With news of potential cool down of mortgage rates in 2024. Do you think the house prices will continue to drop in Seattle? I think the market is ridiculously overpriced and makes no sense at this point. However, people in the West keep buying. #mortgage #housing
letting house prices drop is political suicide.
Why?
Bay Area employment market hasn’t been this weak in a long time.
"Oh Wow! I got this house for real cheap!" - No one ever, Bay Area.
If rates go near 5%, there will be a surge in housing demand, triggering bidding wars and pushing prices upward
In this job market?
Yes only IT is slow all other services are booming charging almost double
Home only go up. You are a fool
Firstly, who said that rates will cool down in 2024? realtors? Secondly, they have said that rates will cool down by end of 2023 sometime back. Thirdly, if fed reduce the rates so soon and everyone jumps on buying houses, inflation will raise again.
No, it's Wall Street. The rates actually dropped from 8 to 7% in the last few weeks and look like a downward trend until it calibrate. Inflation is gradually cooling down, but the rate needs to be calibrated, and I think it will go down slightly. Keeping rates too high will be catastrophic for the economy. Why? 1. US runs on budget deficit. They need the economy to grow, which grows tax revenue and, in turn, reduces budget deficit. High interest is bad for companies to grow 2. Trillions in debt, the US government didn't refinance during low interest season, so now they are struggling with interest payments. The rates must come down before elections
Springs gonna be here soon
Real estate is local. People make different amounts of money in different areas, and different industries are growing or shrinking. Polls about the entire real estate market are nonsensical as it is very unusual for all markets to move in unison. Tech has been the biggest driver of the US economy for the past couple decades. The S&P 500 is basically driven by a handful of tech companies. If you think this trend will continue — and I think the AI boom will create the biggest tech boom ever — then Bay Area real estate is about to skyrocket. Houses may go down in Las Vegas and Minnesota and Memphis, i don’t know what drives their economies — but if tech booms, soon, no one will get to buy homes in tech areas. Basically, everyone will live in condos except for old money and people who inherit land.
This is especially true if you make an average income amongst your tech peers, buy when you need and can afford, otherwise get priced out.
Where? Bay Area house prices will never drop more than 10%
Eh.. From never drop to never drop more than 10% .. that’s a good start
Even that 10% is only because interest rates are higher. So you end up paying more monthly anyway.