User Panel
User Panel
User Panel
|
Posted: 5/27/2022 10:40:01 PM EDT
“The real estate data rolling in for April and May shows that the U.S. housing market is softening. New home sales fell 19% to their lowest level since April 2020. Redfin reports 19% of home listings cut their price over the past month. Inventory is rising fast, while mortgage applications and existing home sales are also falling.
This drop-off isn't a result of seasonality, or a soft month or two. Zandi says it's a trajectory flip: Demand is pulling back—fast—in the face of mortgage rates that have spiked dramatically. The housing market has peaked…everything points to a rolling over of the housing market," Zandi says. "In terms of home sales, they're falling sharply. Housing demand is coming down fast. Home price growth [will] go flat here pretty quickly; we will see [home] price declines in a significant number of markets." Unlike a stock market correction, which means a greater than 10% drop in equities, Zandi says a "housing correction" means the end of the housing boom and the beginning of a period where home prices will fall in some regional markets. Over the coming 12 months, he expects year-over-year home price growth to be 0%. If that comes to fruition, it'd mark the worst 12-month stretch since 2012. It would also be whiplash for real estate agents and brokers who've watched home prices soar 19.8% over the past year.”  More A lot of us here have seen the writing on the wall for a while. A 3% increase in APR from our previous lows equates to about a 40% increase in MONTHLY payment. Expect housing prices to fall in all but the hottest markets over the coming months. |
|
|
|
Posted: 5/27/2022 10:40:39 PM EDT
[#1]
|
|
|
|
Posted: 5/27/2022 10:41:14 PM EDT
[#2]
|
|
|
|
Posted: 5/27/2022 10:42:12 PM EDT
[#3]
Time to buy houses in nice neighborhoods and turn them into Section 8
|
|
|
|
Posted: 5/27/2022 10:42:12 PM EDT
[#4]
But what about the millions of illegals flooding our country? Where are they living?
|
|
|
|
Posted: 5/27/2022 10:43:35 PM EDT
[#5]
Quote HistoryQuoted: But what about the millions of illegals flooding our country? Where are they living? Hopefully camped out in Nancy Pelosis yard. |
|
|
|
Posted: 5/27/2022 10:44:16 PM EDT
[#6]
Quote HistoryQuoted: Hopefully camped out in Nancy Pelosis yard. Its got a wall around it.... |
|
|
|
Posted: 5/27/2022 10:44:39 PM EDT
[#7]
Quoted: "The real estate data rolling in for April and May shows that the U.S. housing market is softening. New home sales fell 19% to their lowest level since April 2020. Redfin reports 19% of home listings cut their price over the past month. Inventory is rising fast, while mortgage applications and existing home sales are also falling. This drop-off isn't a result of seasonality, or a soft month or two. Zandi says it's a trajectory flip: Demand is pulling backfastin the face of mortgage rates that have spiked dramatically. The housing market has peakedeverything points to a rolling over of the housing market," Zandi says. "In terms of home sales, they're falling sharply. Housing demand is coming down fast. Home price growth [will] go flat here pretty quickly; we will see [home] price declines in a significant number of markets." Unlike a stock market correction, which means a greater than 10% drop in equities, Zandi says a "housing correction" means the end of the housing boom and the beginning of a period where home prices will fall in some regional markets. Over the coming 12 months, he expects year-over-year home price growth to be 0%. If that comes to fruition, it'd mark the worst 12-month stretch since 2012. It would also be whiplash for real estate agents and brokers who've watched home prices soar 19.8% over the past year." More A lot of us here have seen the writing on the wall for a while. A 3% increase in APR from our previous lows equates to about a 40% increase in MONTHLY payment. Expect housing prices to fall in all but the hottest markets over the coming months. I was always told people shop for houses based on the monthly payment, and I saw the rate increases as raising monthly payments by 33% more than where I'm at now. I assumed prices would have to reflect that within a couple months. If they didn't, it would mean institutional buyers are driving the market alone. I hope to see prices drop. I'm up like 50% in under two years, which is ridiculous. |
|
|
|
Posted: 5/27/2022 10:44:56 PM EDT
[#8]
Hope so, I'm looking to buy a second home hopefully this year
|
|
|
|
Posted: 5/27/2022 10:45:12 PM EDT
[#9]
Quote HistoryQuoted: But what about the millions of illegals flooding our country? Where are they living? Con tia Maria Jose y en la holiday inn express. |
|
|
|
Posted: 5/27/2022 10:45:16 PM EDT
[#10]
Hopefully it slides back into an area where younger folks working their asses off to finally purchase a house can actually afford to purchase one without showing up with cash in hand and an offer 10% over asking.
