc.
H and R Crock wrote:
It is an absolute certainty that housing prices will crash ....
Sounds like a desperate cry of hope. It won't happen for many reasons than you are capable of comprehending.
I'm sure it will crash or go down eventually as it always go in cycle. But question is when? This year? Next year? 10 years from now?
There has already been a 5% correction in the last several months. Not the millennials would notice.
But when??? wrote:
I'm sure it will crash or go down eventually as it always go in cycle. But question is when? This year? Next year? 10 years from now?
No. You will be rent from the 1% and they will blame you for being lazy and poor.
It's an interesting time. New homes aren't being built fast enough and there isn't much inventory. Demand is still high, and tighter lending restrictions mean loans are going to people who can actually pay them back. Many lower end homes are being bought for cash outright, further constricting the market.
Prices will likely stabilize as interest rates rise. Rates aren't going to go from 4.25% to 18% overnight. In my area, home prices are right around where they were 10 years ago...about a year after the housing bubble's peak.
It's not a horrible time to buy, but it's not great either. Definitely don't plan on getting rich off your house.
Stock market will crash first. House prices in most of the US are fairly sensible given low interest rates (here to stay) but the current tech bubble popping will deflate some of the stupider prices in SF etc.
Mom in your basement wrote:
If prices crash enough millennials will be forced to take in their destitute parents.
Housing prices will not crash.
Millennials will eventually buy homes once their fear of the debt is conquered. The trouble is the millennials are notoriously lazy. They are ill prepared to take care of a home; repairs, maintenance, upkeep, etc.
Nice over generalization. I'm a millennial and have owned my own home for the past 5 years. I did all the work to rehab my home by myself or with a friend. I did it because I was cash poor for a long time. I bought into a school district and am planning long term with this house and school choice for my kids (I am a young dad). My lifelong savings and work ethic got me farther than you can imagine.
Shut up. You don't know a thing about millennials.
Stock market will crash, riots in the streets, kids starving , disease rampant, medical care reduced to witch doctors and charm bracelets, then someone will invent fire, figure out stones can be made into circles and used as wheels, vaccines will be invented, stock market will soar.
No reason to even respond to the guy. It's not like "Mom in your basement" predicted his generation would cause the biggest financial crises since the Great Depression that tanked the entire world economy. Whoopsies!
But he'll just brush that aside and make a statement driven by emotion, while any non-emotional, fact-based assessment of his assertions would be deem them not credible given his track record.
It doesn't matter if millennials buy or not, houses will always be expensive. For example, the market in Seattle is ridiculous due to foreign investors in China. People who work at Microsoft, Amazon, Harborview, etc. can't afford homes there and probably never will. Same with California, people are moving in from all over the world.
I want a home. My rent is more than everyone's mortgage payment but a bank won't give me a loan.
Thanks though.
pop_pop!_v2.2.1 wrote:
But when??? wrote:I'm sure it will crash or go down eventually as it always go in cycle. But question is when? This year? Next year? 10 years from now?
No. You will be rent from the 1% and they will blame you for being lazy and poor.
Except that I own 2 homes.
Homes value increase or decrease will depend on where you live as well. I have one home that I've owned for few years and I doubt it has appreciated much. Then I have another home that's appreciated by about $100k in the past couple of years bc it's in a very strong market with high income jobs attracting more and more people here.
Apparently since you, a millennial, are hard-working and financially responsible, it means that all millennials are that way. It can't possibly be that the generalizations about your generation are rooted in fact, and clearly any time someone makes a generalization about a group of people, they are speaking to each individual in that group and not just a statistical high-level overview.
I made the sarcasm extra obvious to make sure you understand, sweetheart.
time the market...right wrote:
Demand is still high, and tighter lending restrictions mean loans are going to people who can actually pay them back. .
When Trump's crew gets done with Dodd Frank, this may change drastically.
I won't say it will crash soon, but it will crash. This spring season the market will still climb. Especially in Portland, where values sprint ahead of what people earn.
I'm not savvy enough to call when the crash will come, but we're clearly in a bubble.
This spring is a good time to sell if you want to take profits on your current house. Also, if you need to re-fi, do it now before rates go up again.
I would not buy now. Wait for the crash. Then buy. Cash is king if you can pull it off. It's not much fun buying at the bottom if interest rates are high, but of course when the crash comes, rates go down.
I've done OK buying & selling, porting gains to further properties. But I don't consider myself an expert at all, just modestly adept at navigating the rapids.
_-`-_ wrote:
Apparently since you, a millennial, are hard-working and financially responsible, it means that all millennials are that way.
That's why I said nice over generalization
This place is so full of blanket statements it's pathetic. That same mentality is what fosters the blame game which ruins threads, creates clicks, and enriches the brojos. There are bad apples on every generation. If there are problems, it's systemic in this society and no generation can be the root of all evil.