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US Housing Bubble Enters 2023 In Suspended Animation
Nine months ago, if you wanted to buy a nice property in the US, you had to bid above asking, and you had to do it quick.
Even then, there were no guarantees. In all likelihood, you'd end up in a bidding war, your better judgment overwhelmed by the same kind of delerious FOMO that compelled otherwise rational adults to spend $300,000 (or more) on Bored Ape Yacht Club NFTs.
Nationally, home prices remain buoyant, but make no mistake: The market has changed. On Friday, as part of my ongoing effo
Inflation adjusted prices have already fallen. Prices will be soft but most likely you will see a flat market over the next 5 years except for moon shot markets.
H, join me in Ann Arbor, I need a friend. I am considering purchasing a dilapidated house in cash because I’m a little worried prices aren’t going to drop enough in the nicest locations. Going to be patient though, curious what q1 2023 will bring as everyone is expecting some sort of credit event.
I recently left my own self imposed exile as well.
The end of the year holiday season means a slowdown in both the number of new listings and purchases. As of a few weeks ago, at least in one large Southern California metropolis, if a listing was moving into the 30-45 day time on the market without a potential offer, those listings have been pulled to be re-listed in January, 2023. That restarts the clock on “days on the market”. Of course this is just silly because anyone can look up the history of listings and prices on a home, however, this is what the brokers are recommending so that the seller’s listing doesn’t appear stale and subject to potential buyer’s thinking they can float a “low offer”.