So when’s the housing bubble bursting?

[4 Dimensional]

You need to cash out a 401k or you have no shot. Or win lotto.

Don’t even make sense to cash out on the 401k.

after taxes, fees, and penalty, I was looking at paying near 40% worth.

Took the 401k which is half of what I have, but no taxes or penalties.

Wifey and I are offering 30-35k on cribs and still taking Ls.

And because it’s a sellers market, it’s hard to know if discrimination is at play here.

 

[Darrkman]

I got into with another member here who thinks prices are going to drop. I told that dumb fuck they will level off but prices are NOT going down. This isnt 2008 with phantom loans. It’s not that easy to qualify like before. They require proof of income and receipts. I just purchased my second home here and the shit was ridiculous.

I disagree. If corps pull out I don't think the high prices can be sustained since they were the ones driving prices up. But you never know.

 

[Hey Julian!]

I got into with another member here who thinks prices are going to drop. I told that dumb fuck they will level off but prices are NOT going down. This isnt 2008 with phantom loans. It’s not that easy to qualify like before. They require proof of income and receipts. I just purchased my second home here and the shit was ridiculous.

Plus the demand is real. People like me are not going back to the office and want to work from home. So everybody’s trying to get house with some office space. Cramped apartments ain’t gone cut. I bought my house last year in San Antonio around this time and I’m up $100k in equity already. I’m getting letters from realtors offering cash with no inspection.

 

[djpolo]

Can't happen fast enough. In 05 it crashed in 08. In the meantime.

 

[^SpiderMan^]

This article was funded by a mortgage lending company. They profit from optimism in the housing market. Whenever you see an article that predicts a continued rise in housing prices, look at the funding source and the group polled. Lately, either the groups polled or the sponsor of the article are mortgage lenders, Realtor Associations, builders, or housing developers. I remember seeing the same thing prior to the 2008 housing collapse.

A lot of the companies that were buying houses have stopped. Zillow stopped buying homes late last year. https://www.npr.org/2021/11/03/1051...-renovating-homes-and-cut-25-of-its-workforce

Home Flipping is declining. I actually talk to some of those House Flipping cold callers. They are way more conservative with their offers process than they were last year. They want to inspect and appraise the house now.

We are headed for a Housing downturn. Opportunity is coming if your funds are together. The most financial savy people that I am around have pulled equity lately.

 

[Soul On Ice]

We got people asking for the government to do things in this thread that says the government doesn't have to do shit in other threads

 

[Dr. Truth]

Not true...he needs to meet a new group of friends...his circle is fucked up...brah

Not many friends going to loan people 6 figures for a down payment

 

[Dr. Truth]

Don’t even make sense to cash out on the 401k.

after taxes, fees, and penalty, I was looking at paying near 40% worth.

Took the 401k which is half of what I have, but no taxes or penalties.

Wifey and I are offering 30-35k on cribs and still taking Ls.

And because it’s a sellers market, it’s hard to know if discrimination is at play here.

If buying a home they waive one of the penalties like the 10% one

 

[zod16]

So many factors at play but many people outside of the US view housing in the US as a "safe" investment just like US government debt. You have to remember that you can't own land in China so many Chinese want to own land in the US (CCP gives up to 70 year leases on land to developers. You own the house but not the land). It used to be just the very affluent but now even some middle/upper middle Chinese have investments in the US. China is 2nd only to the US in terms of raw number of millionaires so that doesn't help the situation. Also factor in that unlike many other countries, you dont need citizenship or residency to buy property in the US. Places like Vancouver in Canada were also hit really hard by the Chinese investment. A few years back it was like 1/3 of the total value of homes sold were purchased by Chinese buyers.

 

[Dr. Truth]

I disagree. If corps pull out I don't think the high prices can be sustained since they were the ones driving prices up. But you never know.

Depends on the location. There’s limited inventory here and alot of rich people. Other places maybe not . NYC same thing. Too much wealth and limited homes

 

[^SpiderMan^]

Can't happen fast enough. In 05 it crashed in 08. In the meantime.

Keep the same hunger when it falls so you don't cut yourself short during buy time. I am thankful for what I purchased during the last downturn, but I should have gone all-in with conviction.

 

[4 Dimensional]

If buying a home they waive one of the penalties like the 10% one

I guess that depends on who the 401k from because they weren’t waiving shit when I told them what I was withdrawing for.

As a matter of fact, this is what happened.

I applied for a 401k loan to help with the purchase of a house. The 401k people sent my request to HR. HR contacted me and wanted documents of proof of purchase. I told HR I was going to use the money to help with the purchase. HR tells me the 401k people needs a closing statement before they’ll give me the money. I told them, that didn’t make sense because I needed the money to make an offer. Nope, that wasn’t good enough. They wanted a closing statement.

Problem with the 401k housing withdrawal is these companies are still operating on policies pre-housing crisis. Now that due-diligence is the thing, 401k housing withdrawals may not work in the same way. At least with the company 401k funds are being help by.