|
|
|
|
Posted: 5/27/2022 10:45:24 PM EDT
[#11]
They're still rising here in SE TX. Even the houses that flooded in Hurricane Harvey are selling above pre-Harvey prices.
|
|
|
|
Posted: 5/27/2022 10:45:34 PM EDT
[#12]
Quote HistoryQuoted: Hopefully camped out in Nancy Pelosis yard. Quote HistoryQuoted: Quoted: But what about the millions of illegals flooding our country? Where are they living? Hopefully camped out in Nancy Pelosis yard.  Attached File |
|
|
|
Posted: 5/27/2022 10:46:51 PM EDT
[#13]
“Gotta buy your house NOW before rates go up! Homes allllllllllways go up in price!” - every realtor spring 2022
|
|
|
|
Posted: 5/27/2022 10:46:53 PM EDT
[#14]
Quote HistoryQuoted: Its got a wall around it.... The first wall at the border didn’t stop them 
|
|
|
|
Posted: 5/27/2022 10:48:11 PM EDT
[#15]
There is a house in my neighborhood that has been on the market for $6.5mil for almost 365 days, a week ago the seller INCREASED the asking price by a million dollars, $7.5mil. The seller was nuts before, now they are full out on crack.
|
|
|
|
Posted: 5/27/2022 10:48:40 PM EDT
[#16]
Quote HistoryQuoted: “Gotta buy your house NOW before rates go up! Homes allllllllllways go up in price!” - every realtor spring 2022 I have many realtor acquaintances, and all of them wholeheartedly repeat that line. Most of them weren’t realtors in 08 if that tells you anything. They might have to actually start working for their money again. |
|
|
|
Posted: 5/27/2022 10:49:10 PM EDT
[#17]
Quote HistoryQuoted: They're still rising here in SE TX. Even the houses that flooded in Hurricane Harvey are selling above pre-Harvey prices. That is because we are in a hot market. |
|
|
|
Posted: 5/27/2022 10:49:24 PM EDT
[#18]
Quote HistoryQuoted: There is a house in my neighborhood that has been on the market for $6.5mil for almost 365 days, a week ago the seller INCREASED the asking price by a million dollars, $7.5mil. The seller was nuts before, now they are full out on crack. Sounds like they are “fulfilling” divorce proceedings |
|
|
|
Posted: 5/27/2022 10:50:13 PM EDT
[#19]
|
|
|
|
Posted: 5/27/2022 10:50:22 PM EDT
[#20]
Quote HistoryQuoted: They're still rising here in SE TX. Even the houses that flooded in Hurricane Harvey are selling above pre-Harvey prices. Not everyone has gotten the memo yet about what's coming? |
|
|
|
Posted: 5/27/2022 10:50:56 PM EDT
[#21]
I hope it drops.
