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re: Pending home sales fall to the lowest level in 26 years
Posted on 10/22/26 at 10:51 am to iwyLSUiwy
Posted on 10/22/26 at 10:51 am to iwyLSUiwy
quote:
There are few people on the planet that are more clueless about home/home repairs/values than a home inspector. You could be a McDonalds employee, take a few classes and a few months later be determining what the value is on a 750K home.
My man.
I have been saying this for 20+ years
If you want a real inspection hire a licensed HVAC tech, electrician, a structural engineer, and a plumber all seperatly to inspect each aspect.
Anything less than that is bullshite. If people would read a home inspectors disclosures, which are like the last 10 pages of their reports, no one would pay them a dime. They have zero liability despite their sales pitch of we carry E&O insurance so we have to do a good job.
99% of home inspectors couldn't build a Lego play house with instrucions if they tried much less tell a person the intricacies of every system in an actual house.
Posted on 10/22/26 at 10:51 am to baldona
quote:
show me the historical graphs?
Why did your graph start at literally the worst part? Why not look at the larger picture?
Posted on 10/22/26 at 10:53 am to Suntiger
quote:
you watch YT or other things now, the mentality for kids seems to be, rent, invest, and spend money on things and experiences.
Yeah live life to the fullest right now because the future isnt really guaranteed with how things have been heading
Posted on 10/22/26 at 10:54 am to Bard
quote:
I've said for a while now I believe there were a lot of "passive speculators" who got caught as rates increased, thinking they would return to sub-5% within a year or three. These people were buying homes to live in, but their real goal was to sell in a few years for a massive profit. Now they're stuck and the question now is how many of them can afford to remain in their current setup and how many are running out of cash.
I agree 100%
The amount of AirBNB "arbitrage" opportunities alone that were purchased during this time that are failing should be affecting the market, alone.
Posted on 10/22/26 at 10:56 am to The Pirate King
quote:
I don't know why people are wishcasting a housing price crash. That wouldn't be good for any property owner. Get inflation under control
Think about these 2 statements
One of the priciest goods that were inflated post Trump/Biden COVID spending and economic policies are....homes.
Posted on 10/22/26 at 10:56 am to CatfishJohn
quote:
I fall squarely into this. We'd love to buy a different home with more land. Our house has appreciated a ton and we are in a better spot financially than when bought our current home (although it's just fine). We aren't even considering it now because we are at a 3% interest rate.
Same. My wife is always sending me listings for different houses with more room (our is perfectly fine) saying we could afford something like that now. I then have to pop her bubble by showing her the math on what that mortgage looks like.
Posted on 10/22/26 at 11:02 am to SlowFlowPro
quote:
One of the priciest goods that were inflated post Trump/Biden COVID spending and economic policies are....homes.
In fairness, he isn't wrong. Yes house prices inflated but he has a point about the contributiuon inflation has played into it if that is the point he was trying to make.
Replacement cost has skyrocketed due to inflation of materials
Another fall out of that is insurance rate increases we have all dealt with are directly tied to replacement cost AKA
Posted on 10/22/26 at 11:02 am to SlowFlowPro
quote:
One of the priciest goods that were inflated post Trump/Biden COVID spending and economic policies are....homes.
Deporting about 10,000,000 more people would help with prices. Just sayin.
bidenididthat.gif
This post was edited on 10/22/26 at 11:03 am
Posted on 10/22/26 at 11:04 am to stout
quote:
My man.
I have been saying this for 20+ years
I'm a GC so I have to deal with them on both sides. They've pissed me off during sales (you at times have to PAY a clueless person to DECREASE the value of your house).
We just went and looked at a job last week when the inspector told the people they needed a new roof. This would probably have been a 20K roof. Being in scontruction i obviously wanted to do the 20K roof because that's money for me. But my guys got on the roof and couldn't help but chuckle. His justification for needing an entire roof replacement was it was litered with hail. When in reality there was minor hail "splatter" on the soft metals, not even dents, much less hail damage to the shingles. Ended up redoing the chimney and fixing some drip edge. Was like a 1K repair. Saved the homeowner 10K+ and possibly a sale by not basing it off what a clueless inspector said.
But in Louisiana it's completely backwards anyway. Your inspection should be before the house goes for sale to determine the value of the house not after. %99 of the time a person puts a price on their house, it goes under contract, the home inspector knows the sale price and then comes back with a value within 5K of the made up value by the home owner and real estate agent. It's so dumb.
Posted on 10/22/26 at 11:05 am to ApisMellifera
quote:
Same. My wife is always sending me listings for different houses with more room (our is perfectly fine) saying we could afford something like that now. I then have to pop her bubble by showing her the math on what that mortgage looks like.
