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Posted: 3/28/2024 2:15:04 AM EDT
[#1]
Quote HistoryOriginally Posted By OregonShooter: I know people that sold three years ago that are still renting waiting for the crash. Quote HistoryOriginally Posted By OregonShooter: Originally Posted By exponentialpi: This time is different. I know people that sold three years ago that are still renting waiting for the crash. They made peace with the fact about how much buying power they've lost yet? Like 20-25% lost? That sounds like misery and a 6 digit eff up while paying someone else several thousand a month... that's totally nuts. |
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Posted: 3/28/2024 3:19:09 AM EDT
[#2]
It seems like a sellers market in my area. Just sold mine quick for over asking.
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Posted: 3/28/2024 1:34:58 PM EDT
[#3]
Quote HistoryOriginally Posted By JEL: Or maybe the dollar has lost that much more value and doomers were right all along, in a way The way they’re printing it seems more likely Quote HistoryOriginally Posted By JEL: Originally Posted By anothermisanthrope: Man the doomers just can't catch a break - this morning's CSI report: https://finance.yahoo.com/news/us-home-price-growth-picks-130000757.html Or maybe the dollar has lost that much more value and doomers were right all along, in a way The way they’re printing it seems more likely Typically you buy hard assets to protect yourself from currency devaluation. |
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Posted: 3/28/2024 10:20:36 PM EDT
[#4]
Supply and demand.
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Posted: 3/30/2024 11:55:41 PM EDT
[Last Edit: planemaker]
[#5]
Not sure how this figures into the mix:
https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". |
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Posted: 3/30/2024 11:58:04 PM EDT
[#6]
Quote HistoryOriginally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? Yes |
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Posted: 3/31/2024 8:54:16 AM EDT
[#7]
Quote HistoryOriginally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. |
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VA, USA
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Posted: 3/31/2024 8:58:36 AM EDT
[#8]
Quote HistoryOriginally Posted By Kitulu: From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. Quote HistoryOriginally Posted By Kitulu: Originally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. Y u hate Capitalism, brah? |
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Posted: 3/31/2024 12:01:40 PM EDT
[#9]
Quote HistoryOriginally Posted By Kitulu: From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. That's pretty damn accurate. It's gonna involve lvp or fake wood flooring, grayish blue paint interior and exterior, maybe some new appliances and maybe counter tops. They just increased the price $150k. Flippers used to be taking beat to crap junky houses using cash/hard money to make it a decent home and someone could then get a loan to buy it. |
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USA
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Posted: 4/1/2024 7:10:08 AM EDT
[#10]
Home prices grew at a record pace in January, as more buyers came off the sidelines. And that fierce competition has led to an eruption of bidding wars, which often drives prices even higher. National Association of Realtors (NAR) data shows that during the first month of the year, the typical seller received 2.7 offers, and 16% of homes sold over the asking price. An important contributor to all of this is an inventory crunch. In 2023, existing home sales hit the lowest level since 2005, as would-be sellers who are locked into low mortgage rates stayed put. "There is such a shortage of houses right now, so prices have gone up despite everybody singing the blues," Corcoran said. "It happened simply because there are a lot of buyers and not enough houses available." https://finance.yahoo.com/news/real-estate-mogul-barbara-corcoran-predicts-interest-rate-cut-could-create-a-surge-in-home-prices-153050003.html |
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Posted: 4/1/2024 7:18:32 PM EDT
[Last Edit: OregonShooter]
[#11]
New month. 30 year mortgage holding at 7% average rate and another month goes by without a market crash.
Home prices nationwide, including distressed sales, increased year over year by 5.5% in February 2024 compared with February 2023. On a month-over-month basis, home prices grew by 0.7% in February 2024 compared with January 2024 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results). Forecast Prices Nationally The CoreLogic HPI Forecast indicates that home prices will rise by 0.4% from February 2024 to March 2024 and increase by 3.1% on a year-over-year basis from February 2024 to February 2025. |
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Posted: 4/4/2024 3:28:18 PM EDT
[Last Edit: exponentialpi]
[#12]
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Posted: 4/17/2024 3:05:08 PM EDT
[#13]
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Posted: 4/17/2024 3:08:02 PM EDT
[#14]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Good. Supply and demand is the only natural thing that will bring prices back down to a natural long term 3-5% inflation curve. |
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USA
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Posted: 4/17/2024 3:13:05 PM EDT
[#15]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Investors starting to bail. And hopefully yankees going home. |
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Posted: 4/17/2024 4:36:39 PM EDT
[#16]
Rates back at August 2023 levels
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Posted: 4/17/2024 4:56:34 PM EDT
[Last Edit: Brok3n]
[#17]
Quote HistoryOriginally Posted By broken_reticle: Investors starting to bail. And hopefully yankees going home. Quote HistoryOriginally Posted By broken_reticle: Originally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Investors starting to bail. And hopefully yankees going home. Hurricane insurance playing a factor too? What is up with Nevada? CA exodus? eta: https://knpr.org/show/knprs-state-of-nevada/2024-04-16/whats-the-state-of-southern-nevadas-housing-market High home prices persist in Nevada, and nobody thinks they're coming down. Jonathan Gedde, founder and CEO of Simpli Mortgage and Jerry Abbott, a real estate agent with Summit Properties, joined State of Nevada host Joe Schoenmann to talk about the topsy-turvy world of Nevada real estate. Home prices are still increasing, with the median this month at around $466,000. To afford that, household incomes need to be $111,000 or more. At the same time, Gedde said mortgage rates are at about 7.5 percent. That also represents an increase. Even so, Abbott said that hasn't stopped "droves" of Californians from coming here and buying homes. "Las Vegas is California 2.0," said Abbott. "They are without a doubt the biggest driver as to why home prices in Las Vegas have skyrocketed. When you have so many wealthy people who can pay cash, it really destroys the ability for the average person to buy a home." |
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USA
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Posted: 4/17/2024 6:47:21 PM EDT
[#18]
anecdotal data point....but just sold my place west side of wa state in metro area. lots of interest and showings. 6 offers in a week. closed for 20% over asking price...gotta love those escalator clauses. we strategically priced it to garner more interest so that accounts for some of why it went for that much over asking. it was a pretty unique place that was only going to appeal to a smaller subset of buyers. but people are still buying at these rate and price levels.