A 5 acre lot is going for 250k to 300k. 5 years ago my plan was to buy a lot and sit on it until I neared retirement. Then build a retirement home. My current house is two stories with 5 bedrooms. I'm not going to need so much space, and won't want to go up and down the stairs. |
|
|
|
Posted: 5/27/2022 10:51:46 PM EDT
[#22]
I am hoping to maybe buy some raw land
|
|
|
|
Posted: 5/27/2022 10:51:54 PM EDT
[#23]
Quote HistoryQuoted: That is because we are in a hot market. Yeah, places that were relatively “cheap” May honestly have a way to climb before finding equilibrium. I don’t know anything about the Texas market, but I’ve been told by many retiring coworkers they were shopping in Texas because of affordability and freedom. |
|
|
|
Posted: 5/27/2022 10:52:25 PM EDT
[#24]
Quote HistoryQuoted: Not everyone has gotten the memo yet about what's coming? Quote HistoryQuoted: Quoted: They're still rising here in SE TX. Even the houses that flooded in Hurricane Harvey are selling above pre-Harvey prices. Not everyone has gotten the memo yet about what's coming? Fomo |
|
|
|
Posted: 5/27/2022 10:53:27 PM EDT
[#25]
Quote HistoryQuoted: Hopefully it slides back into an area where younger folks working their asses off to finally purchase a house can actually afford to purchase one without showing up with cash in hand and an offer 10% over asking. Sure would be nice, wouldn't it? |
|
|
|
Posted: 5/27/2022 10:54:06 PM EDT
[#26]
Now watch what happens when all the foreign investors sell out and invest in something else.
|
|
|
|
Posted: 5/27/2022 10:55:04 PM EDT
[#27]
Or it’s the cost of EVERYTHING else too up making people decide the roof over their head is good enough.
The last two mortgage rate bumps didn’t do anything to slow the above market sales. I really think that people do not comprehend actual cost and only think in terms of monthly payments. Once it hits oh crap for the people who don’t look out it dries up fast. |
|
|
|
Posted: 5/27/2022 10:57:12 PM EDT
[#28]
Added the map from the link, check out Arizona and FL
|
|
|
|
Posted: 5/27/2022 11:00:55 PM EDT
[#29]
I’m not seeing this at all where I live in Florida. There is no inventory and people are moving here in droves from up north with cash offers at listing price.
|
|
|
|
Posted: 5/27/2022 11:03:47 PM EDT
[#30]
Quote HistoryQuoted: I’m not seeing this at all where I live in Florida. There is no inventory and people are moving here in droves from up north with cash offers at listing price. How does your AO correspond with the map? Over or undervalued? |
|
|
|
Posted: 5/27/2022 11:05:28 PM EDT
[#31]
Quote HistoryQuoted: Added the map from the link, check out Arizona and FL My cousin just sold his place in Granite bay ( near Folsom lake ) for 1.7 and picked up a place in Prescott AZ for about the same. Looks like he just went from one of the most undervalued places to one of the overvalued......at the exact wrong time. oooo it's gonna sting a bit. |
|
|
|
Posted: 5/27/2022 11:05:39 PM EDT
[#32]
Quote HistoryQuoted: How does your AO correspond with the map? Over or undervalued? Over, but it’s not going to change unless inventory increases or demand decreases. Neither is happening right now. It’s a hot market here. |
|
|
|
Posted: 5/27/2022 11:06:12 PM EDT
[#33]
Good. I kinda want to buy the former crack head place down the street. It got cleaned up and on the market. Just gotta be cheap enough to throw away the trailer on the lot. It'll make a perfect machine shop with the large shop on the lot.
|
|
|
|
Posted: 5/27/2022 11:06:13 PM EDT
[#34]
Quote HistoryQuoted: Added the map from the link, check out Arizona and FL Everything will be fine |
|
|
|
Posted: 5/27/2022 11:06:25 PM EDT
[#35]
I don’t know. A high end house down the street sold in 24 hours this week. Up 50% over its 2015 price.
