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Fellow home owners, are you ready for the housing market to crash? (lemmy.world)

submitted 1 year ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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I know I'm supposed to want it to keep going up as a wealth generator or whatever.

But like... I wouldn't be able to afford the monthly payments if I bought my house right now and it's scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

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[-] Boozilla@lemmy.world 64 points 1 year ago

You point out the Catch-22 that a lot of people miss on this stuff. They get so fixated on increasing their property values because they want to screw someone over when they finally sell their house....not stopping to think that the same thing is about to happen to them when they go to buy one. Not to mention, higher property values means higher property taxes (in some places, anyway).

[-] ChuckLopez@lemmy.world 9 points 1 year ago

A housing crash is only bad for you if you’re either outright selling, or moving to a less expensive house.

[-] ReluctantMuskrat@lemmy.world 6 points 1 year ago

A bad crash can make you owe more than you can get for the house, which can make it impossible for you to move without losing money. If you lose your job or have to relocate involuntarily, property being cheaper elsewhere isn't much consolation if you are under water on your existing loan.

[-] ChuckLopez@lemmy.world 1 points 1 year ago

Yes, so outright selling, or moving to a less expensive house, voluntarily or not.

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this post was submitted on 29 Sep 2023

356 points (95.4% liked)

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