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Started By
Message
Number of Home sales plummet...Prices of homes sold hit another record high.
Posted on 10/31/23 at 9:58 am
Posted on 10/31/23 at 9:58 am
16
Posted on 10/31/23 at 9:59 am to sidewalkside
Feeling this right now.
Posted on 10/31/23 at 10:00 am to sidewalkside
Imagine what’s gonna happen when the fed folds to the government for the 2024 election and lowers the interest rate.
There may be a collapse.
There may be a collapse.
Posted on 10/31/23 at 10:01 am to theunknownknight
quote:
There may be a collapse.
It almost has to happen.
Govt heated the economy artificially and its time to pay.
Posted on 10/31/23 at 10:02 am to sidewalkside
Lot of homes around me are sitting on the market for a couple of months at least and going through several rounds of price drops during that time. Two years ago there were bidding wars over asking.
Posted on 10/31/23 at 10:04 am to RogerTheShrubber
quote:
It almost has to happen.
It def doesn't have to happen. There are way too many other factors behind home prices than simply interest rates.
Posted on 10/31/23 at 10:06 am to RogerTheShrubber
If the interest rates are lowered in the next year, we will have a reverse market crash.
Posted on 10/31/23 at 10:09 am to sidewalkside
quote:
On a national level, the average mortgage payment rose 26.2%, or $464, in the last 12 months to $2,234 in August and 2.9%, or $63, from July, the NAR report found.
my lord
Posted on 10/31/23 at 10:11 am to GetCocky11
One major issue, we are WAY underbuilt for the future. After 2008 collapse construction of single frailly homes went way down and has not kept up with population. It will take years of building to meet the needs. We may get a collapse, but the long term is still very bullish for home builders
Posted on 10/31/23 at 10:12 am to sidewalkside
You're not stout.
Posted on 10/31/23 at 10:13 am to sidewalkside
Whats really complicating this is the number of houses that have <3% interest rates that have no inclination to neither move nor sell.
Those mortgages are costing the banks a lot of money, and with a liquidity crunch going on at the moment there's not a lot of room to compel/give the homeowners a hair cut and buy them out.
Those mortgages are costing the banks a lot of money, and with a liquidity crunch going on at the moment there's not a lot of room to compel/give the homeowners a hair cut and buy them out.
This post was edited on 10/31/23 at 10:15 am
Posted on 10/31/23 at 10:14 am to sidewalkside
quote:
There are way too many other factors behind home prices than simply interest rates.
Here come the people to mention inventory levels ignoring the fact that we have a record number of new houses under construction on top of record numbers of multi-family units being built.
Biden also just announced $45 billion to convert office buildings to multi-family.
That and many cities are killing STRs
The inventory issue will soon not be a factor.
Posted on 10/31/23 at 10:15 am to LSURussian
quote:
You're not stout.
Yea like WTF?
Posted on 10/31/23 at 10:15 am to stout
quote:
Here come the people to mention inventory levels ignoring the fact that we have a record number of new houses under construction on top of record numbers of multi-family units being built.
That's only relevant if we are approaching demand, which I seriously doubt we are.
Posted on 10/31/23 at 10:16 am to theunknownknight
we will have a reverse market crash.
Yup and values of Homes are gonna go up another 20%
Venezuala anyone
Yup and values of Homes are gonna go up another 20%
Venezuala anyone
Posted on 10/31/23 at 10:17 am to sidewalkside
imagine the sky screaming if stout would’ve had the nerve to start this thread
Posted on 10/31/23 at 10:18 am to NYNolaguy1
quote:
That's only relevant if we are approaching demand
It's in response to those who claim the market will never go down or crash because there is a lack of inventory. I am not saying there isn't a shortage currently but the shortage issue is being corrected.
Posted on 10/31/23 at 10:19 am to SDVTiger
quote:
Yup and values of Homes are gonna go up another 20%
Venezuala anyone
If true it will be short lived IMO
Posted on 10/31/23 at 10:20 am to NYNolaguy1
quote:
Whats really complicating this is the number of houses that have <3% interest rates that have no inclination to neither move nor sell
2.36% here, sorry for partyin’!
11 years left.
Posted on 10/31/23 at 10:24 am to sidewalkside
I keep up with the market a little bit in south BR. This is anecdotal, but check out the disparity in list prices currently on the market in that new neighborhood in the curve off Burbank.
The one for $329k sold in summer 2021 for $365k, and was put on the market in July at $410k. These homes routinely sold for $400k+ 18 months ago.
The one for $329k sold in summer 2021 for $365k, and was put on the market in July at $410k. These homes routinely sold for $400k+ 18 months ago.
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