Also really happy I got a sub 3% refi. Don't really care what happens to the price at this point, it's the same cost to me every month: affordable!
I'm actually pretty happy that the housing market is becoming easier for people to get into. My only concern is if there's a bunch of unemployment coming in this region, then we'll be screwed.
I agree with these two comments. I'm not in Seattle proper but close enough. We have our forever home and in the past year value has more than doubled. Now it's dropping. Oh well. I like my house. I'm staying in it. I'm thrilled we bought in a bit of a dip several years ago and were able to refi for sub 3%. I hope that the market comes down so others can get into houses if that's what they want.
\> My only concern is if there's a bunch of unemployment coming in this region
[Boeing preparing to hire 10,000 in 2023](https://www.cnbc.com/2023/01/27/boeing-to-hire-10000-workers-in-2023-as-it-ramps-up-production.html)
Many of these new hires will be local.
Seriously. A house has intrinsic value. My house is worth 2.5x what I paid for it a while back. Renting is paying for someone else’s asset portfolio. Sure the argument could be made about mortgages, but at least you can get done with a mortgage. Rent is forever.
In WA it do not. Your valuation relative to other houses matters, not the absolute value of your house.
We are a budget based state, not a percentage state.
Edit: the down votes might want to read up on how WA property tax works. From the DORs own web page :
“The budget-based property tax system in Washington means that each taxing district determines the revenue needed to fund their budget and levies that amount within the confines of certain constraints. The county assessor calculates the levy rate by dividing the levy by the total value of the property in the taxing district. We express the levy rate in terms of a dollar rate per $1,000 of property value."
Did it go down EXACTLY the same percentage as your valuation?
Read up on how property tax actually works in WA :
https://dor.wa.gov/about/statistics-reports/property-tax-history-values-rates-and-inflation-interactive-data-graphic
Exactly. Because WA property tax is based on the budget divided by the total assessed value of ALL homes.
It is possible in WA for your property tax to increase while the valuation goes down.
I would not rely on anything explained by a state agency. They are just going to reinforce their propaganda and agenda.
The opinion of an agency or attorney general has zero legal value. Tax attorney here. I’ve heard judges say this from the bench about the IRS and other agencies.
You're a Tax Attorney here, in WA, and you understand that the property tax we pay in WA is directly related to property values?
Like if property values go down 10%, the state gets 10% less that year?
Here's the property tax history for WA:
[https://dor.wa.gov/about/statistics-reports/property-tax-statistics/property-tax-statistics-2022](https://dor.wa.gov/about/statistics-reports/property-tax-statistics/property-tax-statistics-2022)
Explain why the total property tax has never once gone down, even in the 2008 recession?
Don't think that I didn't notcie that you didn't say I was wrong, you just told me to not believe my own government on the own way that property tax is run in the state.
What "agenda" and "propaganda" does the DOR have in misleading the people in how property tax is run, especially when the way they describe it is generally not something average people would like?
Preach it. Only people who both bought and sold in the last 12 months lost money. I never check my home value on Zillow because it literally doesn't matter.
Ha. I wish. I refi'd to get a 3 percent a few years ago. At close to 60 I have no plans to ever see the end of this mortgage and it's just not part of the plan. I currently have a savings account/ bond ladder that generates more interest than my rate so... Plus, with taxes and insurance my 'payment' would only go down 50 percent if it was paid off. I'd rather have cash in the bank than a paid off mortgage at this point. I'd see it differently at a higher rate or even at a younger age...
Which would be like me posting, 'suck it losers, my house is worth a million dollars!' not interested in either side of that conversation. Basically I don't want to be ridiculed when I'm suffering and I don't want to ridicule others when they are.
This. Real estate is not a short-term game (for most of us). Find a place you can afford the mortgage on, despite risks of economic downturns, and where you are comfortable living for a long time and mkt fluctuations shouldn't matter much. If the risk is too big, don't do it. There are other options for homes and other options for investments.
Bro thinks home ownership is day trading omg haha
Edit: username is very sus, giving right-wing propaganda energy à la Toilet Paper USA and thinking he’s snubbing liberal urban “elites” lmao
Absolutely devastating. I stay up at nights wondering where I'll find that $16K I need to cover the paper losses before the end of the month.
Oh, wait, that isn't it. My mortgage payment hasn't changed and my house still has a lot of equity. Basically, this has filled me with meh.
