In places where new home construction is plentiful, existing home sales aren't selling because sellers have unrealistic price expectations.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.
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.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.
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.In places where new home construction is plentiful, existing home sales aren't selling because sellers have unrealistic price expectations.
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.
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.I 'spect the loss of ~10M invaders will have an effect on housing prices, especially iin the big cities.
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.
Isn't the median LISTING price still less than $400,000 in the Orlando area?Most of Florida is no longer affordable for middle class folks.
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.Most of Florida is no longer affordable for middle class folks.
Here either. Following the normal supply / demand curve - down to the right. When Prices and rates are high, demand is low.Things not moving in the Orlando area. Acquaintance had very nice home in desirable area. On market 180 days. Just took it off the market.