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Prices will decline until sellers find buyers just like every other market.

scarface74 7y ago
And you still need a down payment. Are you suggesting that everyone should either own a home or be homeless? What about college students? Should they also buy houses just for the amount of times they are in college? If I move for a job, should I immediately buy a house? On the other hand what if I know I don’t plan to be in an area for long? Should I buy a house for a year or two? What happens when I am ready to move and can’t find a seller?
- yeahitslikethat 7y ago
  You only need a down payment because houses are not affordable. I've bought all my houses with cash.
  - scarface74 7y ago
    The average American can’t handle a $400 emergency. How cheap does a house have to be to make it affordable for most Americans?
inflatableDodo 7y ago
Not if you take property off the market when it goes down. >"The property developer behind the conversion of central London’s Centre Point office skyscraper into multimillion-pound luxury apartments has given up trying to sell the flats after receiving too many “detached from reality” lowball offers. >Mike Hussey, chief executive of the developer Almacantar, said the company had decided to halt formal sales of the flats in the 1960s brutalist tower, now called Centre Point Residences, rather than slash prices. >The company said concerns about Brexit and possible tax increases on overseas investors were encouraging potential buyers to make offers well below the asking price. The reception at the redeveloped Centre Point building in London’s West End. >The decision to halt sales means about half of the tower’s 82 flats, which range from £1.8m for a small one-bedroom apartment to £55m for the two-storey five-bedroom penthouse, will now lie empty, adding to a glut of unsold ultra-luxury property across London." https://www.theguardian.com/business/2018/oct/31/brutalist-market-flats-at-londons-centre-point-taken-off-market https://www.theguardian.com/business/2018/oct/31/brutalist-m...
- yeahitslikethat 7y ago
  I really love reading that. Thank you.
  - inflatableDodo 7y ago
    Oh, there's more. Centre Point has been a continual shitshow since inception. It is a case study in the kind of people who mistake their own snobbery for business acumen; >"The building is 117 m (385 ft) high, has 34 floors and 27,180 m2 (292,563 sq ft) of floor space. Constructed from 1963 to 1966, it was one of the first skyscrapers in London and as of 2009 is the city's joint 27th tallest building. It stood empty from its completion until 1975, and was briefly occupied by housing activists in 1974. Since 1995 it has been a Grade II listed building. In 2015 it was converted from office space to luxury flats." https://en.wikipedia.org/wiki/Centre_Point https://en.wikipedia.org/wiki/Centre_Point

And you still need a down payment. Are you suggesting that everyone should either own a home or be homeless? What about college students? Should they also buy houses just for the amount of times they are in college? If I move for a job, should I immediately buy a house? On the other hand what if I know I don’t plan to be in an area for long? Should I buy a house for a year or two? What happens when I am ready to move and can’t find a seller?

yeahitslikethat 7y ago
You only need a down payment because houses are not affordable. I've bought all my houses with cash.
- scarface74 7y ago
  The average American can’t handle a $400 emergency. How cheap does a house have to be to make it affordable for most Americans?

inflatableDodo 7y ago

Not if you take property off the market when it goes down. >"The property developer behind the conversion of central London’s Centre Point office skyscraper into multimillion-pound luxury apartments has given up trying to sell the flats after receiving too many “detached from reality” lowball offers. >Mike Hussey, chief executive of the developer Almacantar, said the company had decided to halt formal sales of the flats in the 1960s brutalist tower, now called Centre Point Residences, rather than slash prices. >The company said concerns about Brexit and possible tax increases on overseas investors were encouraging potential buyers to make offers well below the asking price. The reception at the redeveloped Centre Point building in London’s West End. >The decision to halt sales means about half of the tower’s 82 flats, which range from £1.8m for a small one-bedroom apartment to £55m for the two-storey five-bedroom penthouse, will now lie empty, adding to a glut of unsold ultra-luxury property across London." https://www.theguardian.com/business/2018/oct/31/brutalist-market-flats-at-londons-centre-point-taken-off-market https://www.theguardian.com/business/2018/oct/31/brutalist-m...

yeahitslikethat 7y ago
I really love reading that. Thank you.
- inflatableDodo 7y ago
  Oh, there's more. Centre Point has been a continual shitshow since inception. It is a case study in the kind of people who mistake their own snobbery for business acumen; >"The building is 117 m (385 ft) high, has 34 floors and 27,180 m2 (292,563 sq ft) of floor space. Constructed from 1963 to 1966, it was one of the first skyscrapers in London and as of 2009 is the city's joint 27th tallest building. It stood empty from its completion until 1975, and was briefly occupied by housing activists in 1974. Since 1995 it has been a Grade II listed building. In 2015 it was converted from office space to luxury flats." https://en.wikipedia.org/wiki/Centre_Point https://en.wikipedia.org/wiki/Centre_Point