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re: New Single Family homes listed for sale hits highest level since 2008
Posted on 4/24/24 at 3:09 pm to rintintin
Posted on 4/24/24 at 3:09 pm to rintintin
quote:
They are slightly but not as much as they should be IMO.
High rates, high inventory, they should be plummeting.
Variety of factors for this
We don't have a lot of people that have to sell yet. Selling is optional so many are not as motivated to lower prices.
A lot of people who bought at the peak aren't ready to accept losses so they are holding on.
People need all of the equity they can get to afford their next purchase so they are holding on.
There hasn't been a catalyst to cause price drops like in 2009
3
Posted on 4/24/24 at 3:12 pm to stout
quote:
There hasn't been a catalyst to cause price drops like in 2009
Link the information and graphs in the OP
Posted on 4/24/24 at 6:28 pm to stout
quote:
A lot of people who bought at the peak aren't ready to accept losses so they are holding on.
Umm a lot of areas are still peaking.
Posted on 4/25/24 at 8:46 am to stout
quote:
People need all of the equity they can get to afford their next purchase so they are holding on.
Exactly my case.
Built my current home in 2017 and have a 3.2% mortgage. In 2022, I purchased a lot to build what I consider to be my last home.
The lot is paid for and the budget to build will be the proceeds from the sale of my current home. My goal is to have my principal and note on the new home to be about what I have right now.
I'm waiting it out until the following happens:
- substantial drop in interest rates. (4-5% range)
- substantial drop in material cost
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