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Fellow home owners, are you ready for the housing market to crash? (lemmy.world)

submitted 9 months ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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I know I'm supposed to want it to keep going up as a wealth generator or whatever.

But like... I wouldn't be able to afford the monthly payments if I bought my house right now and it's scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

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[-] Blackmist@feddit.uk 21 points 9 months ago

Homes should not be considered investments.

Your home rising in value doesn't benefit you, because you still need to live in one if you sold it, and that home has likely also risen in value. Your house doesn't grow when its value does. It doesn't sprout an extra bedroom.

[-] petenu@feddit.uk 7 points 9 months ago* (last edited 9 months ago)

If you own multiple homes, then you can view all but one of them as an investment, as you can sell them when the market is good.

If you own one house and have a mortgage on it, then the market going down is bad because you end up with negative equity.

If you own one house with no mortgage, then the market going up is bad because it's harder to upgrade. I wouldn't mind my house being only worth £10,000 if it meant that I could buy my dream house for £20,000.

[-] TopTierKnees@lemmy.world 5 points 9 months ago* (last edited 9 months ago)

If you own one house with no mortgage, then the market going up is bad because it's harder to upgrade.

Unless you're retiring and downgrading. For those with families who grow up and move away, the house can be seen as an investment if they intend to move into a smaller space once they're just a couple again.

Of course, that's assuming their kids don't have to move back home because of astronomical rent prices and a sizeable wealth gap...

[-] Double_A@discuss.tchncs.de -2 points 9 months ago

You're not supposed to own a second one... otherwise you will be literally the devil !!! /s

this post was submitted on 29 Sep 2023

360 points (95.2% liked)

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