Yeah definitely past the peak. Lot more price reductions in central Florida. Don’t know whether we’re in for a plateau or crash as money gets more expensive.
I’m just happy I didn’t actually get to buy a house at the top-top. 
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So are you planning on sitting on the sidelines for a while or are you just going to jump in at the first opportunity?
I’m happy I just sold my condo at the top-top, and I’ll just chill in an apartment for the next couple of years.
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Only people who really are getting screwed are those who bought tip top and also didn’t get the crazy low interest rates on the last years.
It’s ok if I overpaid for my house 10-15% since I plan to live here for a long time and I have a 30 year fixed at 2.6%
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Well the good news is with inflation at this rate, even if housing prices crash in real terms, they’ll still be up nominally after a while!
And everyone who has a mortgage in the US has a negative real interest rate on it.
It’s unlikely housing prices crash too much because instead people will make plans to avoid selling and transactions will slow down as both supply and demand decrease. I think people sitting on the sidelines expecting a great buying opportunity will not get what they want especially as the fed keeps raising rates and this cascades to mortgages.
Agree and think rents will keep climbing because building costs are so outrageous.
Developers have been adding units like crazy but they’re not going to keep doing so when cap rates go above the unlevered return on cost (essentially meaning new construction is worth less than it costs to build).
Likely bought a much larger percentage of the starter home stock which really puts the squeeze on the middle class and below.
Don’t recessions usuallly come with mass layoffs? Why do you think unemployment would stay so low if the economy crashes?
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Imagine being a silver bug getting your wish of a multi-generational inflation rate, major war, global pandemic and your silver is still worth less than it was 10 years ago.
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Maybe it will. I’m just stating where we’re at right now.
https://twitter.com/ryanaraine/status/1535359340713979909
4000 employees seems like a lot for a company like that.
EMS helicopter pilot. It might be getting more critical now as we’re not only dealing with our own shortage, but a pipeline has been opened by the airlines to poach helicopter pilots. That used to be like a 10 year transition with another 10 years before attaining a decent quality of life. Now it’s 6 months and the entry level jobs are fine. More money could definitely keep jobs filled. But at the same time my company needs to find money for me from like the 10 patients I fly per month. They can’t compete against an airline seat that can book thousands of customers in the same time.
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Obviously have been on the sidelines for the past few weeks adjusting to newborn life. I’m starting to look again since the market is slower and getting around is becoming more manageable for us. The situation does call for two changes to our approach though, 1) lowering our top end due to high interest rates and 2) being much more selective about the houses we’re willing to go see. Previously we were pretty liberal about selecting which houses to see and often saw up to 15 in a weekend through open houses.
There is a chance we could hit the actual top-top though, since interest rate hikes are still on the horizon and inventory-to-buyers ratio is still massively skewed up here. So things will still be pretty competitive on the nicest houses in the best neighborhoods, it just won’t be 15+ offers and 40% over list price anymore… Actually just realizing I need to renew the pre-approval, damn it.
Amazingly enough, no. It was a fortune 500 company.
I kinda respect the silverbugs who HODL’d through the last bubble/crash.
Well, good for them for recognizing the fuck up and then fixing it in the most efficient way possible. Was your buddy able to negotiate a salary increase considering how indispensable they found him to be?
I’m just happy I got the hell out of the US in 2015.
Just for fun I looked up rents in SD, where I lived before I did, and yikes, rents in an apartment I once lived are over $3k/month now (was just over $1k when I first lived there).
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This is my buddy’s experience. I’ll have to be a little vague, but he worked as a sports journalist and covered (and oversaw some people helping cover) two teams. He had one middle manager for each team, and both were grossly incompetent and did not have media/journalism backgrounds. So their directives were awful. They also hired him to basically do three jobs, we’ll call them X, Y, and Z. Z was the part he was most looking forward to and eager to develop, and they knew that going in. Within a month they were trying to make him cut Z back from like 25% of his work to like 2%.
He ran complaints up the chain of command and was mostly told that the big bosses valued him, he was doing a good job, keep doing what he was doing - which was basically his job the right way - as anyone in the industry would understand (and delivering great results on all three of X Y and Z) and trying to do just enough of what the dumbasses in middle management wanted him to do so they’d leave him alone.
Then they fired him, seemingly out of the blue, with absurdly rude timing in more ways than one. In literally the first month he was gone, the traffic on his old sites was down 30%. But there’s about a 0% chance they admit the fuck up. They are even trying to fuck him on his unemployment, so they’re burning that bridge for sure.
I assume middle management will come up with some bullshit about how the results now may be worse, but that it’s more important that they have someone they can boss around efficiently who asks how high to jump and is fully prepared to pucker up and kiss some ass.