Housing Mega thread

Yelp
ukus

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ukus
Nov 2, 2021 33 Comments

Priced out people: it’s a bubble, the prices will crash 50% tomorrow

Owners: lottsa cash out there

🍿

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 TOP 33 Comments
  • Google
    xMeta

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    xMeta
    Zillow is exiting its house flipping business suggesting a likely cooling housing market.
    https://finance.yahoo.com/news/zillow-shuts-down-home-flipping-200500342.html
    Nov 2, 2021 8
    • Yelp
      ukus

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      ukus
      OP
      There’s a difference between seeing the market cooling and not being able to justify keeping the new line of business.
      Nov 2, 2021
    • Google
      xMeta

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      xMeta
      The way it read, Zillow wasn't seeing a way to sell as many houses they hoped for at good margin going forward. It's highly probable that it's an execution issue too.

      If you watch their CEOs interviews, Zillow was promoting this line of business hard and wasn't shutdown because it's a distraction for their core business, they really wanted this to be part of their core business.
      Nov 2, 2021
  • Zscaler
    ♾ Meta

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    ♾ Meta
    It will correct to a reasonable level. Higher than pre-pandemic, but lower than what it is
    Nov 2, 2021 6
  • The amount of money printing was insane. We won’t be seeing prices go down significantly anytime soon.
    Nov 2, 2021 2
  • With 20% inflation, even if there is a price correction in the future, it will be minor in the neighborhoods where people from blind want to live.
    This is what happened during great recession: shitty neighborhoods dropped 30+%, nice neighborhoods saw at most a 5% dip
    Nov 2, 2021 2
  • Adyen
    blinder4

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    blinder4
    There are about 7 million more millennials than GenX-ers and they are entering into the home buying age, the demand for houses is gonna be high for the next two decades or so. I'm afraid prices aren't gonna go down unless builders start building like crazy or boomers move to retirement homes or the next pandemic decimates the population.
    Nov 2, 2021 3
    • Zscaler
      🍌 zen

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      🍌 zen
      Well, I can actually. It’s just now a decision of which lifestyle I want to pursue: homeowner vs (renting + flexibility)

      Believe it or not, pandemic accelerated the household net worth of many people in the US.
      Nov 2, 2021
    • Tesla / Eng
      m3rulz

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       m3rulz
      I agree, many millennials can't afford to buy at all. The median household income in CA is 75k and the median house price is over 600k. It is near impossible for the average Joe to buy.
      Nov 3, 2021