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Hopefully they stay really high until right after I sell mine; then go way way down until I buy a new one, then go way back up

yes and no

lol i'll wait for the time the prices go down then

Wait for the foreclosure sales.

Some of them are. Some are still going up. So depends which houses you're talking about

is there a time period when this happens? sorry i don't know much.

Typically? No.

If you’re lucky they might stall for a few years, and technically depreciate ‘slightly’ due to inflation.

okay so basically they keep going up and down?
I am under the impression that the prices that I am seeing right now on Zillow and stuff, won't ever go down but only go up.

I don't know why you got that impression. Over the long term, yes they will go up because land is limited. But over shorter time periods some will go down.

When the talking heads on cable news say we are in a recession.

Yes, if overpriced, they will go down some, but I think OP is thinking prices to go back to before 2020 prices, which I highly doubt. It's all about supply and demand.

Corrections happen. A crash? Not very likely.

I think anything affordable to the masses will stay on the + . Prices may only go down for homes subject to luxury tax.

Cool post. We all know we pay too much . Thanks.

See ya in 20 years...or not

Typically during a hard recession, the most recent example is 2008.

Uh it's expensive here.

Only those already above 1 million everything else below that threshold will stay the same.

There's very little chance home prices will drop outside of a hard recession. The proximity to NYC and Philly collectively allow for higher prices because of good, steady job markets. Waiting for a recession for prices to drop may or may not work out, people have been predicting a recession for a year now and we still aren't there.

Beginning of March my friend sold his house in three days and his mom's in 5 days. Apparently there is still huge demand.

Short answer….no long answer……probably not

Typically real estate only goes up. Sometimes prices stay the same while wages go up. But rarely do real estate prices ever go down, and if they do, it’s usually it’s caused by a whole market downturn and people are not in a position to buy. Wanna test it out? Go on Zillow, pick any house in any state and look at the estimate history.

Yes, still long lines for open houses.

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We saw one last week that had 150 potential buyers show up. Police were called, as the street became impassable.

One of the biggest insulating factors in home prices are schools.

We do pretty well with them.

Stuff will stall, stuff will probably pull back a bit, but it won't crash. Even in 08, the only people who got really burned were the ones who bought in 06 or 07, and had to sell before 10.

Really depends upon the town. Towns near NYC will most likely not due to the influx of people fleeing NY to live here.

Which area of the state are you interested in?

Find homes near rivers. Due to global warming, they’ll be flood zones in the future and therefore more affordable. The downside is that your home may flood after a hurricane. The semi-good news is that FEMA might pay for damages.

Unless there's a major crash, it'll probably keep going up. And if there's a major crash, the housing prices going down will be the last thing you think about.

Remember Foreclosure timelines in NJ are long, typically 18 months to 5 years in some cases.

I think they’re only going higher. I wanted to move somewhere with year round motorcycle riding weather. I’m 40 minutes outside Manhattan, a comparable home even an hour outside any Californian city I’d move to is 150k more easy than mine here. We think it’s expensive but to live outside nyc or Philly we’re not extreme even at these prices imo.

The housing market is very healthy as well, a lot of people have 20%+ equity in their homes, making them less likely to want to leave them.

Probably when that mass, unsustainable, population devastating exodus from NJ happens that I've been hearing about since I was a teenager in the early 80's. Any day now. I mean have you looked at prices in the wealthier areas of the state?!?!?! They are absolutely cratering because all the millionaires are leaving!!!!! You can get something for a steal because no wealthy people want to live in NJ any more!!!

Or so I've been told.

Conventional loans do, I'm more worried about GNMA and VA loans that were bought at the top of the market, little room for mods. Then again this is kind of modeling I do for work ...

Were offers with less than 20% down even competitive during the top of the market?