Down economy, real estate, is the iron hot?
For so long in this subreddit many have been waiting/rooting for a down market... I think we’re almost there. Are you in a position to strike?
Posted Mar 21, 2020, 12:45 PM UTC
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Uhh... what down real estate market are you talking about?
Our friends listed their condo in Jamaica Plain and got 3 offers on the first open house day.
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I said people have been rooting for a down real estate market and that we seem to be approaching some precipice. I’m curious if those users have squirreled their money away to make a move.
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I said people have not seen a precipice in the Boston area.
I'm curious if you read that part of my message.
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Yes, I read it. However your friend’s JP condo sale doesn’t mean all is right in the market. We have a falling stock market and global pandemic which will lead to volatility.
Is your point that the real estate market will be fine despite these challenges?
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Is your point that the real estate market will be fine despite these challenges?
My point is that I have absolutely no idea where the market (real estate, stock etc.) is heading. If I did, I'd be much richer than I am.
To this point, if you know precisely where the market is heading, this is your time to become fabulously wealthy. A few market puts and you will be a billionaire in no time.
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Places in the recently strong areas are still selling with multiple offers. I don't know what the future holds but now doesn't seem to be a particularly good time.
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Nope but I did get a new HELOC at 3.24% set at 1.01% below prime.
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Where?
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Third Federal Savings and Loan (thirdfederal dot com)
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I see their site is not taking online applications at the moment. PM me and I'll provide rep and contact info if interested.
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Are you in a position to show falling sale prices and rising inventories?
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historically speaking, the real estate market does not track the stock market. 08 was the exception because that crash was directly related to the housing market crashing. I would expect real estate prices to flat line at best, very unlikely to drop.
That being said, interest rates are insanely low, so now is the time to get a mortgage. For example, a 400,000 house on a 30 yr mortgage at 3% costs 877,109. A 370000 house at 4% costs 895,117 (assuming no down payments on either)
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Fair. Unless a bulk of your savings/down payment is tied into the stock market.
Also, if there is a shelter in place, people who touch a real estate deal are risking their own safety to help you/help themselves. People who have to open their home to show it to strangers... or renters who live at the property, agents, home inspectors, etc.
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Wait a year, I think. The housing market will sag for sure the question is just when, and how much
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Is this the beginning of an infomercial with you on a yacht filled with women in bikinis, telling me how I could be rich if I wasn’t lazy and follow your multistep plan?
Buy now at the low low price of $3M