Q2 2022 – State of the Market Mega-Thread – Inflation and Ratepalooza edition

 In RealEstate

Observations, rants, theories, speculation on future market movement, experiences, offer heartbreak, buyer fatigue, seller drama, mortgage drama, appraisal drama, anecdotes, new construction builder shenanigans, rate predictions, frustration with seller listing price strategy, crystal balls, and so on, that you may not feel warrant their own threads, but you want to get it off your chest.

Individual threads of that nature, that are repetitive (the 1000th thread consisting of “omg the market is hot and rates are high!!”, for example, doesn’t warrant it’s own thread if that’s all the OP is) may be merged into here, too.

I thought the last thread might be the last, because hey things are going to calm down any minute now (this was me thinking that around Jan 2022 — oh how wrong I was), but nope! Here we go!

According to reddit’s algorithm, here was the “best” post from last quarter, by /u/celcius_87

“I’m watching Christmas movies on the hallmark channel and it seems like everyone is living in a huge gorgeous new house while working at Starbucks. If only real life were like that 😂”

Here was the “top” post, by /u/fetalasmuck:

It’s just so discouraging that everyone has basically been knocked down at least one peg in the housing market.

The people who could previously afford starter homes are now priced out completely.

The people who could previously afford modest family homes are now looking for starter homes.

And the people who could previously afford “forever” homes are now looking for modest family homes.

I don’t want to complain too much because my wife and I can still afford a decent house, but it’s sickening to see what we could have gotten even one year ago. It’s an entirely different caliber of home where we wouldn’t have had to make many compromises. Now we are able to pick 2 at most out of nice house, decent lot/location, good schools. Before, getting all 3 was fairly easy for our area.

Here is the most “controversial” post, by /u/triggbagholderrltr (overall vote count right now is at -1, but to be the most “controversial” I believe that means a LOT of upvotes AND downvotes):

In my area, the market is now stronger than ever, with record high prices. Prices are significantly higher than last summer. Houses that closed in Summer of 2021 seem like bargains now. This winter 2022 market has utterly crushed 2021. Open houses in freezing temps with lines out the door. Houses are now selling faster than anytime during COVID.

3% hike to 4% rates are like trying to piss on a forest fire. $200/mo? Rent hikes. Work from home. Stock market millions. Crypto millions. Safe haven.

Stock market is the only thing that might put the brakes on this freight train. If the stock market does not crash 25% in the next 2 months, this Spring housing market is going to be fcking nuts.

submitted by /u/aardy
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