Another article showing concern in the housing market- yet the author may have lacked critical thinking

[alarmguy]

I don't think we will ever get rid of an MLS but think we will move towards a national listing system instead of the local boards. ...

Of course you can't shut down a business because you dont like it or its success. Is part of living in a free country, like any business you do not have to patronize it.

Its sounds like you want some sort of a national czar to control private homeowners listings on a national level. Dangerous, sounds more like North Korea. Gotta love the ideas how control over everything is the answer. Again, North Korea, ideas like this doesnt even exist in communist china.

Your ideas or agenda will never take hold here and as I have said over and over, nothing changes as far as what the homeowner pays in commission. Some/many buyers will be hurt more than before this legislation. Its used to be accepted that a homeowner would offer to pay part of the buyers agents commission. Now homeowners can tell them to stick it and if the buyers want the house, they cough up the money, typically in increased home price negotiated into the purchase price.

Another thing, buyers agents, now in hot markets will charge an upfront fee or any price they want, if they want that agent to show them homes. Typically those fees start at $500 and can go however high that agent decides.

Not directed at anyone, it still blows my mind how controlled peoples thoughts are by what mass media and other "authorities" grand stand on. They lack the critical thinking to wonder, well, if the homeowner isnt going to offer a commission to my (buyers) agent, who will pay his or her fee? Hello?

 

[SC Maintenance]

Of course you can't shut down a business because you dont like it or its success. Is part of living in a free country,

This is exactly the point. MLS systems are local monopolies that should have been blown up decades ago.

Not to mention that they have recently been suppressing loan buy down data which manipulates the pricing shown in MLS - also illegal.

I believe he means we will move to national aggregators that make listing and sales data more broadly available - and companies local or national can offer that data to consumers or other clients.

Also, listings databases have nothing to do with realtors really - although I am sure realtors will hate when their customers have immediate access to 100% of the data they have.

 

[alarmguy]

View attachment 235338

The Florida market is over, it always was over, it was just a matter of when. I do think people will always move there, I like the state, almost bought a house there two years and 3 months ago, still have the unsigned contracts for a reminder.
The shine has worn off in the sense it is not the low cost beautiful care free retirement destination it once was. People have learned that no state income tax means, the state gets the money from the public in other ways. Never mind things like insurance, forget it.

The price/value ratio hit an all time low, terrible what your money buys. A correction has started, how low prices will go? I think quite a bit but what do I know. I see what I am posting a link for below and think Florida has a long way to dive in price into many years of stagnation. Values increased at unsustainable levels and will crumble for a while. Condo's? forget it, what looks like a bargain today will be 30 to 50% lower in a year or two. That condo that was just reduced to $715,000 60k below the purchase price of a few years ago was only $350,000 in 2011 and who knows of what the special assessment will be on that FIFTY YEAR old condo building?

How about this house? Brand new, walk to factories in established old community. Looks like the Florida marketplace has a long way down to go.
https://www.zillow.com/homedetails/2835-24th-St-N-Saint-Petersburg-FL-33713/47051436_zpid/

 

[billt460]

That place looks a lot smaller than it is.... Especially from the front. It will be interesting to see what it actually sells for. $302.00 a sq. ft. isn't all that bad for new construction. At least not currently.

This is a fairly good example of what new construction runs around here. $294.00 a sq. ft. And that doesn't include the lot, or any excavation to make the lot suitable for building. A decent lot is going to run at least $75K to $100K. Even more in the golf course or equestrian areas of town.

https://www.zillow.com/homedetails/...ln-Lake-Havasu-City-AZ-86404/2055928809_zpid/

 

[Tharber]

No you have misunderstood. I do not want anyone in control of the data other than the seller. Its their info, not mine, not a local MLS and not NAR but the MLS system in itself is the only way to aggregate the data into a usefull tool for buyers and even the seller to use. None of the sites like Zillow, Homes.com, etc can exist without some type of MLS. Yes there are ways to pull things from the tax rolls but as I stated earlier, that data is not always entered on time and there is really not a nationwide standard for that data. Brevard Counties tax records are different than Volusia County tax data. Sales that occur here are typically entered within a few weeks but sometimes it takes longer.

If there was a nationwide data collection, call is MLS or whatever you want to call it, it would make things easier for everyone but then you will have agents that abuse that data and that is why MLS has rules and standards.

 

[tbm5690]

That place looks a lot smaller than it is.... Especially from the front. It will be interesting to see what it actually sells for. $302.00 a sq. ft. isn't all that bad for new construction. At least not currently.

This is a fairly good example of what new construction runs around here. $294.00 a sq. ft. And that doesn't include the lot, or any excavation to make the lot suitable for building. A decent lot is going to run at least $75K to $100K. Even more in the golf course or equestrian areas of town.

https://www.zillow.com/homedetails/...ln-Lake-Havasu-City-AZ-86404/2055928809_zpid/

Who would need 2 RV garage stalls? One looks bad enough IMO.