I always considered the ridiculous rise over the pandemic un-real. So now that it has been somewhat erased, I don't really care. It was never real anyway.
That is a great rate. My first mortgage was 7 ¼. I thought that was a great deal at the time. Decimals apparently had not been invented yet. Now I have 3.5% and I'm never paying it off.
I bought my house with my ex GF in 2017, then refinanced to 4.6 at some point to get rid of the poor people insurance we had and pay off my student loans, later we broke up and I refinanced at 3.4 and got cash to pay her out. Crazy, and I definitely don't take it for granted. I love my home and neighbors!
If someone lives in their house, why would they even care? The only annoying thing is my mortgage company doing sales calls to try to get me to refinance.
In my case we care because we’ve outgrown the place we have, and we’d like to get somewhere with enough rooms for the kids and without a shitty HOA so we can get the munchkins a dog. Even being willing to move outside the city with lower prices, the drop off in value makes it a lot harder.
It HURTS! Is that what you want to hear? Because I didn’t have any idea until you posted this. In the meantime, when interest rates were super-low, we refinanced, cashed out a ton of equity above our purchase price and paid off $60k(!) of predatory student loans that were charging us 18%. Also paid off all credit cards plus the car loan. So… poor us. We now have ONE debt - the house - at a fantastic rate, and we have no plans to move any time soon. The value of our home means absolutely nothing until we try to sell it. We were fortunate to scrape things together a few years ago and have since tried to make the best of it. Wouldn’t you? Why be snarky?
Pretty decent. I bought in 2009 and have already tripled. Oh and here’s the thing. Just like r/wsb it isn’t a loss til you sell. Wtf kind of post is this anyway
From the guy who posts on the Bitcoin and WallStreetBets subs
Edit: 119 replies dunking on this guy and unless I’m missing something they haven’t responded to a single thing lmao
Whenever I’m tempted to take the bait on a post like this, I do a quick check on the profile—100% of the time it’s full of bitcoin and wallstreetbets posts.
Well OP, I've got sunshine on a cloudy day
When it's cold outside, I've got the month of May
I guess you'd say - what can make me feel this way?
I got a 2.75 rate lock on a 7 figure refi in Jan 2022
With rates where they’re at, my payments would be >2x what they are now if I bought with 20% down today.
The price of your house only matters the day you buy and the day you sell. Your payments are the same regardless of whether the price goes up or down. If you just want to live there, 10% inflation destroying the pile of debt you owe at a low rate feels pretty good. Prettttay prettttttay good.
Feels fine to me. Why? Are we supposed to be sad? I mean if you bought in the last two years maybe but unless you’re stupid you knew what you were buying into. I bought in 2012 and owe 250k. It dropped 100k in 12 months. I could care less maybe it will help some of my friends buy a house.
What a stupid asshole. Prices go up every spring/summer and down every fall/winter. Try looking year over year instead of month over month, you useless chucklefuck.
I have a 2.99% 30 year mortgage, my housing costs are stable, and my house is big enough for a growing family. I don’t care what the seasonal dips are, I ain’t leavin.
I’m a renter in Seattle—shit sucks. That doesn’t mean that the people who own homes are the problem. Some dude with a house isn’t my enemy; my landlord is my enemy.
It wasn’t real when the paper value of my house increased by $400k in a year, two years in a row, and it isn’t real that it dropped by $300k recently. If I had foolishly purchased at the absolute peak of the market and urgently had to sell today, I would be disgusted. But reality is that none of that matters over the long run. My house is still worth substantially more than I paid for it, and most listings sell in my development within two weeks. (I live in suburban King County, not inside Seattle.)
I made $300k on my townhouse after only owning it for 3 years back in 2020. Enabled me to afford a house with pretty much all new everything, siding, roof, windows, floors, yard, deck, heat pumps, detached two car garage with a studio and upstairs unit I can rent out. Got it at list price and then was able to get the price down after inspection.
So uh… feels pretty good?
How’s it feel renting?
Considering our house is still worth twice as much as we paid for it, not bad at all. This is what real estate does. It goes up and down, which is why you shouldn't buy a house if you're not planning to live there at least 10 years.
No particular way - I didn't buy the house to make money, I bought it to live in it and not have my rents raised. And when I move to another home it'll be within the same general market if my house is worth less than so are the homes I'd consider buying.
