Another article showing concern in the housing market- yet the author may have lacked critical thinking
- Thread starter GON
- Start date
That chart doesn't mean what you think it means. Existing single family homes aren't selling because few are being listed, not because there aren't buyers. Nobody wants to give up a 2% loan to get a new house with a 7% loan.
In places where new home construction is plentiful, existing home sales aren't selling because sellers have unrealistic price expectations.
Existing home Inventory levels are up a fair bit in the last few months. The bottom of inventory was 2022. Its been rising since - on its normal seasonal cycle.
However as @GON mentioned, they may be lousy houses no one wants?
I can believe that in many areas. Locally (Las Vegas), there is a lot of new construction plus existing homes are still rising in price and selling as they hit the market. I believe it's because of the large number of expats escaping The People's Democratic Republic of California for somewhere that's slightly less insane.
https://www.redfin.com/news/survey-how-renters-afford-housing/
Most people can’t afford to buy a home….. even an entry level home.
Most people can’t afford to buy a home….. even an entry level home.
GON
$150 Site Donor 2025
Just reviewed a report that homebuyers in three major Florida markets are backing out of deals at about a 20 percent rate, which is significantly higher than prior rates. The three markets are Tampa, Orlando, and Miami,
Funny thing- even with the rise in buyers backing out of contracts- home prices continue to rise in these three major Florida markets.
Funny thing- even with the rise in buyers backing out of contracts- home prices continue to rise in these three major Florida markets.
Depends on where you live...my taxes have gone up with value (minus this year - decrease in my cost due to state tax credit despite value increase) but homeowner's has remained basically steady for the 7 years I've owned my house only because I shop and hop around to keep the lower price. Gotta do your homework.
If you'll excuse me, I need to put another car on cinder blocks in the front yard, I know I'll get it back on the road, some day.They are renting houses-multiple generations. They are not (generally) buying them. Except in isolated markets-this will have zero impact on local rental markets.
Source-been a landlord for 35plus years.....multiple properties.
Isn't the median LISTING price still less than $400,000 in the Orlando area?
GON
$150 Site Donor 2025
I was a first-time homebuyer in 1984. I purchased a new construction home in Royal Palm Beach Florida. 3 bedrooms, 2 bathrooms, 1040 square feet on a 1.25 acre lot with a pond. $54,000 USD. I suppose I could have got a better price, but I was young.
Purchased our first home in So. Cal (near the beach) in the early 80's. The home was built right after World War ll. 800 square feet-paid $92,500. Doubled the size of it over 10 years- then moved out to the Inland Empire of So. Cal. Sold that moved to Utah. The first house (in today's market) at 1,800 sq feet is worth a million. The second house at 2,500 feet is worth 1.2 million. Both small lots-but it's So Cal.
If only I had kept them.....
If only I had kept them.....
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Here either. Following the normal supply / demand curve - down to the right. When Prices and rates are high, demand is low.
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