I thought they were screwed listing so late in the spring |
|
|
|
Posted: 5/27/2022 11:07:17 PM EDT
[#36]
Quote HistoryQuoted: But what about the millions of illegals flooding our country? Where are they living? The Red Roof Inn in Jackson OH. 45640 is one well known spot. To the point that a food truck serving whatever food they like, they don’t like our food, has been permanently parked behind the hotel. They’ve now filled that hotel up & are taking over The Comfort Inn in the middle of town. I have it on good authority that Bellisio Foods is bringing them because they can’t find enough Americans to run their factory. |
|
|
|
Posted: 5/27/2022 11:07:35 PM EDT
[#37]
Quote HistoryQuoted: How does your AO correspond with the map? Over or undervalued? The Wisconsin map is interesting. Housing in Madison and Milwaukee has risen quite a bit over the past year or so and only in the past week or two have I seen any real price decreases on existing listings. There certainly aren't many listings around the median income so I'm not really sure why they are closer to the undervalued level in the map. |
|
|
|
Posted: 5/27/2022 11:07:49 PM EDT
[#38]
Quote HistoryQuoted: My cousin just sold his place in Granite bay ( near Folsom lake ) for 1.7 and picked up a place in Prescott AZ for about the same. Looks like he just went from one of the most undervalued places to one of the overvalued......at the exact wrong time. oooo it's gonna sting a bit. I said it in another thread and got scoffed at, but people could find themselves upside down 10-25% on their mortgage in the next 2 years, hopefully he likes his location and house. |
|
|
|
Posted: 5/27/2022 11:09:14 PM EDT
[#39]
No it will keep going up forever.
|
|
|
|
Posted: 5/27/2022 11:10:03 PM EDT
[#40]
Quote HistoryQuoted: How does your AO correspond with the map? Over or undervalued? Both are Deep Purple. TC |
|
|
|
Posted: 5/27/2022 11:11:07 PM EDT
[#41]
5.5% is still pretty low.
|
|
|
|
Posted: 5/27/2022 11:11:14 PM EDT
[#42]
Quote HistoryQuoted: The Wisconsin map is interesting. Housing in Madison and Milwaukee has risen quite a bit over the past year or so and only in the past week or two have I seen any real price decreases on existing listings. There certainly aren't many listings around the median income so I'm not really sure why they are closer to the undervalued level in the map. I’m just west of St Louis county in MN and our property taxes are soaring. Really hope my property value drops 30-40%. I ain’t moving, they’ll bury me here, now I need my taxes to decrease |
|
|
|
Posted: 5/27/2022 11:29:32 PM EDT
[#43]
Quoted: “The real estate data rolling in for April and May shows that the U.S. housing market is softening. New home sales fell 19% to their lowest level since April 2020. Redfin reports 19% of home listings cut their price over the past month. Inventory is rising fast, while mortgage applications and existing home sales are also falling. This drop-off isn't a result of seasonality, or a soft month or two. Zandi says it's a trajectory flip: Demand is pulling back—fast—in the face of mortgage rates that have spiked dramatically. The housing market has peaked…everything points to a rolling over of the housing market," Zandi says. "In terms of home sales, they're falling sharply. Housing demand is coming down fast. Home price growth [will] go flat here pretty quickly; we will see [home] price declines in a significant number of markets." Unlike a stock market correction, which means a greater than 10% drop in equities, Zandi says a "housing correction" means the end of the housing boom and the beginning of a period where home prices will fall in some regional markets. Over the coming 12 months, he expects year-over-year home price growth to be 0%. If that comes to fruition, it'd mark the worst 12-month stretch since 2012. It would also be whiplash for real estate agents and brokers who've watched home prices soar 19.8% over the past year.” https://s.yimg.com/ny/api/res/1.2/k.73wjNeuYsExSGOvikx9g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTY0MDtoPTYxOA--/https://s.yimg.com/uu/api/res/1.2/P04Vf_UC2rdmf9FRvwK_9g--~B/aD0xMTk4O3c9MTI0MDthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/fortune_175/786d45802c57e6b831ba3464662ca927 More A lot of us here have seen the writing on the wall for a while. A 3% increase in APR from our previous lows equates to about a 40% increase in MONTHLY payment. Expect housing prices to fall in all but the hottest markets over the coming months. Says my market is 50% over priced.  And yet probably 50% lower than the county average. |