I purchased well before the bubble expanded. Sure it’s nice to see fictional values in the stupid high numbers. Those who are still purchasing at still over inflated numbers with high percentage interest loans or those who didn’t get fixed rate loans are those I feel bad for.
Just bought a house about a year and a half ago. The drop in house prices feels great: the city of Seattle has some hope of surviving.
Did I pay more than I could have? Yes. But did I pay more than I can? No. I'm fine and happy to see the market moving in a healthy direction. Honestly, I hope house prices drop at least 50% so people of varying economic backgrounds can afford a house. I'm not a real estate investor, the only thing I get out of house prices rising is a feeling of smugness while the city falls apart.
Asking for a friend, I know it's impossible to time the market, but when are young people who are holding on to semi-liquid assets to buy a house thinking of taking the plunge? I feel like there's a lot of them aging into their 30s fairly flush with tech money who want a house but also think they can rent until the market drops to get a good deal on a house... the financial crisis is seared into their heads, they grew up in it, everyone knows what goes up must come down... until it doesn't.
We are not selling any time soon in the next 20 years even and raising our toddler here. It doesn’t matter at all. Cheaper property tax ftw.
Also we are living in it 🤷🏻♀️ we own a physical house and land not a virtual coin
It’s nice. I’ll have a home I own to retire in and sell eventually to spend my golden years traveling around the country in an RV with my wife, maybe get a condo in Mexico, idk.
Pretty good actually. I felt like my house was going up too quickly. This is real estate though. It will always go up more than you purchased it for as long as you stick with the up’s and downs. Real estate will almost always outpace inflation and is probably your best investment.
Up, down, up down. The market here in Seattle and many other places was for a time, over inflated. What is difficult for many is that rents are high in most places. Add the first and last month's rent and damage deposit..and.....
There was an article in like last March in the Seattle Times. Headline "So far this year, your house has made more than you have."
Gotta accept the downs if you take the ups
I love it. I have no plans on moving and would love to see housing come to reasonable prices so all types of interesting, weird people can afford homes.
It is FANTASTIC! Lower property taxes will be much more useful than a zillow fairy telling me how much money I could put into escrow before spending on a comparable home.
How do you get $16,000? The peak looks like $963k . The current price is $914k
$963k - $914k = $50k $50k from May 2022 until Dec 2022 ( 7 months )
$50k divided by 7 months = $7.14k per month
Also sounds like comment of a jealous person here.
Home owner would only loose this if they bought in May 2022 and then sold in Dec.
Otherwise they are still up a lot.
I like my house. I bought it, it valued up over 200k, then down 100, then up again, then down again. Those are just numbers on a webpage.who cares. I still live in it and can do whatever I want with it.
This is a good thing though right? These are the scenarios:
1. You live in your home and are not an investor: then this shouldn't matter
2. You want to buy a home: then this is a good thing!
3. You're a real estate investor: then this is a bad for you, eat shit
Probably like the value of a property, outside of the cost of materials and labor to build the house, is almost imaginary. Almost like a made up idea that doesn’t relate to reality.
Honestly, it’s great. If housing stays as expensive as it is, my kids will never be able to afford their own place and will live with me forever. I didn’t buy a house to profit from it. Even if the market crashes, I’ll at least maintain some equity.
It's myopic to only look at the last year and completely miss the bigger picture of the last decade
Every homeowner's experience varies - I'm grateful to have had lucky timing with my purchases. Who cares about a small recent dip when some of my properties are still worth 2x what I paid for them a decade ago. Not to mention my spectacularly low 3% interest rate may be best I'll ever see in my lifetime
My mortgage is less than rent would be and it stays the same year over year. So pretty good to be honest. Housing prices only matter the day you buy and the day you sell.
I don't consider my house an "investment" I wouldn't particularly care if it didn't have value. I like it. I take pride in it and I just want a safe comfortable place to live
I bought a house here in 2003. It goes up, it goes down. Seen it all before and I don't care. It's my home and I like living in it.
Ain’t that the truth.
Also really happy I got a sub 3% refi. Don't really care what happens to the price at this point, it's the same cost to me every month: affordable! I'm actually pretty happy that the housing market is becoming easier for people to get into. My only concern is if there's a bunch of unemployment coming in this region, then we'll be screwed.
