What Happens to You if the Housing Market Crashes?

originally posted by: IAMTAT
My home sold for double what I paid 7 years ago.
Current (Z)estimate on my new home is almost 100K more than what I paid 5 months ago.

It's crazy, I'm thinking it would be good to sell before they do a re-val and my property taxes go even higher.

originally posted by: TonyS
That's a great question. Does anyone know just how Zillow comes up with the estimates? Can they access recent sales data over the internet? I don't think that's really possible here in Texas.

Home sales are public record, they're running the comps.

a reply to: Atsbhct

Maybe we shouldn’t let illegals and non Americans buy houses . I can see if you live here half the year and have a green card perhaps but we let the illegals rule out country . We needs out them all out now and maybe housing would be affordable . Also we need all new politicians who haven’t sold their souls to foreign investors. We need the illegals out they ruined our country . I’d give them a year to get out and then I’d give them the firing squad . I would take everything they have and send them back

originally posted by: AugustusMasonicus

originally posted by: IAMTAT
My home sold for double what I paid 7 years ago.
Current (Z)estimate on my new home is almost 100K more than what I paid 5 months ago.

It's crazy, I'm thinking it would be good to sell before they do a re-val and my property taxes go even higher.

Come to Florida...I'll make sure the neighbors across the street sell when you're ready.

a reply to: Atsbhct

Real estate here is just plain stupid.

In 2008 I got burned bad, and that will never happen again. This time any changes in real estate won’t make any difference for me.

The problem where I live is that prices have inflated way way over what salaries are. It is not sustainable. I have a feeling this is the case for many locations. I see that California is trying to create laws/taxes regarding airbnbs.

I know things are changing because I haven’t be able to hire people to do work on the house for a while, now everyone is available. That really says a lot.

I think we are going to have a perfect storm, high gas prices, high groceries, housing out of control. For many, something has to give. The question is what will that be?

originally posted by: Bringittothelight
a reply to: Atsbhct

Maybe we shouldn’t let illegals and non Americans buy houses . I can see if you live here half the year and have a green card perhaps but we let the illegals rule out country . We needs out them all out now and maybe housing would be affordable . Also we need all new politicians who haven’t sold their souls to foreign investors. We need the illegals out they ruined our country . I’d give them a year to get out and then I’d give them the firing squad . I would take everything they have and send them back

Lemme guess you also think Illegals took “all” the jobs too.. How did that work out?


PS. Illegals aren’t buying houses.

originally posted by: IAMTAT
Come to Florida...I'll make sure the neighbors across the street sell when you're ready.

Only if I can wear my wife beater and get on Cops.

a reply to: AugustusMasonicus

Only if I can wear my wife beater and get on Cops.

That’s in Orange county silly!
Where IAMTAT lives are all the blue hairs, that wear plaid shorts, and they watch Family Feud while eating pimento cheese on crackers. NO shirts, let that gray chest hair free.

PS. Don’t let him give you a tour of the Villages, they broke a record for something you don’t want…

originally posted by: JAGStorm
a reply to: AugustusMasonicus

Only if I can wear my wife beater and get on Cops.

PS. Don’t let him give you a tour of the Villages, they broke a record for something you don’t want…

Yeah...The blue curtains match the rugs down here.

originally posted by: AugustusMasonicus
a reply to: Atsbhct

The market here is out of control, houses are selling in days with bidding wars. Just screwing around on Zillow it's showing a 50% increase for my home in the past year, which based on the comps, might be accurate.

Same out here. My neighbor just sold - a bidding war started and she got 30% over her asking price!
That 30% alone is more than I paid in 1995. A LOT more.

a reply to: JAGStorm

Actually, they are.... there are mortgage lenders who will make ITIN loans and DACA.

a reply to: Bringittothelight

I'm not American so I don't really know how you're feeling about illegal immigration. From an outsiders perspective, it seems crazy that 3% of the population ruined an entire country that was "founded" on unbridled immigration. But I don't live there.

It seems more plausible that giant corporations and politicians worked together to exploit the U.S. population in the name of record profits. But that's my perspective. From my view, undocumented immigrants are likely a cog in the wheel that keeps things like farm labour and under the table service/construction cheap so that other Americans don't have to feel like they're the peasants. Maybe it keeps everyone from revolting against the politicians.

originally posted by: Edumakated
a reply to: JAGStorm

Actually, they are.... there are mortgage lenders who will make ITIN loans and DACA.

I very much consider DACA a gray area and I wouldn’t personally call them illegal.

Ok I was mistaken about illegals buying houses, however ITIN loans are not normal mainstream type of loans. From what I quickly read on them, they have a very low default rate which leads me to believe most are done by wealthy individuals. Would getting rid of every ITIN loan holder make any dent in our real estate issues? I doubt it.

originally posted by: JAGStorm
...Orange county...

No wonder he moved there.

a reply to: JAGStorm

What will people do? Exactly the same here like you said. Higher prices for everything, no growth in wages. I think we'll be seeing an influx of even more people from provinces with higher wages who are work from home. Then there will be a bottleneck here as people sell themselves out of the market, and go back to family homes; and the bigger cities might feel the crunch a little of stagnant downtowns.

The ripple could go from there I guess, depending how much the system gets disrupted. If there's no one to serve, where do all those service jobs go, then that residential rent doesn't get paid maybe? 🤷‍♀️ Who knows how far that could go. We'd need to either make up a new system or somehow convince everyone to go back to less working over all and less spending.

On the other coast of Canada, the government is making laws about minimum wage growing to match inflation. It will be interesting to see how that works out.

originally posted by: Bringittothelight
Maybe we shouldn’t let illegals and non Americans buy houses .

If illegals are able to outbid you on a house due to you having a pathetic salary maybe try to not have a pathetic salary since illegals aren't exactly raking in the moola.

originally posted by: Edumakated
a reply to: JAGStorm

Actually, they are.... there are mortgage lenders who will make ITIN loans and DACA.

I guess that would mean they're also paying taxes? It's so weird that the government allows them to pay taxes, but won't extend citizenship at that point. Something is broken there.

originally posted by: Atsbhct
I guess that would mean they're also paying taxes? It's so weird that the government allows them to pay taxes, but won't extend citizenship at that point. Something is broken there.

To get an ITIN you need to file with the IRS so you are in fact obligated to pay taxes.

a reply to: Atsbhct

I've already sold most of my rentals. Only a couple of my tenants had taken advantage of the rent moratorium and decided not to pay their rent, but that was enough for me to get out of the game. The houses that I did sell got multiple offers within a couple of hours of listing, and all of them sold well above list price. The sale more than made up for the loss from the two who didn't pay their rent.

I kept the handful of rentals that I have now just in case I wanted to move back to an area in the future. 

a reply to: tamusan

I've already sold most of my rentals.

I have two friends that are landlords/flippers.
One family sold all their rental and are now doing construction. They are doing Ok.

The other family is still flipping and seem very angry all the time...