I remember when 7% was good.

[Jolly]

A regular home wasn't over $300,000, though...

https://www.dailymail.co.uk/news/article-12049351/US-home-listings-plunged-21-April-new-homeowners-reluctant-locked-high-rates.html

[jon-nyc]

I’m just waiting for prices to drop. Hasn’t happened much yet.

[Jolly]

Still pent-up demand, but with real wages down, I don't see how people can afford what they want. I think as inventory increases and rates stay high, prices will come down. More in some areas than others.

[jon-nyc]

I’m figuring I’ll have to resign my lease one more time.

[Jolly]

I think we're idiots in Louisiana. Land in some parishes is still fairly reasonable. Keep the value of a home below a certain amount and there is NO property tax. I don't think we tax 401a government pensions, either.

What we could do with a bit of leadership....

[89th]

@jon-nyc said in I remember when 7% was good.:

I’m just waiting for prices to drop. Hasn’t happened much yet.

It's hard to see any prices drop, even with basic economics and demand decreasing.....don't tell my Econ 101 professor I said that. But houses, Big Macs, groceries... I just don't see the prices retracting to where they "should" be.

[George K]

@89th said in I remember when 7% was good.:

I just don't see the prices retracting to where they "should" be.

Over the long-ish term (5 years?), have housing prices ever dropped?

[89th]

[89th]

@George-K I guess the only big time was after the 2007 housing crisis, and it looks like it's cooling down after the pandemic spike.

[LuFins Dad]

@jon-nyc said in I remember when 7% was good.:

I’m just waiting for prices to drop. Hasn’t happened much yet.

I was planning on looking at a rental property investment next spring. Either a 3 bedroom condo down at Lucas’ school that would be rented out to students or a 4 season vacation house that could be rented out. I am thinking that those plans are changing.

[Jolly]

Handy with a hammer?

Had a buddy who bought a house in the garden district within walking distance of LSU, for the purpose of renting out two bedrooms while his daughter lived in the third bedroom. House needed some TLC.

He went in and fixed a few small things on the outside, then painted the exterior. Next, he tackled the kitchen, repainting the walls,cabinets and laying builder's quality ceramic tile on the floor. That was followed by some bathroom work I don't think was too expensive. Don't know what he did in the front room, but I know he painted the bedrooms after doing some sheetrock repair and then had FHA carpet (it was faster and cheaper) laid down.

He sold the house after his daughter graduated. I don't think he made a huge profit, but his daughter's housing expenses in college were pretty low.