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re: New Single Family homes listed for sale hits highest level since 2008
Posted on 4/25/24 at 1:39 am to stout
Posted on 4/25/24 at 1:39 am to stout
No one is buying 300k-400k homes at 7.5% interest with wages flat and inflation eating at personal incomes. Couple that with higher insurance costs for home owner’s insurance and flood insurance Risk Rating 2.0, a monthly mortgage payment is just too expensive . Just interest rate hikes alone put some people’s dream home out of reach to most middle class home buyers.
1
Posted on 4/25/24 at 6:03 am to stout
So when will prices drop so I can upgrade on the cheap?
Posted on 4/25/24 at 6:10 am to stout
What goes up…
Boomers offloading homes is the big story here. We’re gonna see a massive housing price correction over the next several years and it doesn’t matter who’s sitting in the Oval Office.
Boomers offloading homes is the big story here. We’re gonna see a massive housing price correction over the next several years and it doesn’t matter who’s sitting in the Oval Office.
Posted on 4/25/24 at 9:12 am to stout
quote:
Seems like the inventory issue is working itself out but that's because no one is buying
I really don't understand this inventory issue. Who is living on the streets that has no where to live? Its second homes, 2nd home buyers are buying OVER 1st home buyers so 1st home buyers can't upgrade or are living in cheaper places.
That doesn't mean "not enough inventory", that's just the market working itself out.
Where you get a major dip or recession in the housing market, is when "flips" and "2nd" homes like in 2008 that have NO ONE living in them drop in value. Over saturation of the market causes a recession.
Posted on 4/25/24 at 9:57 am to stout
The house prices in the hwy 90 corridor around the acadiana area need to come down a lot. We've been priced out of upgrading to a bigger house for several years now. It's even gotten ridiculous in New Iberia, and there is nothing there to be charging people what they are asking for houses there.
Posted on 4/25/24 at 10:06 am to stout
homeowners insurance and property tax is about to surpass my principal.
Posted on 4/25/24 at 10:12 am to stout
There's a reason they've completely opened the border
Posted on 4/25/24 at 10:20 am to stout
prices are still obnoxiously high.
Posted on 4/25/24 at 11:49 am to stout
I guess BR is low on inventory the way they are building here.
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