 

[^SpiderMan^]

So many factors at play but many people outside of the US view housing in the US as a "safe" investment just like US government debt. You have to remember that you can't own land in China so many Chinese want to own land in the US (CCP gives up to 70 year leases on land to developers. You own the house but not the land). It used to be just the very affluent but now even some middle/upper middle Chinese have investments in the US. China is 2nd only to the US in terms of raw number of millionaires so that doesn't help the situation. Also factor in that unlike many other countries, you dont need citizenship or residency to buy property in the US. Places like Vancouver in Canada were also hit really hard by the Chinese investment. A few years back it was like 1/3 of the total value of homes sold were purchased by Chinese buyers.

Chinese haven't been as aggressive in the Housing Market. Foreign Investment in housing has been declining. I don't see as many Asians in my local market (Bay Area California) either. https://finance.yahoo.com/news/fore...g-market-falls-to-a-record-low-140007460.html

 

[Gods_Debris]

We got people asking for the government to do things in this thread that says the government doesn't have to do shit in other threads

It's hilarious

 

[^SpiderMan^]

I guess that depends on who the 401k from because they weren’t waiving shit when I told them what I was withdrawing for.

As a matter of fact, this is what happened.

I applied for a 401k loan to help with the purchase of a house. The 401k people sent my request to HR. HR contacted me and wanted documents of proof of purchase. I told HR I was going to use the money to help with the purchase. HR tells me the 401k people needs a closing statement before they’ll give me the money. I told them, that didn’t make sense because I needed the money to make an offer. Nope, that wasn’t good enough. They wanted a closing statement.

Problem with the 401k housing withdrawal is these companies are still operating on policies pre-housing crisis. Now that due-diligence is the thing, 401k housing withdrawals may not work in the same way. At least with the company 401k funds are being help by.

Did you explore Covid Waivers? I was able to do an early payout without a penalty.

 

[zod16]

Chinese haven't been as aggressive in the Housing Market. Foreign Investment in housing has been declining. I don't see as many Asians in my local market (Bay Area California) either. https://finance.yahoo.com/news/fore...g-market-falls-to-a-record-low-140007460.html

Most people think that this is a brief covid related drop. Look at the overall trend for the last few years:

Share of Chinese buyers of U.S. property 2011-2024 | Statista

The proportion of Chinese buyers among foreign buyers of property in the United States varied between 2011 and 2024.

www.statista.com

 

[TX4lyfe]

There is no housing bubble. People buying houses now are rock solid financially. 2008 and before was the last time you could declare your income and walk into a mortgage. You shits got to be A-1 to get into a home now

 

[Dr. Truth]

I guess that depends on who the 401k from because they weren’t waiving shit when I told them what I was withdrawing for.

As a matter of fact, this is what happened.

I applied for a 401k loan to help with the purchase of a house. The 401k people sent my request to HR. HR contacted me and wanted documents of proof of purchase. I told HR I was going to use the money to help with the purchase. HR tells me the 401k people needs a closing statement before they’ll give me the money. I told them, that didn’t make sense because I needed the money to make an offer. Nope, that wasn’t good enough. They wanted a closing statement.

Problem with the 401k housing withdrawal is these companies are still operating on policies pre-housing crisis. Now that due-diligence is the thing, 401k housing withdrawals may not work in the same way. At least with the company 401k funds are being help by.

That’s a fucked up plan you got. Who you with?

 

[BKF]

I disagree. If corps pull out I don't think the high prices can be sustained since they were the ones driving prices up. But you never know.

 

[4 Dimensional]

Did you explore Covid Waivers? I was able to do an early payout without a penalty.

Yes, I did that during late 2020. They are not offering that anymore on my end.

 

[Darrkman]

Depends on the location. There’s limited inventory here and alot of rich people. Other places maybe not . NYC same thing. Too much wealth and limited homes

Man listen Long Island was on fire when covid was hitting and people were moving out of the city to the suburbs. I know one person whose parents sold their house in two days and got $20k over their asking price.

TWO DAYS!!

 

[Dr. Truth]

Man listen Long Island was on fire when covid was hitting and people were moving out of the city to the suburbs. I know one person whose parents sold their house in two days and got $20k over their asking price.

TWO DAYS!!

Only 20k over asking? That’s a damn good deal. look at what we dealing with.


The breakdown by number of homes sold for six figures over asking has the three Bay Area cities in the top five nationally. But when it comes to the correlating rate of homes listed, those cities easily sweep the top three spots:

• Los Angeles: 718 (11.3%)
• Oakland: 580 (29.8%)
• San Jose: 490 (45.5%)
• Seattle: 488 (17.1%)
• Anaheim: 365 (14.8%)
• San Francisco: 335 (40%)

A basic 1,500-square-foot home in Sunnyvale recently sold for $2.8 million, $800,000 over the asking price. Redfin says January was the most competitive month on record nationwide as buyers tried to take advantage of low mortgage rates.

