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this post was submitted on 14 May 2025
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If you still have a mortgage on your home, you’ve lost a lot because you may no longer have equity to cover your mortgage. Which, probably not a huge deal if you actually plan to live in it and not treat it like a medium-term investment. But there can be a tangible loss there.
You have to pay that mortgage, it doesn't matter if your house can cover it or not.
What are you gonna do? Sell your house to pay off your mortgage? And then where do you live?
If you own a single house, the synchronized raise/fall of house prices only affect the speed at which you can "upgrade" to a more expensive home. So prices going down benefit you.
My wife and I bought to get on the ladder. You can never save enough, at some point you need to hop in.
We're 2 years in on a house that doesn't suit our needs because if we didn't buy, we would keep getting priced out. If prices drop, we'll be stuck in this house. It wasn't an investment, it was building equity for when it's time to move.
At least we have a house, so many others aren't as lucky.