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Posted: 4/17/2024 8:16:49 PM EDT
[#19]
Quote HistoryOriginally Posted By ClownTown: anecdotal data point....but just sold my place west side of wa state in metro area. lots of interest and showings. 6 offers in a week. closed for 20% over asking price...gotta love those escalator clauses. we strategically priced it to garner more interest so that accounts for some of why it went for that much over asking. it was a pretty unique place that was only going to appeal to a smaller subset of buyers. but people are still buying at these rate and price levels. Yes, there will always be buyers for desirable areas |
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Posted: 4/17/2024 8:26:19 PM EDT
[#20]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small I posted in the other thread. The STR bubble is starting to be stressed. |
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Posted: 4/17/2024 9:43:57 PM EDT
[#21]
Quote HistoryOriginally Posted By ClownTown: anecdotal data point....but just sold my place west side of wa state in metro area. lots of interest and showings. 6 offers in a week. closed for 20% over asking price...gotta love those escalator clauses. we strategically priced it to garner more interest so that accounts for some of why it went for that much over asking. it was a pretty unique place that was only going to appeal to a smaller subset of buyers. but people are still buying at these rate and price levels. User name checks out. User also knows why people use agents to list. |
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USA
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Posted: 4/18/2024 1:49:40 AM EDT
[#22]
Quote HistoryOriginally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". “I know what I got.” |
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Posted: 4/18/2024 4:01:27 AM EDT
[Last Edit: The_Master_Shake]
[#23]
Nevermind!
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Posted: 4/18/2024 6:17:55 AM EDT
[#24]
Quote HistoryOriginally Posted By 80085: “I know what I got.” Quote HistoryOriginally Posted By 80085: Originally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". “I know what I got.” Interest rates killed some of the profit unless you're dealing in cash. The rise in housing prices means that, for a lot of middle class people, flipping using cash is far harder then it used to be. |
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VA, USA
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Posted: 4/18/2024 6:25:09 AM EDT
[#25]
I closely followed 4 sales in the last two months in my AO. Three in the low 2M market went immediately and over ask. Fourth started at 3.5 and took a year to get 2.8
Crazy. Low inventory seems to be offsetting the higher rates. |
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Posted: 4/18/2024 12:41:52 PM EDT
[#26]
Mixed bag
If I read this article correctly, sales are down (some significantly) for all but the most expensive houses (>$1mil). Median home prices went up 4.8% YoY, probably owing to high dollar houses selling and moderate priced homes not. Under 5% price increase isn't even covering inflation. They also have a plot showing median new home sale prices going down and median existing home sale prices going up some. My guess is the market is lagging demand some. By that, existing expensive homes still have some demand (too much money chasing too few goods or more money than sense, whichever) but builders aren't building to that, they're building more "affordable" homes. Can't say I blame them there since with rates higher, they can ill afford to be on the hook for $1mil+ houses until they sell. |
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Posted: 4/19/2024 12:17:46 AM EDT
[Last Edit: rfoxtrot]
[#27]
Shits selling red hot here with selling season kicking off. Shit went up again this year. About $20-30ft from what I'm seeing. This was a top 10 market in 2022-2023
Bottom is 225$ now. Lots in the $260 a foot range. lol..... Crash any day now.....lol. Yeah fucking right. Too many folks are doing their level fucking best to leave their blue states behind. $350 a foot before the end of the fucking decade at this dam rate.... All kinds of pending a from a 5 minute look at Zillow |
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Posted: 4/19/2024 12:22:47 AM EDT
[#28]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Excellent News! Thanks for posting it. |
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