Housing crash on the horizon

Re: Housing crash on the horizon

Postby jasond_71 » Dec 18th, 2017, 9:31 pm

Here is a 20 year recap. 96-2002 flat and down. 2003-2008 skyrocket. 2008-2015 flat or down a bit. 2016-now up.
A $200,000 house in 2002 is worth $800,000 today in just 15 years. So what if it goes down 20%. It will go past that eventually just like the guy in the article states.
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Re: Housing crash on the horizon

Postby mexi cali » Dec 19th, 2017, 10:28 am

Praise the lord and pass the ammunition
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Re: Housing crash on the horizon

Postby LANDM » Dec 19th, 2017, 3:22 pm

jasond_71 wrote:Here is a 20 year recap. 96-2002 flat and down. 2003-2008 skyrocket. 2008-2015 flat or down a bit. 2016-now up.
A $200,000 house in 2002 is worth $800,000 today in just 15 years. So what if it goes down 20%. It will go past that eventually just like the guy in the article states.


You're close with all of this............your '96 is a bit late and 2015 is definitely late.
But, the gist of it is close and your summary is not off, really. :up:
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Re: Housing crash on the horizon

Postby jasond_71 » Dec 19th, 2017, 3:47 pm

No worries, I didn't actually research the data, just going by memory and trying to get the gist, that if you hold long enough it will go up.
Also, if you are not selling and moving to a different market it doesn't really matter unless you want to upgrade your house then a down market is actually good. If your house is worth $400, 000 and you want to buy an $800,000 and the market drops 10% you save $40,000 because the lower house only dropped $40,000 while the higher house dropped $80,000. Of course not good if you want to downsize:)
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Re: Housing crash on the horizon

Postby lightspeed » Dec 19th, 2017, 6:15 pm

"Why does everyone in Kelowna act like they're in Hollywood"

A hermit; a recluse; one of the Okanagan "hill people"
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Re: Housing crash on the horizon

Postby Tack » Dec 19th, 2017, 11:14 pm

Leifer wrote:This again?

In 2008... ... He needed a place to live, loved the house he bought....end of story.


Pretty much the only and best advice anyone can give without guessing. Trying to predict peaks and valleys, booms and busts is a game of luck that most will fail at and few will succeed. I don't play that game with housing. I bought a house that met my needs that I can see myself in for 10-15 years. In this time it might go down or up; regardless I bought within my means and my mortgage is far below the current prices. I won't panic sell in a crashing market or panic sell in an appreciating market. It'll be paid off in that 15 years and I can choose if it's still right for me.

Buy within your means, live there for 5+ years and you have little to worry about.

If you piled on 4 mortgages ranging from condos to single-family homes and you essentially borrowed all your equity then you will be in for a rude awakening during a downturn.
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