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Where we live the market is especially tight. We ended up selling our home by saying we would not sell if you have a realtor and this is the price you will pay

Where we live the market is especially tight. We ended up selling our home by saying we would not sell if you have a realtor and this is the price you will pay and you will not have an appraisal contingency. The very first people to come and look at it bought it. The market is very much a seller's market right now. We also purchased a new home without having a realtor involved. These days, the Internet makes things so easy that there isn't a need for a realtor like there used to be.

ghaff 6y ago
I don't have the data but I'd guess a few things: - It's probably very uneven across housing types and locations - If people are moving from apartments to houses, they're net taking homes for purchase off the market - Anecdotally, I see people moving into larger homes to have more room - I expect you end up with some overlap when people are in the process of moving
chrisco255 6y ago
People always say this in a bull market. Then a downturn happens and it takes 6 months of active work and marketing to sell.
- Xenograph 6y ago
  Honest question: what would cause a downturn in the housing market? People will always need/want houses, right?
  - starik36 6y ago
    Judging by past downturns, it's usually a pricing bubble accompanied by an economic calamity of some sort.
  - yellowbeard 6y ago
    Lack of demand (population decline), or increase in supply.
  - krustymeathead 6y ago
    The housing crash in 2008 was caused by many people getting kicked out of their homes. It was too easy to get a mortgage that was too big, so lots of families were one hardship away from being unable to pay their mortgage (economic calamity). Also because it was so easy to get big mortgages, housing prices were higher than they would have been otherwise (bubble). So after the crash started, there were a lot of big empty homes and few people could afford them since lots of people were getting kicked out. So sellers and banks had to lower their asking prices until someone could afford them. There are more requirements for getting a mortgage now after 2008 so that should hopefully help to make the next crash not as bad. Basically, if a lot of people buy houses they can't really afford, a crash will happen soon: when all those people get foreclosed on in large numbers because they can't pay the mortgage.
- refurb 6y ago
  “It’s different this time.” (unknown, 2007).

ghaff 6y ago

I don't have the data but I'd guess a few things: - It's probably very uneven across housing types and locations - If people are moving from apartments to houses, they're net taking homes for purchase off the market - Anecdotally, I see people moving into larger homes to have more room - I expect you end up with some overlap when people are in the process of moving

chrisco255 6y ago

People always say this in a bull market. Then a downturn happens and it takes 6 months of active work and marketing to sell.

Xenograph 6y ago
Honest question: what would cause a downturn in the housing market? People will always need/want houses, right?
- starik36 6y ago
  Judging by past downturns, it's usually a pricing bubble accompanied by an economic calamity of some sort.
- yellowbeard 6y ago
  Lack of demand (population decline), or increase in supply.
- krustymeathead 6y ago
  The housing crash in 2008 was caused by many people getting kicked out of their homes. It was too easy to get a mortgage that was too big, so lots of families were one hardship away from being unable to pay their mortgage (economic calamity). Also because it was so easy to get big mortgages, housing prices were higher than they would have been otherwise (bubble). So after the crash started, there were a lot of big empty homes and few people could afford them since lots of people were getting kicked out. So sellers and banks had to lower their asking prices until someone could afford them. There are more requirements for getting a mortgage now after 2008 so that should hopefully help to make the next crash not as bad. Basically, if a lot of people buy houses they can't really afford, a crash will happen soon: when all those people get foreclosed on in large numbers because they can't pay the mortgage.
refurb 6y ago
“It’s different this time.” (unknown, 2007).