Historically, the real estate market behaves much like every other market, evidencing a sine wave appearance over time. Kind of like how the ocean behaves, with tides rising and falling in a predictable pattern. But it seems like we are currently in a situation that precedes a tsunami; the ocean/market is receding dramatically. The question is whether it is going to come roaring back at some point or simply leave us with a lot of exposed shoreline. Like you, I am not inclined to bet on an improvement at any time soon. There has simply been too much destruction of economic value resulting from implementation of "progressive" (i.e., destructive) agendas.
Yes, it's a troubling time in real estate. Frankly it's a mess, and at least part of that is reversion to the mean after a very long time at below historical norms for interest rates. Plus higher than average internal migration from more- to less-expensive locations has been a serious perturbation to local market norms.
One thought ... I don't think it will be locals seeing taxes go up "or" services declining. I think it's going to be "and", and that we're already seeing it.
The fix for individuals, investors, developers, and the government is to not bite off more than you can chew. Add whatever "spare" money you have to your mortgage payment to pay down the principle every month. Have a budget, stick to it. Be frugal. Enjoy your old age debt-free. The country's economy may be out of your hands...you just do what you can to mitigate what the clueless and/or cunning people in charge are trying to do to you. Have a plan when the plunderers show up on your front lawn. It's been that way forever. Sometimes evolution happens in real time. Be adaptive. When the Orc is smiling at you, that means you are on the menu. Yeah, I am preaching to the choir.
Yeah, I'm seeing this too with the rental properties we have. My own house and property have more than doubled in value according to the county so they can raise taxes, but there's no way I could sell the property for that.
Trump needs to lower mortgage interest rates, which are in NO WAY related to the economy, as the government owns 99 percent of all home mortgages and they're guaranteed to 'make' money by the taxpayers who cover everything, the rates are set by the administration. The high rates we have now is because the Biden administration wanted to force everyone into rentals and out of home ownership.
Note that Blackrock and the rest all pay interest rates of 1 percent or lower.
But Property Taxes in Texas have gotten out of hand and need to be banned. Mine are almost as big as my mortgage payment and as I'm over 65 I'm debating opting out of them. I just need to learn a little more about that program, because once I do that, then we'll pretty much not be able to sell. So while I'd like to move a bit further west at times, with the way prices are now (stupid high and those places aren't going to ever sell) I'm not so sure that'll ever happen.
my husband wants to build so badly on the property we own next door, but after looking into what even a bare basic house would cost, there's no way. Yet we need some upgrades to the house we are currently, upgrades that will cost a pretty penny out of pocket (things like trimwork, fixing the front of the house, re-working the interior for more space, etc) but won't add value to the house which is very low value to begin with where we live.
Historically, the real estate market behaves much like every other market, evidencing a sine wave appearance over time. Kind of like how the ocean behaves, with tides rising and falling in a predictable pattern. But it seems like we are currently in a situation that precedes a tsunami; the ocean/market is receding dramatically. The question is whether it is going to come roaring back at some point or simply leave us with a lot of exposed shoreline. Like you, I am not inclined to bet on an improvement at any time soon. There has simply been too much destruction of economic value resulting from implementation of "progressive" (i.e., destructive) agendas.
Yes, it's a troubling time in real estate. Frankly it's a mess, and at least part of that is reversion to the mean after a very long time at below historical norms for interest rates. Plus higher than average internal migration from more- to less-expensive locations has been a serious perturbation to local market norms.
One thought ... I don't think it will be locals seeing taxes go up "or" services declining. I think it's going to be "and", and that we're already seeing it.
Sigh... You are probably more correct...
The fix for individuals, investors, developers, and the government is to not bite off more than you can chew. Add whatever "spare" money you have to your mortgage payment to pay down the principle every month. Have a budget, stick to it. Be frugal. Enjoy your old age debt-free. The country's economy may be out of your hands...you just do what you can to mitigate what the clueless and/or cunning people in charge are trying to do to you. Have a plan when the plunderers show up on your front lawn. It's been that way forever. Sometimes evolution happens in real time. Be adaptive. When the Orc is smiling at you, that means you are on the menu. Yeah, I am preaching to the choir.
Yeah, I'm seeing this too with the rental properties we have. My own house and property have more than doubled in value according to the county so they can raise taxes, but there's no way I could sell the property for that.
Trump needs to lower mortgage interest rates, which are in NO WAY related to the economy, as the government owns 99 percent of all home mortgages and they're guaranteed to 'make' money by the taxpayers who cover everything, the rates are set by the administration. The high rates we have now is because the Biden administration wanted to force everyone into rentals and out of home ownership.
Note that Blackrock and the rest all pay interest rates of 1 percent or lower.
But Property Taxes in Texas have gotten out of hand and need to be banned. Mine are almost as big as my mortgage payment and as I'm over 65 I'm debating opting out of them. I just need to learn a little more about that program, because once I do that, then we'll pretty much not be able to sell. So while I'd like to move a bit further west at times, with the way prices are now (stupid high and those places aren't going to ever sell) I'm not so sure that'll ever happen.
my husband wants to build so badly on the property we own next door, but after looking into what even a bare basic house would cost, there's no way. Yet we need some upgrades to the house we are currently, upgrades that will cost a pretty penny out of pocket (things like trimwork, fixing the front of the house, re-working the interior for more space, etc) but won't add value to the house which is very low value to begin with where we live.