I can see the following 'possibilities'....I'm sure there are more....
Do real estate prices 'explode upwards', because there is always a 'finite amount of land'?
Do real estate prices decline, as 'excess deaths' cause mass vacancies (increased inventory)?
If a loaf of bread (eventually) costs $300,000 (and salaries go up exponentially) - can people then pay off their (fixed) house loans for the price of a loaf of bread? Does that make houses more or less 'valuable'?
Do local/state gov'ts tax the heck out of property, to raise more revenue? (Making 'holding' real estate expensive.) Same with house insurance.
Can banks 'grab' houses from people - even if they can pay their mortgage?
Can the gov't seize property?
Is real estate one of the 'safe' bets?
I’m in the market to buy right now and it’s insane what a house cost at the moment. What should be a 200k home is in the range of 550-700..
I would wait.
I sold my house last year waiting for the market to crash. I feel like its a bad time to buy so I'm renting. Rents are so high now its pretty bad but still going to rent until the housing crash because I think the crash will be worse than 2008.
You and me both. And I'm in western Washington (PNW) where it's getting nearly as bad as California. Even shit-heaps that need tons of work are going for 350-400K which doesn't seem like a lot but then you realize you're right back where you started and ended up spending as much as someone who bought a complete house.
Try to hold off. Cheap houses may be coming soon.
mortgage rates are insanely hi also, just like the Jimmy Carter era.