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Started By
Message
re: Current Housing Market
Posted on 7/13/22 at 8:48 pm to 23parker
Posted on 7/13/22 at 8:48 pm to 23parker
quote:
Market is Old Metairie.
I already cut it by $10k last week, and didn’t pick up much interest.
Thinking another $5-10k cut in hopes to lock in the still good profit before next rate increases.
Like prime Old Met where the average house is 7 figures? If so cutting 10k on a 1M house isn't going to mean shite.
0
Posted on 7/14/22 at 4:35 am to notiger1997
Everyday people would comment here and reach out hoping they would get low 2s. It was a unicorn time and many people got fed rate at 0 and MBS pricing very confused
Posted on 7/14/22 at 6:02 am to Paul Allen
quote:
We’re still several years away from adequate inventory levels.
Meaningless if people cant afford them
Posted on 7/14/22 at 6:27 am to 23parker
Prices have stabilized and DOM have increased, it’s much healthier than 2021 Q4 and 2022 Q1. The reality is these rates don’t really make older wealthier buyers forego their plans in higher end markets but it hurts poorer and 1st time home buyers in lower end markets
This post was edited on 7/14/22 at 6:29 am
Posted on 7/14/22 at 7:02 am to 23parker
That's where I'm looking. Some people are cutting. You'll probably have to follow suit.
Posted on 7/14/22 at 9:08 am to Paul Allen
quote:
Existing Home prices may not exponentially increase like they have the last 3 years, but should rather stabilize, and still increase, albeit at a lower rate.
I have to wonder at that. What we've seen over the last half-dozen or so years was a market on absolute fire because of continued low rates. Such a market enabled people to buy something they normally couldn't afford long-term, then turn around and sell it within at least 12-18 months for a good profit (the longer the period held, generally, the greater the profit). This marginal demand drive base prices higher and faster due to potential profits from flipping (sort of like 2008, but not nearly to that extent and not focused on sub-primes). I can't help but think within the next 2-5 years (depending on what interest rates are as well as Unemployment) we're going to see property values drop a bit as those who were never in a position to afford these properties long-term take what they can get (including some net loss) in order to get out of these mortgages they will eventually not be able to afford.
Posted on 7/14/22 at 10:58 am to ItNeverRains
100% agree. It is widening the gap of have and have nots
Posted on 7/14/22 at 11:46 am to ItNeverRains
Just casually observing, it looks like the current flip market in Metairie has shifted from the $750k - $1.2M market to the $350k - $600k market. Again, that's just totally eyeballing things but I'm seeing way more 1700sq. ft. houses at $400k'ish than I am $850k houses like we were.
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