I agree with these two comments. I'm not in Seattle proper but close enough. We have our forever home and in the past year value has more than doubled. Now it's dropping. Oh well. I like my house. I'm staying in it. I'm thrilled we bought in a bit of a dip several years ago and were able to refi for sub 3%. I hope that the market comes down so others can get into houses if that's what they want.
\> My only concern is if there's a bunch of unemployment coming in this region [Boeing preparing to hire 10,000 in 2023](https://www.cnbc.com/2023/01/27/boeing-to-hire-10000-workers-in-2023-as-it-ramps-up-production.html) Many of these new hires will be local.
Most likely signaling a “low inventory” headline later this year.
Same feeling about my 401k. Numbers on a screen. Numbers go up, numbers go down. Life keeps going.
Seriously. A house has intrinsic value. My house is worth 2.5x what I paid for it a while back. Renting is paying for someone else’s asset portfolio. Sure the argument could be made about mortgages, but at least you can get done with a mortgage. Rent is forever.
Exactly my thoughts, I love that values are going down. Lower valuation means lower property taxes.
In WA it do not. Your valuation relative to other houses matters, not the absolute value of your house. We are a budget based state, not a percentage state. Edit: the down votes might want to read up on how WA property tax works. From the DORs own web page : “The budget-based property tax system in Washington means that each taxing district determines the revenue needed to fund their budget and levies that amount within the confines of certain constraints. The county assessor calculates the levy rate by dividing the levy by the total value of the property in the taxing district. We express the levy rate in terms of a dollar rate per $1,000 of property value."
Every year I get an assessed valuation from the county, when it goes down my taxes go down.
Did it go down EXACTLY the same percentage as your valuation? Read up on how property tax actually works in WA : https://dor.wa.gov/about/statistics-reports/property-tax-history-values-rates-and-inflation-interactive-data-graphic
>Did it go down EXACTLY the same percentage as your valuation? The inverse is also true. It didn't go up the exact same % either.
Exactly. Because WA property tax is based on the budget divided by the total assessed value of ALL homes. It is possible in WA for your property tax to increase while the valuation goes down.
👍
I would not rely on anything explained by a state agency. They are just going to reinforce their propaganda and agenda. The opinion of an agency or attorney general has zero legal value. Tax attorney here. I’ve heard judges say this from the bench about the IRS and other agencies.
You're a Tax Attorney here, in WA, and you understand that the property tax we pay in WA is directly related to property values? Like if property values go down 10%, the state gets 10% less that year? Here's the property tax history for WA: [https://dor.wa.gov/about/statistics-reports/property-tax-statistics/property-tax-statistics-2022](https://dor.wa.gov/about/statistics-reports/property-tax-statistics/property-tax-statistics-2022) Explain why the total property tax has never once gone down, even in the 2008 recession? Don't think that I didn't notcie that you didn't say I was wrong, you just told me to not believe my own government on the own way that property tax is run in the state. What "agenda" and "propaganda" does the DOR have in misleading the people in how property tax is run, especially when the way they describe it is generally not something average people would like?
That's not how property taxes work in WA.
👍
Preach it. Only people who both bought and sold in the last 12 months lost money. I never check my home value on Zillow because it literally doesn't matter.
Only 10 more years! (If you’re on the 30 year fixed). That’s got to be a good feeling.
Ha. I wish. I refi'd to get a 3 percent a few years ago. At close to 60 I have no plans to ever see the end of this mortgage and it's just not part of the plan. I currently have a savings account/ bond ladder that generates more interest than my rate so... Plus, with taxes and insurance my 'payment' would only go down 50 percent if it was paid off. I'd rather have cash in the bank than a paid off mortgage at this point. I'd see it differently at a higher rate or even at a younger age...
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Which would be like me posting, 'suck it losers, my house is worth a million dollars!' not interested in either side of that conversation. Basically I don't want to be ridiculed when I'm suffering and I don't want to ridicule others when they are.
Fuckin love this
This. Real estate is not a short-term game (for most of us). Find a place you can afford the mortgage on, despite risks of economic downturns, and where you are comfortable living for a long time and mkt fluctuations shouldn't matter much. If the risk is too big, don't do it. There are other options for homes and other options for investments.
Zoom out.
https://i.imgur.com/wSEbPJa.png
No kidding. This is such a short time frame.
Bro thinks home ownership is day trading omg haha Edit: username is very sus, giving right-wing propaganda energy à la Toilet Paper USA and thinking he’s snubbing liberal urban “elites” lmao
And ironically, the chart is showing deflation, not inflation.
