GON
$150 Site Donor 2025
AZJ,
Will the property that backs up to your sell for less than it would have sold for in JAN 2022?
Another article showing concern in the housing market- yet the author may have lacked critical thinking
- Thread starter GON
- Start date
Will the property that backs up to your sell for less than it would have sold for in JAN 2022?
Which is why it's important to not max out your budget on your home...locked in monthly payments but taxes, insurance, etc. stay fluid. Many people also wrongly assume that taxes will be roughly the same as what the previous owner was paying and don't account for the purchase price upping the county's appraisal. Don't forget the renovation projects that were done by the previous owners that didn't have building permits.
AZjeff
$50 Site Donor 2023
House also doubles in value.......
Neighbor down the street just sold there house. Also apparently sold a vacation rental they had in the mountains, so says the local retiree who keeps up with such things. She was a realtor - sold many houses in our sub - so maybe that's a sign. Or maybe its personal reasons. So I guess I will find out my very local trend.
I would have to believe the trend is down. Having said that, wages are way up. Exxon did I think 12% across the board, I think other companies will follow suit. Also 10 year treasury is down - market is expecting a recession. This would usually be bearish for housing, but if every asset is down and inflation stays high - ie stagflation - lots of people will be looking for physical assets to buy. Not to mention the only ones that really need to worry is those that purchased, or refinanced with cash out - in the last 2 years. Everyone else is way above board in equity.
I would have to believe the trend is down. Having said that, wages are way up. Exxon did I think 12% across the board, I think other companies will follow suit. Also 10 year treasury is down - market is expecting a recession. This would usually be bearish for housing, but if every asset is down and inflation stays high - ie stagflation - lots of people will be looking for physical assets to buy. Not to mention the only ones that really need to worry is those that purchased, or refinanced with cash out - in the last 2 years. Everyone else is way above board in equity.
Everything depends on location. We feel we are in a good place. Currently have a home under construction. We sold our existing home in November and it sold at a price at the top in our community. (we considered ourselves as having a nice landscaped home that showed well)
Where we are building, another community near the coast of NC, we were in contract back in August and so far the home prices there have held up, time will tell but for us, even if the market comes down, since we sold our existing high it would be a wash.
We did get a bit of an incentive where we went to contract in August and so far there have been no further incentives that are greater, they just released more homes for sale as the others have sold out.
It will be interesting to see what happens, though, dont think this time of year is a fair comparison.
GON
$150 Site Donor 2025
ZZY,
I have drawn the conclusion that you generate a lot of money for the publishers of clickbait.
https://finance.yahoo.com/m/ac1718c7-a028-39c0-ad33-84fbfcb87377/15-years-ago-the-housing.html
15 Years Ago, the Housing Market Crashed Under Similar Circumstances
No, not really, not even close. Remember these people are "writers" they need to write something.
Here are the facts. 15 years ago (think about this) there were 400% (four hundred percent) more homes on the market.
So we have a long way to go as far as an oversupply.
We are now at the lowest point in history as far as housing supply. Sure, with higher mortgage rates which are now actually closer to the norm of 6 to 8% that will increase but as of right now there is nothing to indicate it will increase anything more than to what a normal market is.
Anything else is pure speculation and of course some people will be right and some wrong in their speculation. Meaning, these writers can make a call on the housing market no different than flipping a coin. Half will be right and half wrong.
If you look at the chart, even to get to a normal market, right now, today, amount of homes on the market have to go up 80 to 100%.
https://tradingeconomics.com/united-states/total-housing-inventory
The second domino has fallen (reverse mortgage bankruptcy)
Amazing how we are mirroring the “other” crash in so many ways, just that the timetable and “buyer affected” is different (prime defaults) also the housing market is much smaller now in real units.
(Despite the big increase) A 34% annualized decrease is nothing to sneeze at, we will be right back where we started after the second wave of buyers bounces the market then looses their hat in a few years.
Houses become cheaper than people have gotten used to, they pounce and are in the second wave of losers if they don’t stay put.
Amazing how we are mirroring the “other” crash in so many ways, just that the timetable and “buyer affected” is different (prime defaults) also the housing market is much smaller now in real units.
(Despite the big increase) A 34% annualized decrease is nothing to sneeze at, we will be right back where we started after the second wave of buyers bounces the market then looses their hat in a few years.
It’s called a bounce (which happens during a retraction)
Houses become cheaper than people have gotten used to, they pounce and are in the second wave of losers if they don’t stay put.
I got turned off the first three minutes of this video because this did not happen he’s making it up, he assumes a 9% decrease in one quarter is going to translate into 34% for the year so he’s pretending to be a weather forecaster one year out.
Just because somebody is on YouTube how does that make them correct? If he was correct he wouldn’t be forecasting. He would be in his yacht in the tropics.
The price of a home is what the public can pay in a monthly payment. There is now a shift where the payment is moving from the seller to the bank do to higher interest.
There will always be a time of flux when this happens, especially after super low, artificial Covid induced interest rates
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When....just when are people going to figure this out? Just recently someone posted a video on here of that "car guy" named after a StarTrek character-and his senseless pontification.
https://www.cnbc.com/2022/12/19/homebuilder-sentiment-falls-bottom-may-be-near.html
Reading this article you will see a lot of assumptions are being made.
Reading this article you will see a lot of assumptions are being made.
I can say one thing for sure, I have no sympathy for homebuilders complaining about the big bad interest rates affecting their profit margins!
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