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Old May 27, 2020, 04:52 PM   #1
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Vanz_007
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Default US housing prices?

how do you think housing prices will trend in the near future?

https://www.marketwatch.com/story/wh...of2&yptr=yahoo

Here's my theory:
  • with covid-19 more people will be defaulting on current housing loans
  • this will drive up more stock of houses for sale
  • which will lower prices
  • they estimate after the lock down more people will work remote now (I know I will work as least 1-3 days a week from home for as long as I can)
  • this may make longer commutes more palatable
  • this may entice people to live further away from heavily populated areas
  • will this (above point) lower housing costs in populated areas and increase housing prices away from heavily populated areas?

We own a home and am not looking at buying or selling, just curious...

thoughts?

V
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Old May 27, 2020, 11:58 PM   #2
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As I just bought a very expensive house in silicon valley a year ago, I hope housing prices stay super high!

If all the big tech companies allow folks to work from home permanently, we may see demand for houses here evaporate. I doubt it'll happen very fast though, so maybe I'll have time to sell my house afterall, before moving to a ranch in Arizona or whatever.
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Old May 28, 2020, 07:40 AM   #3
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Our housing prices are rising for the most part, fueled by out-of-state people coming here to escape the city (like me 3 years ago). I think remote workers are going to be the "new normal" for many companies, since it will be awhile before people are comfortable being in cramped offices and meeting rooms. That means people can live wherever they want. Great news for small town home prices, bad news for cities.
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Old May 28, 2020, 04:37 PM   #4
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Quote:
Originally Posted by Munkus View Post
Our housing prices are rising for the most part, fueled by out-of-state people coming here to escape the city (like me 3 years ago). I think remote workers are going to be the "new normal" for many companies, since it will be awhile before people are comfortable being in cramped offices and meeting rooms. That means people can live wherever they want. Great news for small town home prices, bad news for cities.
hmm, yeah kind of what I'm thinking too, wondering about investing in a cheaper house away from the city as a rental property, would be low risk as for investment capital and for declining value I think...
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Old May 28, 2020, 06:19 PM   #5
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Being in LA I dont think housing prices are going to drop at all if any. Most people who cant afford houses now are all renting and will get kicked out out of their rentals. Any house that goes up for sale at lower than market value will get snapped up quick and probably bidded up by investors. They will fix it up and sit on it a year or so and sell for profit.

In LA the longer you wait to get a house the further out from the city youre going to have to buy a house unless you are loaded. No decent house that isnt **** is going for under 600k anywhere near any desirable areas of LA.
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Old May 28, 2020, 07:54 PM   #6
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They just said in my hometown (Houston) that the housing market didn't drop as bad as they thought it was going to to. In fact, it barely dipped at all and people are still buying homes. Hell, one of my best buddies just bought a new house and sold his old one too. I doubt this will affect the housing market much in the long term.
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Old May 28, 2020, 07:55 PM   #7
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Quote:
Originally Posted by Munkus View Post
I think remote workers are going to be the "new normal" for many companies, since it will be awhile before people are comfortable being in cramped offices and meeting rooms. That means people can live wherever they want. Great news for small town home prices, bad news for cities.
If that's the case, then you can expect a gradual rise in people moving to smaller towns (like yours) over the coming years since more and more people are able to do their jobs from home.
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Old May 28, 2020, 08:21 PM   #8
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I wouldn't count on remote working being the norm for more than a year or so tops. I wouldn't buy a house an hour away from work if I thought I only had to do it 1-2 times a week, only to find out that goes away in a year. I don't see too much change in expensive areas unless a ton of people default, and the economy collapses.
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Old May 29, 2020, 04:44 PM   #9
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Quote:
Originally Posted by Greasy View Post
I wouldn't count on remote working being the norm for more than a year or so tops. I wouldn't buy a house an hour away from work if I thought I only had to do it 1-2 times a week, only to find out that goes away in a year. I don't see too much change in expensive areas unless a ton of people default, and the economy collapses.
For the remote from home working, I wouldn't be so sure. A lot of businesses are seeing that (at least for some workers) their production is going up and their costs are going down. If firing on all pistons, the WFH model is more cost effective than the at office model. This is very likely going to be one of the bi-products of the lockdowns is that businesses that survive are going to discover this.

As for the move an hour away from the city bit, that is precisely why my friend moved. He initially moved several years back to an area that wasn't heavily populated and was expected to stay that way for at least 10-15 years before he'd have to decide if he was going to move again or not.

It only took 6 years for the sprawl to move in him and now he is moving again (even further out). If you live near a fast growing city, it's inevitable that they will seep out towards where you live. If you live in a slow growth area, then you are fortunate and should not have to worry.
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Old May 29, 2020, 05:11 PM   #10
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I have worked from home for years now. I'm always on the clock, so yes I get WAY more done. Going into the office is nice if you're entire team is in the same area, because design sessions in the same room are way more productive, but that's not the norm for most companies these days. I hope remote work becomes the norm, then I can freaking move out into the sticks once spaceX gets me some fast internet anywhere.
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Old Jun 1, 2020, 10:54 PM   #11
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https://www.yahoo.com/news/rent-san-...175817383.html

Quote:
Recent data from rental site Zumper provides more concrete evidence that Silicon Valley employees could indeed be packing up and leaving, potentially lowering the demand for housing in a region notorious for its expensive housing market
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Old Jun 2, 2020, 04:43 PM   #12
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Most people are using using stimulus money to pay down debt, this will raise credit scores, and open up avenues for people to buy larger, bigger houses.
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Old Jun 2, 2020, 06:12 PM   #13
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I don't think Austin housing prices will go down. Tech jobs are plentiful here, and prices continue to raise.
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Old Jun 2, 2020, 07:03 PM   #14
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My rental house in town just jumped $20K over the past 60 days per Zillow. I won't be selling until next Spring, so I hope it continues to increase.
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Old Jun 3, 2020, 06:08 AM   #15
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Generally housing prices rise and fall has inflation rises and falls. With the rate we are printing money - I expect housing prices to sky rocket.
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