|
|
|
Posted: 5/27/2022 11:30:50 PM EDT
[#44]
Quote HistoryQuoted: Sure would be nice, wouldn't it? Quote HistoryQuoted: Quoted: Hopefully it slides back into an area where younger folks working their asses off to finally purchase a house can actually afford to purchase one without showing up with cash in hand and an offer 10% over asking. Sure would be nice, wouldn't it? On the flip side, I feel badly for my friends who have saved their asses off, and just finally afforded a starter home. It's going to hurt if prices crash, considering all the sacrifices they've made. |
|
|
|
Posted: 5/27/2022 11:32:04 PM EDT
[#45]
Quote HistoryQuoted: 5.5% is still pretty low. Right but you need to look at the price of the houses, 5.5% makes a previously affordable house at the median into 70% of the medians take home pay. Which is why we’re about to see a big correction. |
|
|
|
Posted: 5/27/2022 11:32:37 PM EDT
[#46]
I believe my market is 70%+ over priced.
House went on the market about 30 days ago. 1 acre lot, in the country, in front of a horse farm. 1950s ranch house. To quote the realtor “needs heavy foundation work and engineering.” Hasn’t been updated on the inside since the late 80s early 90s. Newer ish roof. Maybe resided in the 70s with aluminum siding. $170,000 That, 3 years ago would of been maybe at best a 75k house. |
|
|
|
Posted: 5/27/2022 11:34:10 PM EDT
[#47]
Quote HistoryOriginally...Posted...By...Foxtrot08: I...believe...my...market...is...70%+...over...priced.... House...went...on...the...market...about...30...days...ago....1...acre...lot,...in...the...country,...in...front...of...a...horse...farm....1950s...ranch...house....To...quote...the...realtor..."needs...heavy...foundation...work...and...engineering." Hasn't...been...updated...on...the...inside...since...the...late...80s...early...90s....Newer...ish...roof.... Maybe...resided...in...the...70s...with...aluminum...siding.... $170,000 That,...3...years...ago...would...of...been...maybe...at...best...a...75k...house. |
|
|
|
Posted: 5/27/2022 11:34:55 PM EDT
[#48]
I...don't...know...why...my...reply...has...a...lot...of...periods. ...I'm...going...to...roll...with...it.
|
|
|
|
Posted: 5/27/2022 11:35:00 PM EDT
[#49]
Quote HistoryQuoted: Time to buy houses in nice neighborhoods and turn them into Section 8 Don't worry,BlackRock has that covered. |
|
|
|
Posted: 5/27/2022 11:38:50 PM EDT
[#50]
Quote HistoryQuoted: How does your AO correspond with the map? Over or undervalued? Quote HistoryQuoted: Quoted: I’m not seeing this at all where I live in Florida. There is no inventory and people are moving here in droves from up north with cash offers at listing price. How does your AO correspond with the map? Over or undervalued? I'm in the dark purple. Hope it stays like that. A house (ugly ass house) two properties over just sold for 100k over asking price. Around 750k |
|
|
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.
AR15.COM is the world's largest firearm community and is a gathering place for firearm enthusiasts of all types.
From hunters and military members, to competition shooters and general firearm enthusiasts, we welcome anyone who values and respects the way of the firearm.
Subscribe to our monthly Newsletter to receive firearm news, product discounts from your favorite Industry Partners, and more.
Copyright © 1996-2024 AR15.COM LLC. All Rights Reserved.
Any use of this content without express written consent is prohibited.
AR15.Com reserves the right to overwrite or replace any affiliate, commercial, or monetizable links, posted by users, with our own.
Attached File
Attached File
Attached File