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Started By
Message
re: Home prices are now contracting at levels only seen 2 times
Posted on 9/24/23 at 2:21 pm to TejasHorn
Posted on 9/24/23 at 2:21 pm to TejasHorn
quote:
The rocket rise in prices was due primarily to one thing… Covid.
I bought in 2017. Houses in my neighborhood in 2018 started getting dumb. Then in 2019 even dumber. Many empty nesters in my subdivision started cashing out around this time. And it continued into 20,21,22. It has definitely slowed down this year, homes sit for much longer and aren't going for list. My point is the quoted statement above is horse shite.
0
Posted on 9/24/23 at 3:35 pm to stout
I bought at peak overpay
I sold at peak overpay too.
Paid about 100k More than I should’ve for the house. Sold mine for about 65k more than I should have.
It was what we wanted to do, prob not what we should’ve done. W equity and a little cash our note went down when I dropped two percent on rate
I sold at peak overpay too.
Paid about 100k More than I should’ve for the house. Sold mine for about 65k more than I should have.
It was what we wanted to do, prob not what we should’ve done. W equity and a little cash our note went down when I dropped two percent on rate
Posted on 9/24/23 at 4:04 pm to stout
Once unemployment spikes rates will be reduced rapidly. Doubtful it’s late ‘24, the Fed will have to act sooner.
Posted on 9/24/23 at 4:12 pm to CocodrieBaw
quote:
Once unemployment spikes rates will be reduced rapidly.
You're assuming higher unemployment isn't what they want
Posted on 9/24/23 at 4:51 pm to stout
So what percentage of income do we think people are spending on their homes with the high prices and rates?
20 years ago the houses in our neighborhood cost about half as much and the rate was ~6%. Wages for sure have not doubled during that time period.
20 years ago the houses in our neighborhood cost about half as much and the rate was ~6%. Wages for sure have not doubled during that time period.
This post was edited on 9/24/23 at 4:55 pm
Posted on 9/24/23 at 4:56 pm to Colonel Flagg
quote:
So what percentage of income do we think people are spending on their homes with the high prices and rates?
Not sure what it is just for house payments but the debt-to-income ratio for all homebuyers just hit 40% for the first time in history
Posted on 9/24/23 at 5:11 pm to stout
Well my only debt is my mortgage. I was just wondering how much people were spending to keep up with the pricing.
We are about 13-14% payment(loan+taxes+insurance) vs income.
We are about 13-14% payment(loan+taxes+insurance) vs income.
Posted on 9/24/23 at 6:26 pm to stout
It is but go look how quickly they cut once it happens
Posted on 9/24/23 at 6:51 pm to ned nederlander
quote:
Maybe not if you live in Philadelphia, MS. But in any major metro, state capital, or university town residential real estate will remain a great investment.
That is a brave statement in the current economic environment. Might have to bookmark this thread…
Posted on 9/24/23 at 7:04 pm to stout
When rates get back down to levels below 4.5%, we’re going to see prices rocket back up
Posted on 9/24/23 at 7:06 pm to LSU Coyote
I hear you. Our old house has been on the market since we got married in March. Been empty since last October. FML.
Posted on 9/24/23 at 8:25 pm to stout
Home prices are way too high right now, relative to wages, imo.
Posted on 9/24/23 at 9:08 pm to Tantal
quote:
DFW isn't seeing
We def saw it. Our house sat on the market for a month and it went decently under asking. That wouldn't have happened a year ago.
Posted on 9/24/23 at 10:41 pm to stout
How does something that went up 20% and is only now down 5% doom and gloom?
Posted on 9/25/23 at 12:19 am to SlidellCajun
quote:
When rates get back down to levels below 4.5%, we’re going to see prices rocket back up
Mortgage interest rates were never below 4.5% from 1971 to 2009. I doubt we will see sub 4.5% rates again anytime soon or maybe not in our lifetime. Rates above 4.5% are where they should have been since probably 2014ish.
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