Pain is ahead but when you need to move into a retirement village you move even if your house sells for less, its just the size of family inheritances will decrease at the end of the day.
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How many times I have heard that. You are reminding me of a friend of mine now, when Y2K was approaching and the sky was about to fall in he used to say to people "sell your house and spend the money while you can". You will find a parable to match the look on peoples faces and reaction. A couple of people I know were tempted to sell their houses at the start of the pandemic and we all here had a pretty good idea of what was about to happen. You think I don't know how interest rates work and I think you need to broaden your horizon.
How about the people who are BEGGING for higher interest rates? I bet things can't move fast enough.
I bought a huge gas guzzling towing vehicle back in November for half the cost of a similar diesel because no one wanted to pay for the petrol. Having owned a few diesels I can say it's now cheaper to run if you add on the road user. Bet you saw that coming too. Nicer to drive as well. Almost certainly...almost.
Selling a house at the start of a pandemic made perfect sense, unless you realised the response would be dropping rates to zero. Auckland was actually undervalued based on my analysis when we had 2.3% mortgage rates. Now rates have doubled and a 30-40% pullback is a very real possibility. What will actually happen (i.e. the magnitude of the fall) is impossible to know, as the timing of things and how factors influence each other cannot be reliably modelled. One thing for certain though is that house prices will be under sustained pressure until such time as rates decrease.
I have no need to broaden my horizon past the key influencing factors, the rest is just noise to feed whatever bias one may have.
I don't live in Auckland but I know what I see here. And it made no sense so I have no idea what you mean. I looked at buying a house at the start of the pandemic that they were selling for that exact same reason, to buy cheaper later. I was beaten to it and the proud owner of that place must feel very cleaver.
There's also a ton of cash sitting on the sidelines ready to jump on any substantial decrease in prices.
NZ is one bright spot in the world, while the rest of it turns to custard imo. Terrorism, pandemics (isolation), extremism, etc, etc. Very bullish NZ long term.
Im inclined to agree. I watched a house here sell a good 20% over market expectations last week and its not uncommon for better houses in good areas right now. To many vague figures thrown around.
I think mule not pony. There will be plenty of customers for every product OCA offers. No story. Have you sold out? Buying your own story?