Quote from @Bill B.:
Thank goodness they bought a home then or they’d be homeless. Rents are up 20-30% while their payment stayed the same. Sure they could sell and walk away with a pretty healthy gain. But rent would eat that up within a year or two and then back to homeless.
You cant count the number of people who didn’t buy for the last 2 years because they were promised a housing crash was coming. Now prices are 30% higher and interest rates have doubled. They’ll never be able to buy a home, even if prices did drop 20%. They’re pretty much screwed for life.
The “experts” have been predicting a crash for at least 12 years. They want to make sure they get credit for predicting it this time. The news made hero’s out of those who saw it last time and everyone wants to be a hero. So they runaround yelling fire fire fire. Go ahead and search BP for housing crash coming. Your computer will probably crash with the number of results.
I so agree. All of these "pundits" and "experts" crying wolf all day long..... There's no need to pay attention to them, focus on what works for you and go for it. Prices may stabilize, but nothing goes totally back to what it once was..... anyone remember when gas was $1.25 gallon or less (with the exception of the oil embargo in the 70's?)....yes, I'm dating my self c:)
I remember telling many of my home searching buyers back in the 90's when I had my brokerage in Brooklyn, NY to purchase now because in a few years (less than 2) they will not be able to afford to purchase in Crown Heights or Bed-Stuy; especially if they wanted a brownstone. Those few who did were certainly glad; the others....could not afford to purchase years later, let alone rent. If the numbers work, as I always say, go for it.
