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I'd hate to have to buy a house in USA right now. High interest rates and I'd worry about the possibility of a collapse in house prices too.
That’s unlikely to happen, and in my layperson’s understanding, that’s probably as bad as a collapse in housing prices.
The U.S. housing market is currently supply constrained, according to this Brookings podcast.
Between the above supply constraints, corporations/venture capital funds snapping up houses, yo-yoing tariffs either driving up costs or creating uncertainty for builders, and climate change rendering millions of homes uninsurable/unfixable in case of disaster, the demand will only increase.
At the same time, a weakening dollar and soaring rates will make houses more expensive to buy and finance.
There will be a real-estate reckoning. I just don’t see it happening irrespective of other factors. I’m more worried about people who don’t have a house or don’t have some way to protect themselves from the economic hell that has yet to unfold.
Interesting, I never thought of it that way, I just thought bad economy would lead to lower house prices.
Yeah that's where we are at, sellers still think they are worth covid prices and the broader market is in complete chaos. If we weren't out of room from having a smaller house with 2 kids, I would be more receptive to sticking it out but the chaos has become less manageable so we are looking for more room despite not really wanting to make any decisions right now.
This is the situation I'm in. We're pretty much forced to, to move in my wife's disabled mom. And still when we find a house we kinda like there are four bids on it above asking price, made sight unseen.
Around here (houston metroplex) there is not a bidding war but sellers are acting like there is or should be one. There are several houses we liked that have been on the market for upwards of half a year and the sellers are unwilling to negotiate on prices that are significantly higher than market value or prices of comps. We had an offer on a house that we walked away from recently where the seller outright refused to negotiate on price after the inspection found it needed a new roof and 2 new ac units despite being priced higher than it should have been already.