 

[Tharber]

The Florida market is over, it always was over, it was just a matter of when. I do think people will always move there, I like the state, almost bought a house there two years and 3 months ago, still have the unsigned contracts for a reminder.
The shine has worn off in the sense it is not the low cost beautiful care free retirement destination it once was. People have learned that no state income tax means, the state gets the money from the public in other ways. Never mind things like insurance, forget it.

The price/value ratio hit an all time low, terrible what your money buys. A correction has started, how low prices will go? I think quite a bit but what do I know. I see what I am posting a link for below and think Florida has a long way to dive in price into many years of stagnation. Values increased at unsustainable levels and will crumble for a while. Condo's? forget it, what looks like a bargain today will be 30 to 50% lower in a year or two. That condo that was just reduced to $715,000 60k below the purchase price of a few years ago was only $350,000 in 2011 and who knows of what the special assessment will be on that FIFTY YEAR old condo building?

How about this house? Brand new, walk to factories in established old community. Looks like the Florida marketplace has a long way down to go.
https://www.zillow.com/homedetails/2835-24th-St-N-Saint-Petersburg-FL-33713/47051436_zpid/

I do not know that market but that price is double what the house would sell for in Brevard. It looks like a reno or a tear downthat has new construction but it still looks high and unless that area is all that and a bag of chips, there is no value there to me.

 

[4WD]

The Florida market is over, it always was over, it was just a matter of when. I do think people will always move there, I like the state, almost bought a house there two years and 3 months ago, still have the unsigned contracts for a reminder.
The shine has worn off in the sense it is not the low cost beautiful care free retirement destination it once was. People have learned that no state income tax means, the state gets the money from the public in other ways. Never mind things like insurance, forget it.

The price/value ratio hit an all time low, terrible what your money buys. A correction has started, how low prices will go? I think quite a bit but what do I know. I see what I am posting a link for below and think Florida has a long way to dive in price into many years of stagnation. Values increased at unsustainable levels and will crumble for a while. Condo's? forget it, what looks like a bargain today will be 30 to 50% lower in a year or two. That condo that was just reduced to $715,000 60k below the purchase price of a few years ago was only $350,000 in 2011 and who knows of what the special assessment will be on that FIFTY YEAR old condo building?

How about this house? Brand new, walk to factories in established old community. Looks like the Florida marketplace has a long way down to go.
https://www.zillow.com/homedetails/2835-24th-St-N-Saint-Petersburg-FL-33713/47051436_zpid/

I have been saying for years that cheap money and cheap undocumented labor will meet a cross-roads one day.
In the Houston area - I have flown out of there many years looking down on the developers clear cutting old forest for 4000 SF boxes in the sun with two 4 foot oaks in the front - so 2 DINKs & 1 dog can live large.

 

[zzyzzx]

 

[GON]

Just read the article and the comments- thanks for posting.

The issue is easy. The Seller has an undesirable house. That is why they have the home for sale and purchased another home. The Seller wants to dump their undesirable home in exchange for a desirable home. Undesirable homes sell like hotcakes and at top dollar at two percent interest rates. Undesirable homes are not necessarily selling at top dollar if at all at seven percent interest rates.

We are under contract to purchase a home. (For us), the home is a desirable home. We looked at thousands of homes over the past five years, this was the first desirable home we found at our price point. We are paying about $70k USD (maybe more) over appraised value. Few desirable homes on the market.

If a home doesn't go under contract in a week after being listed, more often than not the issue the home is not desirable, and at seven percent interest rate--- hard to motivate a buyer to purchase an undesirable home.

Found the home. Corner lot, no backyard whatsoever (unless being 15 feet from your neighbor's AC unit is considered a backyard), home is 200 meters from high density multi-story housing.

https://www.zillow.com/homedetails/394-W-Chapel-Royal-Dr-Verona-WI-53593/302783969_zpid/?

 

[zzyzzx]

Just read the article and the comments- thanks for posting.

The issue is easy. The Seller has an undesirable house. That is why they have the home for sale and purchased another home. The Seller wants to dump their undesirable home in exchange for a desirable home. Undesirable homes sell like hotcakes and at top dollar at two percent interest rates. Undesirable homes are not necessarily selling at top dollar if at all at seven percent interest rates.

We are under contract to purchase a home. (For us), the home is a desirable home. We looked at thousands of homes over the past five years, this was the first desirable home we found at our price point. We are paying about $70k USD (maybe more) over appraised value. Few desirable homes on the market.

