When will the housing market correct?

likefunny
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In the future

likefunny

Not long after I buy a place, I’m certain.

funnylike

Do us all a favor and hold off!

Why would it? Your question presupposes the need for one. Better to answer that first.

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It depends

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Lol we can share it d1

I don’t think it will decrease in the near term. We essentially rapidly reached new highs, and in my opinion, prices have plateaued and will stay here for a bit before continuing to rise as usual. Barring anything cataclysmic like a freak volcano or global pandemic …😉

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Sounds about right

Hopefully soon. I really want to buy a house instead of renting 😞

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If mortgage rate goes up by 1% you will see some relaxation but at this time I think next 2-3 years it will be up.

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Came to say this. Interest rates go up, housing prices decrease. All evens out in the end. If you are lucky, you buy at a decent price and a decent rate and refinance if it ever gets this low again….

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Likely when interest rates rise. Interest rates are down a little over 2% from pre pandemic times. The FED decreased rates making it cheaper for everyone to borrow in order to stimulate the economy during the pandemic. This imo had been the largest cause of the price increase.

Although 2% seems like a small number, it’s actually not when it comes to interest. A $400,000 house (pre-pandemic) will have the same monthly payment as a $500,000 right now due to interest rates being much less. Most people base the house they can afford on their monthly payment, with that staying the same, people can pay much more for a house right now which contributed to the increase in price (25% greater).

Along with a pile up of demand from the pandemic, increased wages, and money flooding the system you can see why prices have gone up so much. When the interest rates go back up, so will monthly payments for new buyers, which will hopefully result in people willing to pay less and lower housing prices.

The big difference is now you’re paying the extra money to the added cost of the house instead of interest. I recommend everyone refinance if they can, there might not be a better time in your life. It will literally save you tens of thousands if you do.

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In the future. But when compared to todays prices maybe maybe never.

It depends…

Correction or no correction, there is always money to be made!

All real estate is local.

Maybe it’s like the TP market back in the early days of the pandemic..

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But I can’t afford to stock up on 5000 rolls’ equivalent of real estate

Builders will bump supply over winter to satisfy demand next buying season. As non-covid life resumes, those likely to participate in bidding wars will refocus on urban markets further softening the bid. I expect the market to run out of gas end of next summer.

Its not only shortage of supplies but cost of raw materials are insane. I have a friend working in construction industry he told one of the basics material which used to cost $2 has raised $8 last december and now costing $12. Cost of raw materials also one of the factors of higher prices.

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