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What is going on here?

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You’re surprised that huge funds and fiscal policy screwed normal Americans?
So wait til the bubble pops and buy one for cheap.
Rates are low, but people are overpaying on homes, forgoing inspections, etc that are going to come back to bite them when the market returns. You can refinance a bad rate, not overpaying on a house that may be worth 25% less overnight due to market changes.
The inspection waiver boggles my mind. You could be potentially signing up for tens of thousands of dollars of repairs or hazardous conditions.
LOL yeah some of em just give it a “landlord special” type of “overhaul”… just paint over the flaws
Have some patience. The rate of house price increases is already stabilizing (still going up a bit but at a slower rate than 6-9 months ago). The increase in mortgage rates will price some folks out of the housing market entirely, so demand will stabilize and potentially decrease as well.
Understood. However, I’m also worried on the flip end that the government will screw us with 10+% interest rates when the market does stabilize
Bought my home last yr and was worried bc I overpaid a bit - but this year my homes value has skyrocketed and was able to lock in a 2.5% interest rate. Would not wait for the market to stabilize
Because Zillow did so well by buying houses, right?
Real talk: the shock to the market has been driven by a shift in housing consumption from location (urban, commute to work) to space (sq ft). There’ll be a shift back in 5 years where residential prices will stagflate about where they are over the next 6 months. At the same time, office and retail space will start to be remodeled into warehousing or apartments as current office tenants shift ~25% of need to remote work and drop leased space.
High interest rates will prohibit the tail end of gen z from accessible college degrees and “starter” housing.
People might look into diversifying retirement assets away from the tech dominated S&P500