If a home doesn't go under contract in a week after being listed, more often than not the issue the home is not desirable, and at seven percent interest rate--- hard to motivate a buyer to purchase an undesirable home.

Found the home. Corner lot, no backyard whatsoever (unless being 15 feet from your neighbor's AC unit is considered a backyard), home is 200 meters from high density multi-story housing.

https://www.zillow.com/homedetails/394-W-Chapel-Royal-Dr-Verona-WI-53593/302783969_zpid/?

It's not about the interest rates, it's about the price. If they lower the price enough, it will sell quickly.

 

[SC Maintenance]

Just read the article and the comments- thanks for posting.

The issue is easy. The Seller has an undesirable house. That is why they have the home for sale and purchased another home. The Seller wants to dump their undesirable home in exchange for a desirable home. Undesirable homes sell like hotcakes and at top dollar at two percent interest rates. Undesirable homes are not necessarily selling at top dollar if at all at seven percent interest rates.

We are under contract to purchase a home. (For us), the home is a desirable home. We looked at thousands of homes over the past five years, this was the first desirable home we found at our price point. We are paying about $70k USD (maybe more) over appraised value. Few desirable homes on the market.

If a home doesn't go under contract in a week after being listed, more often than not the issue the home is not desirable, and at seven percent interest rate--- hard to motivate a buyer to purchase an undesirable home.

Found the home. Corner lot, no backyard whatsoever (unless being 15 feet from your neighbor's AC unit is considered a backyard), home is 200 meters from high density multi-story housing.

https://www.zillow.com/homedetails/394-W-Chapel-Royal-Dr-Verona-WI-53593/302783969_zpid/?

I also found it an interesting read.

How would you define a desirable home? I ask for no particular reason however in my corner of the neighborhood, there are 3 homes that have been sitting for some time. I believe there too expensive - people that work in this area can't afford what their asking. Its a preferred neighborhood with excellent amenities in good public schools.

2 I would consider undesirable because there on the through street and have small yards. I understand those. The third is on a non through street. No idea why its not moving, other than too expensive.

A 4th just came on the market. An elderly couple 3 doors down. They back up to the same private buffer we do, on a street with no traffic - no reason to come here unless your coming here. I will be interested to see if there's sells quickly?

 

[GON]

It's not about the interest rates, it's about the price. If they lower the price enough, it will sell quickly.

The home is not overpriced using square foot price comparisons with like homes in the subdivision. That market area is doing well.

The issue is the home is undesirable, when compared to like homes at the same square foot price in the subdivision.

 

[GON]

How would you define a desirable home?

Challenging question to answer. Not sure I can provide an all-encompassing answer, or even a coherent answer, without spending hours preparing a response.

A few hasty bullets on desirable/ non-desirable on this particular house

Can see/ hear a divided highway- undesirable
Can see hear high power lines- undesirable
Corner lot- undesirable
Driveway on grade- undesirable
Large lot yet no backyard whatsoever- undesirable
High density multi-family housing (no garages I speculate- Wisconsin) withing 200 meters of single family home- undesirable
Different flooring materials on a single level- undesirable
Thresholds between flooring- undesirable
No master bedroom on main floor- undesirable
Non split bedroom floorplan- undesirable
Bedrooms with eight-foot ceilings- undesirable
Essentially no private/ usable outdoor living area- undesirable

I could go on and on. But at the same price per square foot in the same subdivision on the same model home, I can buy a home with less than half of the "undesirables:.

 

[CKN]

Obviously-if GON looked at thousands of homes and just found one "desirable" his acceptable criteria is far beyond that of most people looking to buy.

 

[Tharber]

Interest rates, insurance, etc are making buyers pull back. The old saying of 'marry the house and date the rate' no longer applies to this stupid interest rates. I am selling my house, thanks to a divorce and my current rate is under 3%. I have zero desire to buy and pay 6 or 7 points. Maybe after the election, things will calm down but these rates combined with everything else will make me get into a short term rental.

 

[wpod]

How can there be a housing market collapse when 10 million new migrants are allowed into the country every year now? They won't be living in Martha's Vineyard, but they'll be somewhere.

On the taxpayer dole?

 

[CKN]

On the taxpayer dole?

There are parts of this country where plenty of " non immigrants" are on "the dole"-just saying.And I will go on step further-saying immigrants WANT TO WORK -unlike those whom I just mentioned......

 

[zzyzzx]

The home is not overpriced using square foot price comparisons with like homes in the subdivision. That market area is doing well.

The issue is the home is undesirable, when compared to like homes at the same square foot price in the subdivision.

Which is another way of saying that it's overpriced. If it's undesirable, then it should command a lower price per sq ft.

 

[zzyzzx]

https://www.strongtowns.org/journal...s-a-bubble-full-of-fraud-and-its-going-to-pop