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Yep. Recently tried to sell my 2BR/2BA in Boston. Exactly 2 people visited over 3 months and several open houses and price cuts. Realtor said it's the same acro

by ghc 10mo ago

Yep. Recently tried to sell my 2BR/2BA in Boston. Exactly 2 people visited over 3 months and several open houses and price cuts. Realtor said it's the same across the board for 2BR/2BA because the pool of entry-level buyers dried up with layoffs. After I switched it over to a rental listing I was able to rent it out within 3 days at a significant profit. Another unit in my building rented similarly fast at a similar price. I know it's just anecdata, but it doesn't feel like the rental market is cooling down at all.

greenie_beans 10mo ago
nobody to buy at your asking price so you take the house off the market rather than match the market expectations, thereby increasing scarcity for potential buyers at a lower price who are instead forced to rent due to market dynamics
- 11101010001100 10mo ago
  Yes, I hold, sell and by stock the same way. Either it is a market, or it isn't.
  - greenie_beans 10mo ago
    stock is not housing. i need housing. i don't need stock.
    - iaw 10mo ago
      This is a weird take. I get the desire to house people but someone choosing to rent rather than sell a home they own is not the crux of the issue. When there are corporations keeping swaths of housing empty to raise rent rates the real issue is market manipulation not small participants.
      - greenie_beans 10mo ago
        it's def not the crux of the issue, never said that. it's a dynamic of the market though > When there are corporations keeping swaths of housing empty to raise rent rates the real issue is market manipulation not small participants. curious where this is happening? would love to learn about that.
  - femiagbabiaka 10mo ago
    The expectation that housing is an investment that should perform like stock is the entire problem IMO.
- ghc 10mo ago
  There's a floor. If you sell a home for less than your mortgage amount you have to have enough cash to make up the difference. Also, selling for significantly under the appraised price decreases likelihood of qualified buyers because it may be a red flag. Renting until spring is a logical option when there's no buyers, since that's when the supply of buyers is much larger. I don't want to be a landlord but I also don't want to pay money to part with my house. One home in my neighborhood finally sold for 60% of what they bought it for after 6 months on the market. I think only rich people or people who've been in their homes 20 years can afford that.
  - greenie_beans 10mo ago
    very valid! gotta make the decisions that are right for you, especially with money. it's a shame the system makes us do that.
    - ghc 10mo ago
      I keep wondering if the powers that be knew that low down payment percentages and low interest rates would have a major side effect: increased purchase prices (back then) and lack of initial equity that would make it really hard to sell. I think a lot of people who bought or refinanced back then are just stuck. It doesn't feel as dire as the subprime mortgage crisis, but maybe that's because renting out your property for at least breakeven is a lot less damaging than defaulting on a mortgage.

by ghc 10mo ago

greenie_beans 10mo ago

nobody to buy at your asking price so you take the house off the market rather than match the market expectations, thereby increasing scarcity for potential buyers at a lower price who are instead forced to rent due to market dynamics

11101010001100 10mo ago
Yes, I hold, sell and by stock the same way. Either it is a market, or it isn't.
- greenie_beans 10mo ago
  stock is not housing. i need housing. i don't need stock.
  - iaw 10mo ago
    This is a weird take. I get the desire to house people but someone choosing to rent rather than sell a home they own is not the crux of the issue. When there are corporations keeping swaths of housing empty to raise rent rates the real issue is market manipulation not small participants.
    - greenie_beans 10mo ago
      it's def not the crux of the issue, never said that. it's a dynamic of the market though > When there are corporations keeping swaths of housing empty to raise rent rates the real issue is market manipulation not small participants. curious where this is happening? would love to learn about that.
- femiagbabiaka 10mo ago
  The expectation that housing is an investment that should perform like stock is the entire problem IMO.
ghc 10mo ago
There's a floor. If you sell a home for less than your mortgage amount you have to have enough cash to make up the difference. Also, selling for significantly under the appraised price decreases likelihood of qualified buyers because it may be a red flag. Renting until spring is a logical option when there's no buyers, since that's when the supply of buyers is much larger. I don't want to be a landlord but I also don't want to pay money to part with my house. One home in my neighborhood finally sold for 60% of what they bought it for after 6 months on the market. I think only rich people or people who've been in their homes 20 years can afford that.
- greenie_beans 10mo ago
  very valid! gotta make the decisions that are right for you, especially with money. it's a shame the system makes us do that.
  - ghc 10mo ago
    I keep wondering if the powers that be knew that low down payment percentages and low interest rates would have a major side effect: increased purchase prices (back then) and lack of initial equity that would make it really hard to sell. I think a lot of people who bought or refinanced back then are just stuck. It doesn't feel as dire as the subprime mortgage crisis, but maybe that's because renting out your property for at least breakeven is a lot less damaging than defaulting on a mortgage.