Mr S. pointed out to me today that I start conversations the way clickbait articles start. Which I found funny. I was not aware of that before..... but here we are.
There is zero percent chance they are raising interest rates. Not only because we are swimming in debt - but because houses are now sitting (on the regular) for 100-160 days. And it took a little longer than I thought, but it seems like everyone wants to sell at once.
On sept 28, I sent a message to myself about the inventory so I wouldn't forget. At that time my city had 72 houses on. My town has been running at 53 houses for as long as I can remember. Now there are 91. For my city... that is swimming in inventory.
Price reductions have started to come. But they have been slow because it's just totally norms for houses to go up 20% in one year. In the middle of a pandemic.
Looks like my old house in Sunnyvale has (by Zillow's guesstimate) gained 20% in 2 years, most of that in the last year.
ReplyDeleteAnd my father's old house in Palo Alto, guesstimate up 15% in somewhat over a year.
Where we're living now? Up almost 50% in a bit over 2 years. Lots of people wanting to move here, lots of new construction, and prices are going nuts. Good thing we bought when we did!
~Oh my.~ Nothing sends shivers up my spine like that. Forbearance expired only 8 days ago. But the internet tells me everything will be fine because they have tons of equity. Said in the most sarcastic way.
ReplyDeleteI know I sound jealous and bitter. But I've got two houses.
Although I would like to pick up a tiny bit of land and get rid of mine. So my brain goes a bit wild. But I'm not paying 20% over.
I think people bought a ton a ton of shit they couldn't afford during the pandemic. Like my tard neighbors I'm trying to get way from. He bought a new jeep last Christmas and I don't think he's worked a day in the pandemic. He's a construction supervisor.