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House prices increased like 40-50% during the pandemic. They’ve barely declined 9%. So they aren’t cheap yet and interests rates are high.
In Japan housing isn’t seen as a good investment since the late 80s. They don’t appreciate over there and actually depreciate as they get older like a car. As our demographic shifts to resemble theirs I would expect housing appreciation to slow.
Housing prices isn’t that much cheaper in major cities, but definitely see less bidding wars. It’s the buyer’s market.
Seems like real estate will never be as affordable as it was during the heights of the pandemic.. but might be good to know that interest for up to $750k of mortgage can be written off in federal income tax.