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Started By
Message
re: Average New home price biggest drop since 2008
Posted on 8/3/22 at 10:30 am to GhostOfFreedom
Posted on 8/3/22 at 10:30 am to GhostOfFreedom
It was ridiculously too high to begin with.
This post was edited on 8/3/22 at 12:54 pm
Posted on 8/3/22 at 10:31 am to Tridentds
quote:
Inventory is on the rise as sales have dramatically slowed and people under contract are backing out which is increasing the inventory issue.
Not sure where you are exactly but Cypress area has tons that were 2-3 days on HAR that are under contract. They just get gobbled up.
Posted on 8/3/22 at 10:32 am to narddogg81
When interest rates spike and cheap credit dries up, sales prices start dropping.
Glad I got into my house a few years ago and refi’ed during Covid because the market’s going to adjust like a motherfricker.
Glad I got into my house a few years ago and refi’ed during Covid because the market’s going to adjust like a motherfricker.
Posted on 8/3/22 at 10:33 am to teke184
We just accepted offer on our house yesterday. Got almost what we were asking, my wife wanted to reject it. I said we need to sell NOW
Posted on 8/3/22 at 10:35 am to ksayetiger
Pretty much.
With what is going on right now, take the bird in the hand.
With what is going on right now, take the bird in the hand.
Posted on 8/3/22 at 10:38 am to ksayetiger
Interesting follow up...for the last couple of years I've bugged the GF to sell her house. She spent all summer fixing it up, putting new flooring, etc and put it on the market 2 weeks. Got an offer 20k below asking on first day (Tuesday)
Then, we talked about it and she is convinced the market wont crash like 2008. We also were looking for places and with the interest rates up with the down payment, etc everything we were looking at (smaller) was going to be way more expensive than her current mortgage and much smaller.
So, change in plans, took it off the market and I'm moving in. Saving over $1,000 a month for me. Will see what the market holds in a couple of years.
Then, we talked about it and she is convinced the market wont crash like 2008. We also were looking for places and with the interest rates up with the down payment, etc everything we were looking at (smaller) was going to be way more expensive than her current mortgage and much smaller.
So, change in plans, took it off the market and I'm moving in. Saving over $1,000 a month for me. Will see what the market holds in a couple of years.
Posted on 8/3/22 at 10:56 am to dafif
Let that bubble burst. I’m not moving anytime soon & tired of paying retarded taxes on this over-valued house.
Posted on 8/3/22 at 11:23 am to GhostOfFreedom
help an old man with bad eyes. What are the absolute numbers in dollars? I an see the % is about 11% in bottom chart, but that doesn't make sense as the price seems to be at 570k but now well below 500 (ok I see in top right 456,800), so seems like a bigger % drop than what is indicated on the bottom graph..
570-456=114. 114/570= 20%?
Thanks
570-456=114. 114/570= 20%?
Thanks
Posted on 8/3/22 at 11:42 am to teke184
a big price correction helps me more than low interest rates do. both my wife and my incomes stand to drastically increase in the next few years, so if house prices would fall about 25% that would put us in the perfect spot to upgrade substantially while keeping the payment a nice % of our monthly income, even with the reduction of the price we could sell our current house for
Posted on 8/3/22 at 12:18 pm to narddogg81
Hope things work out for you.
My long term hope is that, when the kids are out of the house, my wife and I can sell the current property and relocate.
May not be possible depending on a potential collapsing market we are leaving or explosions in costs where we want to end up. I just know I want out of Louisiana long term, especially if there are few things keeping us here should our parents pass on.
My long term hope is that, when the kids are out of the house, my wife and I can sell the current property and relocate.
May not be possible depending on a potential collapsing market we are leaving or explosions in costs where we want to end up. I just know I want out of Louisiana long term, especially if there are few things keeping us here should our parents pass on.
Posted on 8/3/22 at 12:43 pm to salty1
This makes me wonder: why did that tree have to fork?
Posted on 8/3/22 at 12:45 pm to GhostOfFreedom
Can drop sometime after I sell and before I buy.
Posted on 8/3/22 at 12:46 pm to Tomatocantender
she looks just like my cousin
Posted on 8/3/22 at 12:46 pm to Bard
home interest rates actully didnt go up after the last fed raise. very suprising
Posted on 8/3/22 at 12:48 pm to HubbaBubba
The index used in the OP is for NEW homes, which have been hugely affected by lumber costs. Fortunately, futures contracts fell to $536 per thousand board feet of lumber as of July 16, 2021 — a 68% drop from the record-breaking high of $1,670.50 on May 7, 2021. That is having a major impact on new home prices finally falling.
Posted on 8/3/22 at 12:48 pm to GhostOfFreedom
Looks like I did my home equity LOC at the perfect time!
Posted on 8/3/22 at 1:04 pm to GhostOfFreedom
Not here in Colorado Springs
Posted on 8/3/22 at 1:07 pm to oldskule
Just in my subdivision alone(Central) there are now 3 houses for sale and have been for almost a month now. They have all reduced prices drastically and still no buyers. Now granted I never thought they would get what they were asking at first anyway.
The 3 years prior to this any house that was listed for sale was gone in a week or less.
The 3 years prior to this any house that was listed for sale was gone in a week or less.
Posted on 8/3/22 at 1:09 pm to oldskule
quote:
Looks like I did my home equity LOC at the perfect time!
Unlike a mortgage, the lender can cancel those at any time.
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