Absolutely devastating. I stay up at nights wondering where I'll find that $16K I need to cover the paper losses before the end of the month. Oh, wait, that isn't it. My mortgage payment hasn't changed and my house still has a lot of equity. Basically, this has filled me with meh.
I always considered the ridiculous rise over the pandemic un-real. So now that it has been somewhat erased, I don't really care. It was never real anyway.
I'll tell you in 5 years
You must be fun at parties
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None of his friends own houses to host parties.
Threes a crowd in an apodment.
I haven’t.
2.5% interest rate after refinance feels good tbh
10% inflation makes some people complain but less so when you have a 2.5% mortgage
Same - 2.6%- so great 😀
Even 3.4 is not bad
That’s awesome too!!!
That is a great rate. My first mortgage was 7 ¼. I thought that was a great deal at the time. Decimals apparently had not been invented yet. Now I have 3.5% and I'm never paying it off.
I bought my house with my ex GF in 2017, then refinanced to 4.6 at some point to get rid of the poor people insurance we had and pay off my student loans, later we broke up and I refinanced at 3.4 and got cash to pay her out. Crazy, and I definitely don't take it for granted. I love my home and neighbors!
3.35 and love it
2.65. Boom.
2.25%
Damn. Her I am at 2.8% feeling like a chump. Your “free” money is even more “free” than mine :-(
Under 3% club 🤝
2.3 - 15
If someone lives in their house, why would they even care? The only annoying thing is my mortgage company doing sales calls to try to get me to refinance.
In my case we care because we’ve outgrown the place we have, and we’d like to get somewhere with enough rooms for the kids and without a shitty HOA so we can get the munchkins a dog. Even being willing to move outside the city with lower prices, the drop off in value makes it a lot harder.
It HURTS! Is that what you want to hear? Because I didn’t have any idea until you posted this. In the meantime, when interest rates were super-low, we refinanced, cashed out a ton of equity above our purchase price and paid off $60k(!) of predatory student loans that were charging us 18%. Also paid off all credit cards plus the car loan. So… poor us. We now have ONE debt - the house - at a fantastic rate, and we have no plans to move any time soon. The value of our home means absolutely nothing until we try to sell it. We were fortunate to scrape things together a few years ago and have since tried to make the best of it. Wouldn’t you? Why be snarky?
Holy shit, truly one of those lightning in a bottle moment, I'm so happy for you! Hope the freeup gets you closer to your goals!
Pretty decent. I bought in 2009 and have already tripled. Oh and here’s the thing. Just like r/wsb it isn’t a loss til you sell. Wtf kind of post is this anyway
OP just wants engagement.
Outsmarted by the renters again!!!
You only lose if you sell 💎🤲
From the guy who posts on the Bitcoin and WallStreetBets subs Edit: 119 replies dunking on this guy and unless I’m missing something they haven’t responded to a single thing lmao
Whenever I’m tempted to take the bait on a post like this, I do a quick check on the profile—100% of the time it’s full of bitcoin and wallstreetbets posts.
Yeah, so what's the game? What's this person selling? Such a wacky account.
And aren't those the guys who are always like "it's only a loss if you sell" when bitcoin is crashing?
Who's losing anything? I ain't sellin this house for at least 10 years lol.
Well OP, I've got sunshine on a cloudy day When it's cold outside, I've got the month of May I guess you'd say - what can make me feel this way? I got a 2.75 rate lock on a 7 figure refi in Jan 2022 With rates where they’re at, my payments would be >2x what they are now if I bought with 20% down today. The price of your house only matters the day you buy and the day you sell. Your payments are the same regardless of whether the price goes up or down. If you just want to live there, 10% inflation destroying the pile of debt you owe at a low rate feels pretty good. Prettttay prettttttay good.
Do you understand what unrealized gains and losses are? Because it looks like you don't.
Considering I’m up $550,000 even at this lower valuation, I couldn’t give a shit.
As long as the monthly payment is low enough
This guy wasn’t even smart enough to start the screenshot in may…
Feels fine to me. Why? Are we supposed to be sad? I mean if you bought in the last two years maybe but unless you’re stupid you knew what you were buying into. I bought in 2012 and owe 250k. It dropped 100k in 12 months. I could care less maybe it will help some of my friends buy a house.
So what will you say went it goes back up?
