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OO said:
My perfect house is situated atop a rolling hill somewhere spanning around 5+ acres, studded with oak and fruit trees. Sunshine all year round, with occasional clouds hanging over the mountain range in sight. My piece of land will not look on to the urban center directly, it will steal a small peek of the city lights from behind the knolls and woods.
Jack Kerouac described this place in the Dharma Bums, where Japhy had his shack up a hill, and the big main house was full of carpenters, kids, bongo drums and poets.
Sigh.... I expect the actual house Kerouac was describing is now under a strip mall somewhere...
Idea for a new thread.
What's next ?
I think we can declare that we reached the first point on the trajectory. Sales are down big time, inventory has exploded, price appreciation has stopped, bidding wars are out of vogue, and we are even seeing some price reductions (not in all areas, but in many).
This was how it was supposed to happen. It did. No surprises so far.
What's next ? What should be the next set of conditions we should look forward to ? When do we expect to see it ? What kind of market do we see in Fall ? Or do we have to wait for next "spring selling season" for another checkpoint ? What might surprise us ?
The inventory up, sales down story will likely continue its course if left untouched. Can the Fed or anyone try to tweak things here and there ? There are reports/rumours that Bank Of Japan is taking liquidity out of the market. This can only hasten the downfall. What else is also probable ?
jerky,
Perhaps. However, would you really be paying more if you sold and rented? You could dump that 90% gain in an income producing asset and that'll probably pay for your rent.
I acknowledge that doing so would bring you a different set of risks, but I don't think you can discount your current equity in the house when you do present value analysis.
Disclaimer: not investment advice
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Describe the perfect house (or steak, sushi, car, knive, fountain pen, etc) in your mind. Tell us why it is perfect.