Bay Area Homes Selling for Six Figures Over Asking at Astronomical Rate

Hundreds of homes in Oakland, San Jose and San Francisco sold for at least $100,000 over the asking price between Jan. 1 and Feb. 15, according to a new study by Redfin.

www.nbcbayarea.com

 

[^SpiderMan^]

Most people think that this is a brief covid related drop. Look at the overall trend for the last few years:

Share of Chinese buyers of U.S. property 2011-2024 | Statista

The proportion of Chinese buyers among foreign buyers of property in the United States varied between 2011 and 2024.

www.statista.com

I am unable to access the article, it is behind a paywall.
You bring up an interesting dynamic in that the Chinese Economy does have some economic concerns. I am curious where the wealthy will put their money.

 

[BKF]

Only 20k over asking? That’s a damn good deal. look at what we dealing with.


The breakdown by number of homes sold for six figures over asking has the three Bay Area cities in the top five nationally. But when it comes to the correlating rate of homes listed, those cities easily sweep the top three spots:

• Los Angeles: 718 (11.3%)
• Oakland: 580 (29.8%)
• San Jose: 490 (45.5%)
• Seattle: 488 (17.1%)
• Anaheim: 365 (14.8%)
• San Francisco: 335 (40%)

A basic 1,500-square-foot home in Sunnyvale recently sold for $2.8 million, $800,000 over the asking price. Redfin says January was the most competitive month on record nationwide as buyers tried to take advantage of low mortgage rates.

Bay Area Homes Selling for Six Figures Over Asking at Astronomical Rate

Hundreds of homes in Oakland, San Jose and San Francisco sold for at least $100,000 over the asking price between Jan. 1 and Feb. 15, according to a new study by Redfin.

www.nbcbayarea.com

Yeah 20% is a little low and really is just normal percentage during regular times. I believe the percentage is much higher than that, especially if it's a desirable location.

 

[code_pirahna]

The limited inventory is going to keep this market ridiculously high

 

[ArsenalCannon357]

Literally talked to my homie who's an agent, and she said it's right around the corner. Investors hold your horses and homeowners buy if you HAVE to otherwise lie low.

 

[zod16]

The limited inventory is going to keep this market ridiculously high

Zoning laws play a huge part in keeping the inventory low.

 

[Dr. Truth]

Literally talked to my homie who's an agent, and she said it's right around the corner. Investors hold your horses and Homeowner but if you HAVE to otherwise lie low.

What state they in? Inventory here is low as hell. Ain’t going to be an influx in homes here. They limited new houses being built have a waiting list and start in the millions

 

[zod16]

I am unable to access the article, it is behind a paywall.
You bring up an interesting dynamic in that the Chinese Economy does have some economic concerns. I am curious where the wealthy will put their money.

It was just a chart that I can't embed. It had the data points for 2018-2021 that the one below is missing including the '21 dip you pointed out:

Obviously not all of that is in residential properties but you can see why this plays a factor in the rising prices.

 

[mailboxpimp]

Housing market experts forecast limited inventory, high home prices through 2024: Zillow | Fox Business

A new Zillow survey of housing experts forecasts 9% national home price growth in 2022 due to high purchase demand and low inventory.

www.foxbusiness.com

good info faggot.

 

[Dota]

It was a story in the Washington Post last week that talked about these companies with all cash offers then turning around to rent the property out. They talked about one neighborhood in Charlotte that added a rule to their HOA that home purchases in their neighborhood can't be rented out until 24 months have passed.

 

[ArsenalCannon357]

What state they in? Inventory here is low as hell. Ain’t going to be an influx in homes here. They limited new houses being built have a waiting list and start in the millions

Georgia. We're seeing overinflated homes all over the place

 

[Dr. Truth]

Georgia. We're seeing overinflated homes all over the place

Yeah Georgia is different and not a comparable market . Much more open space , even in Atlanta you got huge lots to build on. We dont and land is retarded expensive. There will be no bubble here

 

[woodchuck]

You need to cash out a 401k or you have no shot. Or win lotto.

We got lucky. We had a VA loan, we got the house for under 300k (In Grant Park!), and the seller bought a piece if waterfront property before they sold this house. They put themselves in a bad situation, and we benefited from it. We put about 180k into it for renos, and now it is appraised at 641k after 5 years.

 

[woodchuck]

Yeah Georgia is different and not a comparable market . Much more open space , even in Atlanta you got huge lots to build on. We dont and land is retarded expensive. There will be no bubble here

Those lots ain't for sale to the common man.

 

[Dr. Truth]

We got lucky. We had a VA loan, we got the house for under 300k (In Grant Park!), and the seller bought a piece if waterfront property before they sold this house. They put themselves in a bad situation, and we benefited from it. We put about 180k I to renos, and now the is appraised at 641k after 5 years.

Yeah you came up big time and I’m shocked at the home prices around Atlanta . Houses in College Park going for 400k is crazy as fuck