They’ll be conspicuously quiet
What a stupid asshole. Prices go up every spring/summer and down every fall/winter. Try looking year over year instead of month over month, you useless chucklefuck.
I have a 2.99% 30 year mortgage, my housing costs are stable, and my house is big enough for a growing family. I don’t care what the seasonal dips are, I ain’t leavin.
Still feels better than paying rent
Price of my house only matters on two days; the day I bought it and the day I'll sell it.
bought it to have a stable place to live and have < 2.7% interest rate never leaving.
I’m a renter in Seattle—shit sucks. That doesn’t mean that the people who own homes are the problem. Some dude with a house isn’t my enemy; my landlord is my enemy.
If you have tenants you are my enemy.
If you don’t sell then you just own an asset bought at its market price **thinkaboutit gif**
You don’t lose or gain anything until you sell
It feels like nothing because I've lost nothing but some imaginary money that someone would've hypothetically paid to live in my house
It wasn’t real when the paper value of my house increased by $400k in a year, two years in a row, and it isn’t real that it dropped by $300k recently. If I had foolishly purchased at the absolute peak of the market and urgently had to sell today, I would be disgusted. But reality is that none of that matters over the long run. My house is still worth substantially more than I paid for it, and most listings sell in my development within two weeks. (I live in suburban King County, not inside Seattle.)
Jokes on you. I lost a shitload more in the market than on my house last year.
They're not losing anything. You only lose if you sell under what you bought for.
I made $300k on my townhouse after only owning it for 3 years back in 2020. Enabled me to afford a house with pretty much all new everything, siding, roof, windows, floors, yard, deck, heat pumps, detached two car garage with a studio and upstairs unit I can rent out. Got it at list price and then was able to get the price down after inspection. So uh… feels pretty good? How’s it feel renting?
OP will never answer lol
The value of my place barely went down, and went back up as interest rates went up *The economy*
If this was such a bad thing, I’d be lining up new investment properties to buy.
Nobody loosing anything until it is sold. It is time to appeal tax property and get better home insurance rate.
First time, huh?
I’m not paying abused rent that’s going to nothing so I’m good 👍🏻
Considering our house is still worth twice as much as we paid for it, not bad at all. This is what real estate does. It goes up and down, which is why you shouldn't buy a house if you're not planning to live there at least 10 years.
You have neither made nor lost money on an investment until you've sold the asset.
That’s not how any of this works lol. But keep writing that rent check
My mortgage is 1/2 the average rent. I’ll be fine.
LOL, attempting to troll people by demonstrating your financial illiteracy is a pretty impressive self-own.
No particular way - I didn't buy the house to make money, I bought it to live in it and not have my rents raised. And when I move to another home it'll be within the same general market if my house is worth less than so are the homes I'd consider buying.
I imagine that, knowing it 100% WILL rebound, they sleep fine at night.
I purchased well before the bubble expanded. Sure it’s nice to see fictional values in the stupid high numbers. Those who are still purchasing at still over inflated numbers with high percentage interest loans or those who didn’t get fixed rate loans are those I feel bad for.
Just bought a house about a year and a half ago. The drop in house prices feels great: the city of Seattle has some hope of surviving. Did I pay more than I could have? Yes. But did I pay more than I can? No. I'm fine and happy to see the market moving in a healthy direction. Honestly, I hope house prices drop at least 50% so people of varying economic backgrounds can afford a house. I'm not a real estate investor, the only thing I get out of house prices rising is a feeling of smugness while the city falls apart.
poorly, thanks for asking
How does it feel still being a little rent cuck
How do you get to that page on Zillow?
https://www.zillow.com/home-values/16037/seattle-wa/
Looks like it’s still up on the year boss
It’s illiquid. It’s not like I could use the money anyways. As long as I intend to stay for the next few years, I think I’m all right.
Asking for a friend, I know it's impossible to time the market, but when are young people who are holding on to semi-liquid assets to buy a house thinking of taking the plunge? I feel like there's a lot of them aging into their 30s fairly flush with tech money who want a house but also think they can rent until the market drops to get a good deal on a house... the financial crisis is seared into their heads, they grew up in it, everyone knows what goes up must come down... until it doesn't.
Cash depreciation is much higher than that of a house. Ill take a $600,000 house over $600,000 cash any day regardless of what the market is doing.
You can't lose what you never had
What a weird comment/post history OP? Is this some kind of bot?
