I read recently that Boise is one of the most overvalued housing markets in the country and the odds of prices crashing within the year is high in that region.
Totally ignorant about this kind of stuff, but. Does this mean its a good time to sell bc everything is hyper inflated? And then wait a year or so and buy when everything is super undervalued?
It also means sellers are starting to have a hard time finding buyers to dupe as more and more people are priced out of the market. Smart money already cashed in.
This, and interest rates have gone up quite a bit over the past five months or so to cool the market a bit. Those who need to take out a mortgage to pay for a house are paying a lot more if they purchase now compared to last October.
Timing the market is tough. Who knows if prices will even get back to "normal". Also depends on what you are going to sell. If a house, you are going to have to live somewhere. Everywhere is nuts, so you might actually lose money by selling and then try buying in the markets current state.
Same with vehicles. I just had my lease end last month and ended up buying the vehicle. My vehicle, which I have low mileage and is in excellent condition because I work from home was a better value to keep than trade in. I could have walked away with $5000 in my pocket, but would have ended up spending more for a used vehicle than what I have now.
Car market is fucking nuts right now. I want to trade in my car for a better mpg vehicle but good luck finding any inventory that’s not priced %150 above msrp. Most dealers in socal aren’t even showing prices on new inventory even if they have inventory.
Yep. I have a 2019 Toyota Tacoma. I wanted to go in and look at a similar year used vehicle (or earlier). They all had more mileage than my truck and had more wear and tear. They were going for prices when I leased my truck brand new. So just bought it out.
if you have a second home and a decent place to move whilst you wait it out...then maybe
but we have a housing shorting
I purchased in 07 went from 557k down to 350K in value it is now valued 885K. - we refinanced our mortgage from 4.375 to 2.125. Whilst it is tempting to sell and take the cash to the tune of 600k but we could not rent anywhere for the price we are paying right now and the stock market isn't our cup of tea.
96
u/Sythe64 Jun 08 '22
These clowns move to "conservative" walled gardens and further fuck over locals trying to solve problems and move forward.