Housing

Housing going down down down...

Cisco / Design
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CiscoDesign

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Nov 21

Housing fell almost 15% down this year in some critical pockets of Bay Area. Expect to fall further within next 6 months?

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  • Lyft / EngJSBG53
    Housing prices dropped 15%? Citation please. From where I'm sitting I haven't noticed.
    Nov 212
    • Cisco / Design
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      CiscoDesign

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      OP
      Citation is Redfin. Don't want to list properties here. But most of Santa Clara county which I am looking at have seen at least 6 houses listing prices drop by ~100k within this year. Probably because they were inflated way too much before, as we all know, as most valley houses have been in recent times.
      Nov 21
    • Facebook lulz1
      That’s not a price drop idiot. It means those properties were listed at over inflated prices by greedy owners who were extrapolating the past growth. That 100k reduction was a reversion to mean, not a drop. Prices are actually 2-3% up from last year now even after the drop.
      Nov 22
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    • Sprint lxCy58
      Screw this! I’m not buying apples anymore!
      Nov 21
    • Google / Engcatburglar
      World wide draught!
      Nov 21
    • Daimler vIzg51
      It’s all 🍏 and 🍊s
      Nov 21
    • Cisco / Design
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      CiscoDesign

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      OP
      This! Yes of course it is relative. YoY will always be high. I am looking at immediate gains/savings.
      Nov 21
    • New DuQvV7x
      Unless you’re looking to buy and sell within the same year, does this matter?
      Nov 22
    • Cisco / Design
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      It matters whether to buy now since a dozen properties are listing low or wait it out for further correction. Current 6 months of wait would help save several grands, would waiting further help the buyer by saving more is the question.
      Nov 22
    • Google xSUz57
      People are not worried about a single drop. They worry about the events that cause the drop and how if it will continue to drop.
      Nov 22
  • Facebook Instagrаm
    In decent locations like 98033 it barely went down below the normal seasonal slowdown.
    Nov 210
  • Google YNH
    Yes. Every news article about price drops and high % increase in inventory is complete fake news. :)
    Nov 213
    • Facebook public2
      Pretty much, for every click bait article there is also one with facts as well though. Many of the click bait ones start with a sensational headline but then reveal the data within. Read both, apply logic, and then decide for yourself. It's a sad state for "news" these days.
      Nov 21
    • Google YNH
      There are many articles with charts, bar graphs and stats. But, it’s human nature to only see what they want to see. It’s called confirmation bias.
      Nov 21
    • Facebook public2
      True that!
      Nov 21
  • Facebook public2
    I disagree with your premise. Appreciation absolutely slowed in many areas but where did it drop 15%? Most of the peninsula is up 10% this year (per redfin)
    Nov 213
    • Cisco / Design
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      OP
      10% up YoY. 15% down of this year.
      Nov 21
    • New DuQvV7x
      Both statements (above) stand in conflict. Which is correct?
      Nov 22
    • LinkedIn qQiF85
      Maybe the second statement is YTD ? Or from peak this year ? Or just random
      Nov 22
  • LinkedIn / Eng
    Gill Bates

    LinkedInEng

    BIO
    [Insert epic sax here]
    Gill Batesmore
    It also depends on when the next IPO happens. If the Uber or Airbnb IPOs happen before the stock market goes tits up, then there will suddenly be a people flush with cash wanting to buy.
    Nov 261
    • Google kraSc u ty
      Agreed. But generally companies try to avoid IPOs in a bear market.
      Nov 26
  • Amazon / ProductQorduka
    Housing is slowing down globally especially in bigger cities. SF, NYC, London, Hong Kong, Sydney, etc. It was being propped up by wealthy foreign investment from China and Russia.
    Nov 211
    • LinkedIn / Eng
      Gill Bates

      LinkedInEng

      BIO
      [Insert epic sax here]
      Gill Batesmore
      Also QE 1 to 3 and ZIRP.
      Nov 22
  • Apple sfborn1
    Housing will fall another 7 to 10%
    Nov 221
  • LinkedIn / Eng
    Gill Bates

    LinkedInEng

    BIO
    [Insert epic sax here]
    Gill Batesmore
    It'll just stop increasing in desirable locations, just like Mountain View and Palo Alto house prices did in 2008-2012. If you're in more distressed locations, it'll likely decrease a bit. EPA house prices decreased during the last recession but are up since then and higher than the pre recession peak.
    Nov 220
  • Facebook Rdfrt
    The rate at which inventory has risen and held there means absolute price declines are around the corner.
    Nov 210
  • New / Productmarkbiz
    Housing prices drop in the winter then spike in the late spring when people are shopping. Have to compare April/May 2019 prices to last year to see if there’s a decline.
    Nov 210
  • OSIsoft
    Qvd

    OSIsoft

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    Will that decrease the rent prices?
    Nov 214
    • Facebook public2
      Less buyers often means more renters, increasing demand usually doesn't help prices.
      Nov 21
    • Cisco / Design
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      OP
      Rent bumped average 11%
      Nov 21
    • Google YNH
      Less buyers = more renters applies only if people moving to Bay Area keeps up at same pace. And then you have the excess new construction apartments. Too many variables
      Nov 21
    • Facebook public2
      Bay area is still hiring like crazy and not building nearly enough new apartments. Neither are likely to change anytime soon.
      Nov 21
  • Microsoft / EngSenoritaWE
    For those who already own, are you thinking about upgrading? It’s hard to give up our 3% interest rate!
    Nov 212
    • Facebook Rdfrt
      No point upgrading now in a declining market. I guess that's the mentality that changes a market from bull to bear and it's definitely happened in Seattle housing market
      Nov 21
    • Microsoft gVdh73
      Honestly will probably renovate the house instead until I have enough to pay off the house and then some.
      Nov 21
  • LinkedIn Greydayz
    If it actually goes down I’ll feel sad for people who become underwater. Renting ftw
    Nov 211
    • Facebook public2
      No need to feel sad, they won't. Markets go up and down.
      Nov 22
  • Square / EngSQ
    Small sample size. Just because properties dropped their prices doesn't mean that values are dropping. People got greedy and were pricing way too high before because everything was selling. Things priced correctly aren't having price drops.
    Nov 211
    • Cisco / Design
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      OP
      So are they at right price now? Still inflated imo
      Nov 22
  • Cisco / Design
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    CiscoDesign

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    OP
    Just couple examples but there are more
    Nov 211
    • Facebook public2
      Listing price doesn't tell us much, valuation is what you might be looking for?
      Nov 21
  • Google kraSc u ty
    Housing prices, aka what buyers are willing to pay, is also influenced by IXIC which just took a dive. Prices will pickup again when the latter does.
    Nov 260
  • Microsoft / ProductTacoBoss
    Housing gonna crash once recession hits
    Nov 210
  • Cisco stock is down 10%. So applying relativity, the housing price has dropped only marginally for you.
    Nov 210

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