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re: Mortgage demand from homebuyers drops to a 28-year low
Posted on 8/23/23 at 3:32 pm to Cold Cous Cous
Posted on 8/23/23 at 3:32 pm to Cold Cous Cous
quote:
I somewhat blame Zillow on this. I know lots of people who've talked about their homes value over the years, by which they mean the estimate listed on Zillow. You then get it into your head that your house is "worth" a certain amount, which always somehow means the highest estimate you've ever seen for it. It is very hard, psychologically, to put it on the market and admit that it's not worth quite that much.
I don't doubt that at all. I check Zillow just for shits and giggles, but when trying to get a legitimate feel for what my home could sell for I check the price per square foot on comparable homes which have sold recently around my neighborhood (or as close to that criteria as possible).
Too many people make the mistake of adding their emotions into their price. Buyers DGAF about your memories there, that's a hard thing for some to understand.
1
Posted on 8/23/23 at 3:37 pm to stout
They are going to adjust the threshold limits. 48/56 will be the new normal very soon.
Posted on 8/23/23 at 4:21 pm to Bard
quote:But listing prices are more or less irrelevant. All we care about are transactions. And if these high-listers aren't feeling enough pressure to have to lower their price in order to generate a transaction, then...prices just are higher.
Too many people make the mistake of adding their emotions into their price. Buyers DGAF about your memories there, that's a hard thing for some to understand.
Posted on 8/23/23 at 4:26 pm to SlowFlowPro
quote:
*Yet
The median homebuyer from 2020 probably has at least 20-22% equity at this point.
They aren’t going underwater anytime soon.
Posted on 8/23/23 at 4:32 pm to stout
Duh
Posted on 8/23/23 at 4:36 pm to JohnnyKilroy
quote:
I still want to know how higher interest rates directly translate to “people being fricked”
I'm not arguing people are currently fricked. But the argument 1-2 years ago was that homes were artificially inflated in values because of the low interest rates. Basically a lower interest rates allow you to buy more house because your mortgage is lower.
Take that same home, and the person goes to sell it and interest rates are now 3-4% higher and someone in a similar pay range now has to pay MORE in interest and potentially can't afford as much. So the value potentially goes down.
A lot of ifs, ands, or buts here for sure. But that's fairly basic capitalism also.
Posted on 8/23/23 at 4:39 pm to JohnnyKilroy
quote:
What does that have to do with people who bought or refinanced in 2020 or 2021?
You understand its not easy to time the market right? Everyone knew interest rates were going back up just not exactly when. I don't know the exact dates they started to skyrocket from under 2% to 7%, but it happened. So someone bought near the end of the great rates and is looking to sell to someone that's going to have a much MUCH higher rate.
Posted on 8/23/23 at 4:52 pm to Rize
quote:
They are listing newer houses for $260 sqft to $308 sqft up and down Hoo Shoo Too where I live. The Sanctuary on tiger bend is going for $280 to $290 a Sqft.
They can list them for whatever they want. I'd like to know what they're actually selling for.
Posted on 8/23/23 at 5:22 pm to PetroBabich
quote:
They can list them for whatever they want. I'd like to know what they're actually selling for.
More than what they sold for a year ago…….at a higher interest rate
Posted on 8/23/23 at 5:25 pm to stout
Adequate inventory is still years away. Home prices will more than likely stabilize in most major metros before they would drastically dip, regardless of interest rates.
Posted on 8/23/23 at 6:06 pm to PetroBabich
quote:
They can list them for whatever they want. I'd like to know what they're actually selling for.
They are selling for that amount.
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