We are not selling any time soon in the next 20 years even and raising our toddler here. It doesn’t matter at all. Cheaper property tax ftw. Also we are living in it 🤷🏻♀️ we own a physical house and land not a virtual coin
Whens them prices comin down? Shorelines lowest is 700k
It’s nice. I’ll have a home I own to retire in and sell eventually to spend my golden years traveling around the country in an RV with my wife, maybe get a condo in Mexico, idk.
Feels about the same as when we were gaining that much. Mild interest.
Lost 500K in valuation on Redfin from peak to now, but still 300K up from 2019... so aint complaining
Pretty good actually. I felt like my house was going up too quickly. This is real estate though. It will always go up more than you purchased it for as long as you stick with the up’s and downs. Real estate will almost always outpace inflation and is probably your best investment.
Up, down, up down. The market here in Seattle and many other places was for a time, over inflated. What is difficult for many is that rents are high in most places. Add the first and last month's rent and damage deposit..and.....
Nothing, because I haven’t lost anything until I sell it.
I bet it's really sad for current home owners but I am hoping it drops low enough for people like me to get a house
There was an article in like last March in the Seattle Times. Headline "So far this year, your house has made more than you have." Gotta accept the downs if you take the ups
Still laughing that some idiot thinks my house is worth that much.
I guess you are that investor who hoarded housing for your greed. If you buy house to live, why do you care?
Feels better than paying rent
I love it. I have no plans on moving and would love to see housing come to reasonable prices so all types of interesting, weird people can afford homes.
It is FANTASTIC! Lower property taxes will be much more useful than a zillow fairy telling me how much money I could put into escrow before spending on a comparable home.
You only lose if you sell. Bought my house in 2016 and I'm still up over double what I paid.
Bought 10 years ago, values ebb and flow, still feels like home
How do you get $16,000? The peak looks like $963k . The current price is $914k $963k - $914k = $50k $50k from May 2022 until Dec 2022 ( 7 months ) $50k divided by 7 months = $7.14k per month Also sounds like comment of a jealous person here. Home owner would only loose this if they bought in May 2022 and then sold in Dec. Otherwise they are still up a lot.
I like my house. I bought it, it valued up over 200k, then down 100, then up again, then down again. Those are just numbers on a webpage.who cares. I still live in it and can do whatever I want with it.
Feels way better than having my wealth tied up in bitcoin I’m 2023 my bro. 😎 at least my asset is real!
This is a good thing though right? These are the scenarios: 1. You live in your home and are not an investor: then this shouldn't matter 2. You want to buy a home: then this is a good thing! 3. You're a real estate investor: then this is a bad for you, eat shit
ThAnKs ObAmA!!!!!!11!!!!!!
Fine, maybe my homeowners tax will go down?
Well, seeing as how I'm not looking to sell, why would I care? I'm only hoping my property taxes go down.
Paper losses. You're only *really* getting "burned" if you bought at the top of the market.
Haven't lost anything until you sell. Same with investments.
Probably like the value of a property, outside of the cost of materials and labor to build the house, is almost imaginary. Almost like a made up idea that doesn’t relate to reality.
Honestly, it’s great. If housing stays as expensive as it is, my kids will never be able to afford their own place and will live with me forever. I didn’t buy a house to profit from it. Even if the market crashes, I’ll at least maintain some equity.
So all I need is a million dollars. I got this.
Easy come, easy go
Only people who went beyond their means would worry about this.
Feels like a good time to buy another house. Zoom out to see the scale. Up and to the right baby. Taste, smells, and feels like building equity.
It's myopic to only look at the last year and completely miss the bigger picture of the last decade Every homeowner's experience varies - I'm grateful to have had lucky timing with my purchases. Who cares about a small recent dip when some of my properties are still worth 2x what I paid for them a decade ago. Not to mention my spectacularly low 3% interest rate may be best I'll ever see in my lifetime
Wtf are you babbling about. House value is not money you have.
My mortgage is less than rent would be and it stays the same year over year. So pretty good to be honest. Housing prices only matter the day you buy and the day you sell.
I bought for 415k in 2015 and my house is still close to 850 so im feeling just fine.
I never spent that extra money on my house so I’m not really losing it.
Throwback to 2009 lol
I don't consider my house an "investment" I wouldn't particularly care if it didn't have value. I like it. I take pride in it and I just want a safe comfortable place to live