House prices started dropping down significantly from last few weeks, like 5-8%. Expect more in next 3 months. Lot of people moving to bay area
13 replies (most recent on top)
The number of houses FOR SALE in carmel valley appears to be at record levels. Market oversupply is always the predecessor of a downturn in prices. That is what I was talking about with this link:
http://www.zillow.com/homes/92130_rb/
Click on "listing type" and remove the potential listings and rentals. Then you will see > 100 houses for sale in Carmel Valley. Traditionally the market supply is more like 10-20 hours, NOT 192 houses for sale - that's 10x higher than normal ... I think the executives might know something that we don't know ...
Anonymous118638, Funny you should mention that. If I could have a medical MJ business, I would. Those guys are making a killing.
Anonymous118634, so it's a grow house?
Anonymous118630: never mind. Different strokes for different folks. You be happy with whatever you have. I just care about how to milk whatever is prevailing for more money. You can call it whatever you want, as long as whatever it is produces enough green for me.
Anonymous118630: never mind. Different strokes for different folks. You be happy with whatever you have. I just care about how to milk whatever is prevailing for more money. You can call it whatever you want, as long as whatever it is produces enough green for me.
Dont get me wrong... I actually wouldn't mind seeing some sort of home price correction in some of the areas that I would like to buy more homes in. I really would like to pick up 3-4 more properties. The problem I currently have is that my cash is just sitting there in a safe short term CD and savings, because after the incredible return that I got in the stock market, I cashed out most of my individual stock holdings because I don't see the equity markets going much higher. And I really don't know what to do with my cash, because I can't find many properties these days that pencils out nicely as a rental in the parts of town I want to own in. So I wouldn't mind if prices did correct. It's just based on the data that available, there is no price "correction" yet. Sales might have slowed down, and price RATE increase might have slowed down, but prices are still moving UP and people are still buying. So as unfortunate it is for qualcomm engineers to be eating shit on their stock and possible employment future, there clearly is a lot of other active buyers that aren't tied to the Q, which I think a lot of you are severely underestimating. Just because you might not have the money to buy at these prices doesn't mean there aren't people who can. In all the bids I placed for homes over the past 2 months. I don't run into as nearly many engineers from Qualcomm looking at the same homes I've been looking at as I do the number of doctors and lawyers.
What's a yugo? Sorry I don't want 2 car garage life on cul de sac in suburbs with the rest of the suburbanites and their Ritalin dosed kids
Anonymous118616, Whatever. That's like people who call Porsches a piece of shit when they can only afford a Yugo
There might be a correction here and there, but qualcomm isn't going to be the catalyst by itself. If there's a drastic rate increase that goes up quickly, then maybe. But I think Yellen and the Fed aren't going to jack up rates quickly, they're going to trickle trickle trickle rates up, like they have been all this time. You perma-bears are just as bad as the perma-bull that think "house prices always goes up".... Short of sketchy lending and borrowing from people that can't make the payments, a "crash" isn't going to happen when the majority of the owners these days are either cash or have a signficant positive equity (which is required to get any sort of GSE loans these days).... Mortgage already are 1.5% higher than hitting rock bottom (3% for 30 year and 2.5% for 15) when people were predicting such an interest rate hike would signficantly cause a housing correction. It hasn't has it?
Cookie cutter houses for cookie cutter people making cookies cutter smalltalk about their cookie cutter lives.
wait for few months guys, its gonna really drop when the interest rate hikes up..
it happened before and it'd happen again, patience is key
engineer salary can easily afford that zip. who wants to live in boredomlandia though.
And losers like you still can't afford to buy....Just like losers like you couldn't afford to buy when home prices fell to record low prices in 2009 when rates were also at record lows. That's why you've been renting all this time, even when you missed the boat. Sucks to be you!