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no 'flashbacks' here. in 2008, i could afford to eat and pay the rent.
It’s kind of insane right? I have more education and should be better off but…I’ll be honest my quality of life as a college student during the Great Recession was scary but it was higher quality of life than I have now. I don’t even have kids.
I never worried about whether there would be food in the stores. I’ve been worrying about the supply chain for 5 years now. It’s not that I can’t afford the food it’s that the food isn’t nearly the same quality. Most of the food we are getting here goes rotten extremely quickly. Herbs are bad in the stores. Tomatoes are bland and bruised. It keeps getting worse.
Rent is softening in my city. I’ve been watching the market. I’ve also been going to open houses and negotiating with the agents on rent to see what they’ll say and where they stand. Tons of houses in my area sitting for 30 days plus. My soft estimate is a lot of the rentals near me don’t get that it’s not 2023 anymore and they’re roughly 15%-20% overpriced. Many are lowering their prices 4.5% every 2-3 weeks until someone rents.
Also seeing overly hopeful pricing for sale too. Lots of 10k-20k price cuts. Some cutting 100k when they sit a bit. The average days on the market was 45 days in Q4 2024 (if my memory is correct). Which isn’t abnormal but the days sitting is trending up — houses starting to sit longer.
We are about to hit the height of the rental market and selling season. I wouldn’t be surprised if some people have to price their rental below their mortgage if they are renting a house they overpaid for in 2023.
Not really good news if you’re holding real estate in America. Could be good if you’re in an area that might get a rental correction. We’ll see. Doesn’t help the inventory crisis. Still need more housing.