Once a week for me
She has resigned to the fact we aren't buying anything new and we're going to renovate, she just gets bored and sends listings. I still respond with the mortgage calculation just to make sure she isn't getting frisky again
Posted on 10/22/26 at 11:11 am to CatfishJohn
quote:
She has resigned to the fact we aren't buying anything new and we're going to renovate, she just gets bored and sends listings. I still respond with the mortgage calculation just to make sure she isn't getting frisky again
We just bought a second home because I forced my wife to save for it but for the past 3 or so years she would send me listings and I would send her the mortgage calculation saying I already pay for enough stuff and any house I buy is going to add to our rental portfolio. Not be a financial burden.
On one hand she suprised me when she told me she was ready to pay cash for one, and on the other I was relieved to have that monkey off my back of her nagging.
Yes we are weird and have mostly seperate finances but we got married in our 40s and were both already pretty established financially. We just never commingled it 100%.
Posted on 10/22/26 at 11:12 am to iwyLSUiwy
quote:
There are few people on the planet that are more clueless about home/home repairs/values than a home inspector. You could be a McDonalds employee, take a few classes and a few months later be determining what the value is on a 750K home. My last sell the home inspector could not even properly measure the square footage of my house.
True. The rotting wood and lack of drainage and moisture control tells me he might be right in this one
This post was edited on 10/22/26 at 11:13 am
Posted on 10/22/26 at 11:19 am to iwyLSUiwy
quote:
%99 of the time
How? Just how?
Posted on 10/22/26 at 11:22 am to stout
I am in the process of selling a home. Supposed to close the 5th. Its an older home with a sales price of $150-165K that was inherited. We had to break the news to our realtor yesterday that we may not be buying the house we had our sights on that she is listing because of interest rates. gonna go through with our sale since its a rental property, but we probably won't consider buying until rates drop below 7%, with a target of 6.75 or lower. you just cant justify spending 80-100K more for the 1% over the life of the loan.
Posted on 10/22/26 at 11:26 am to stout
quote:
Historically, remodeling is very typical in a market like this. This time around, though, the data shows people aren't even remodeling. At least not at the rate they typically would in any other market correction. Inflation, HELOC rates, and labor rates have a lot to do with supressing that part.
When it costs $80k to remodel a kitchen and $40k to do a master bath, remodeling doesn’t sound so great. My brother quoted the addition of a game room and they wanted $210k for 400 square foot
Posted on 10/22/26 at 11:29 am to MC5601
quote:
When it costs $80k to remodel a kitchen and $40k to do a master bath, remodeling doesn’t sound so great.
This is the thing, it doesn’t even make sense to “spruce up” your house to put on the market or enjoy for some intermittent period of time.
All costs, remodeling, building, or buying, are out line with current ownership or renting costs so people are stuck in exactly what they have. Which is fine for current owners, but people trying to enter the market (young people) or exit the market (olds) are screwed
Posted on 10/22/26 at 11:45 am to iwyLSUiwy
quote:
. It's so dumb.
Real estate business is totally populated by people who were too stupid or lazy to get a real job. Dealing with anything to do with houses or real estate is infuriating, because almost everyone you talk to is a fricking idiot.
Posted on 10/22/26 at 12:33 pm to stout
quote:
Deportations have more to do with rental prices
In the grand scheme of things, the amount of people deported thus far are almost insifigiant to the RE market. Basically a rounding error.
I understand it would affect the rental market.
But rental and real estate correlate. So, the immigration will have a residual affect on the real estate market
Posted on 10/22/26 at 12:37 pm to iwyLSUiwy
Lot of people in this thread don't understand the difference between a home appraiser and a home inspector.
The appraiser is determining the value of the property. For residential appraisals with a mortgage the appraisal is done to support the loan value of the house. That's why they often come in right at the PP and not some inflated value. No need to support an inflated value.
An appraisal can have many different values depending on what is asked of the appraisal assignment. There is market value, loan value, cash flow value (rent value), restricted value (if you are dealing with a property that has a restricted use), etc.
Home inspection is completely different. The inspector is checking the HVAC, roof, foundation, etc. for its useful life.
The appraiser is determining the value of the property. For residential appraisals with a mortgage the appraisal is done to support the loan value of the house. That's why they often come in right at the PP and not some inflated value. No need to support an inflated value.
An appraisal can have many different values depending on what is asked of the appraisal assignment. There is market value, loan value, cash flow value (rent value), restricted value (if you are dealing with a property that has a restricted use), etc.
Home inspection is completely different. The inspector is checking the HVAC, roof, foundation, etc. for its useful life.
Posted on 10/22/26 at 12:37 pm to chRxis
quote:
yep... i have a listing, right now, backyard overlooks a hole on the golf course, new generator, well taken care of, great price.... i've had 2 people in 3 weeks come through it... literally, there is NO ONE looking to buy right now, in this uncertain economy, with rates, prices, gas, inflation, etc so high...
Where is this, and what is your “great price”?
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