Real estate is slow. I know 3 Boomers who have died in the past 2 weeks. 62, 62, and 65. Two females and one male. The male was single and had build a home recently. The females were married and I bet their husband replace them quickly.....freeing up homes.
The credit wave always overrides demographic trends. Over the next several years you are going to see housing crash by 50%+ *in real terms*, however this will be amidst of backdrop of inflation so it will not exactly be a 2008 redux.
@@p51mustang24 I appreciate the debate and think we will just have to disagree. Because what is the alternative to not owning a house? In your scenario with runaway inflation if you are a renter you are really screwed because rents will continue going up. At least your house would be going up with inflation and your mortgage payment would be locked in. Debt is a good investment when inflation is going crazy.
I know a boomer who is well off but probably not extremely wealthy and he has 3 houses. My own parents have 2. That's 4 boomers with 5 houses between them.
This is the worst time to buy in any of our history. Our economy is not good, unless you read headlines and take everything at face value which newbies do. There will be a correction at some point. Zero shot anyone should be buying right now unless its in cash. These are the same guys telling people to buy going into the 2008 housing crisis.
That is the same thing people were telling me when covid started and everyone, except for me, said housing prices would crash. Some markets are down a little bit now, but that is is just from a year ago. Not from 3 or 5 years ago. It's tough to buy a house right now, but it's not the worst time history. Interested rates used to 18%.
@@TheRetirementality When interest rates were 18% houses were cheap. This meant you had 30 years to refinance down, or could easily pay off the mortgage early due to the smaller principle. Now you have houses priced for 2.7%, with rates over double that. There's no opportunity to refinance down to 2% or 1%, and the principle is enormous. It's not comparable.
yes. strong economy means more people spending money means more demand means prices rise which is inflation. Higher interest rates tamper spending which reverses the cycle.
I'm a boomer, We arent selling our houses because of the uncertainty over the economy. It's paid off and its the safety net..
Yep, I think most people your age would agree.
It'll tank in 40 years.
Do the numbers. You are wrong buying: an apartment right now is beyond idiotic.
Real estate is slow. I know 3 Boomers who have died in the past 2 weeks. 62, 62, and 65. Two females and one male. The male was single and had build a home recently. The females were married and I bet their husband replace them quickly.....freeing up homes.
The credit wave always overrides demographic trends.
Over the next several years you are going to see housing crash by 50%+ *in real terms*, however this will be amidst of backdrop of inflation so it will not exactly be a 2008 redux.
Example: You house will go up 10%, but milk will be $12, and cars will be $100,000, so really you lost money on the house.
Housing only went down 30% in 2008.
@@p51mustang24 I appreciate the debate and think we will just have to disagree. Because what is the alternative to not owning a house? In your scenario with runaway inflation if you are a renter you are really screwed because rents will continue going up. At least your house would be going up with inflation and your mortgage payment would be locked in. Debt is a good investment when inflation is going crazy.
Not a chance
I know a boomer who is well off but probably not extremely wealthy and he has 3 houses. My own parents have 2. That's 4 boomers with 5 houses between them.
Yep, I know plenty with 2 houses myself.
This is the worst time to buy in any of our history. Our economy is not good, unless you read headlines and take everything at face value which newbies do. There will be a correction at some point. Zero shot anyone should be buying right now unless its in cash.
These are the same guys telling people to buy going into the 2008 housing crisis.
That is the same thing people were telling me when covid started and everyone, except for me, said housing prices would crash. Some markets are down a little bit now, but that is is just from a year ago. Not from 3 or 5 years ago. It's tough to buy a house right now, but it's not the worst time history. Interested rates used to 18%.
@@TheRetirementality When interest rates were 18% houses were cheap. This meant you had 30 years to refinance down, or could easily pay off the mortgage early due to the smaller principle.
Now you have houses priced for 2.7%, with rates over double that. There's no opportunity to refinance down to 2% or 1%, and the principle is enormous.
It's not comparable.
There are example in history where housing fell in price for 80 years straight, such as the period prior to 1945. This melts some peoples brains.
My future mil is 81, she’s not selling either
Yea, I think this is standard for most people these days.
The economy is too good? 😂
yes. strong economy means more people spending money means more demand means prices rise which is inflation. Higher interest rates tamper spending which reverses the cycle.
@@dwebtron8526exactly