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Posted on 12/16/23 at 10:34 am to LSURussian
Have a cow in my backyard
Posted on 12/16/23 at 11:01 am to el Gaucho
quote:Oh, okay, I can understand why you're so upset...
Have a cow in my backyard
Posted on 12/16/23 at 11:13 am to LSURussian
Think about how you “buy” a house and then the rest of the time you own it you rent it from the government but they call it “property tax”
And that funds the prison waiting line they call “schools” and places for homeless people to look at pornography called “libraries” and spaces for drug dealing known as “parks”
And that funds the prison waiting line they call “schools” and places for homeless people to look at pornography called “libraries” and spaces for drug dealing known as “parks”
Posted on 12/16/23 at 11:17 am to questionable
quote:
new list prices will rise.
I just don’t think prices can go much higher in the near term that what they were at the tail end of 3% rates.
Rates dropping to 6% may bring buyers off the sidelines and stop the modest price decreases, but you are still going to end up with a note much higher than what you could have had in 2021.
Long term I believe residential real estate will appreciate as it has historically. But near term I don’t think we are at a point with housing prices where we see some astronomical rise in list prices if rates drop to 5-6%. That’s still going to be an expensive note at current home prices.
Posted on 12/16/23 at 11:18 am to el Gaucho
quote:
Think about how you “buy” a house and then the rest of the time you own it you rent it from the government but they call it “property tax”
And that funds the prison waiting line they call “schools” and places for homeless people to look at pornography called “libraries” and spaces for drug dealing known as “parks”
I am increasingly unsure where your trolling ends and your real opinions begin.
Posted on 12/16/23 at 11:57 am to PhiTiger1764
quote:
I just don’t think prices can go much higher in the near term that what they were at the tail end of 3% rates
Values are up another 8% this year
Will probably be 10% next year and the trend will continue
Posted on 12/16/23 at 12:07 pm to questionable
the rich get richer and the poor get poorer
Posted on 12/16/23 at 12:38 pm to DVinBR
quote:
the rich get richer and the poor get poorer
This was a big factor in my decision to rent my house rather than selling
This post was edited on 12/16/23 at 4:24 pm
Posted on 12/16/23 at 1:05 pm to PhiTiger1764
quote:
2.2% according to this.
Zillow is the worst place for Info
We are at 7% ICE is calling for 8.7% end of the year
This was from oct and they rose .1-.175 the past 2 mnths
quote:
So far this year, prices have increased by an average of 0.64% per month on a seasonally adjusted basis. If that trend were to continue, year-over-year growth would be at nearly 8% by December.
quote:
I doubt it
Well I wouldnt listen to you. If rates drop they will increase by 10% based of the frenzy alone
Posted on 12/16/23 at 1:45 pm to SDVTiger
quote:
Zillow is the worst place for Info
Such a predictable opinion. I didn’t go out of my way to choose Zillow. I just googled United States home values and that was the first link.
If I wanted to cherry pick data like you I would have posted the articles stating that home values have actually decreased YOY.
I see you have quoted data but failed to post the link to the site you cherry picked from..
quote:
If rates drop they will increase by 10% based of the frenzy alone
If they drop to what? 3%? I agree. 6%? No chance.
This post was edited on 12/16/23 at 1:48 pm
Posted on 12/16/23 at 2:09 pm to SDVTiger
quote:
Well I wouldnt listen to you. If rates drop they will increase by 10% based of the frenzy alone
Or more. Sheet goods are already going up and any uptick at all will cause dimensional to double.
Copper is getting more and more scarce as a finished product.
Skilled labor force is maxed out.
Posted on 12/16/23 at 3:18 pm to PhiTiger1764
quote:
Such a predictable opinion. I didn’t go out of my way to choose Zillow.
But you did. And they are the least credible source
No one should take you serious
We will see what what happens once rates hit high 4s
From MBS Highway from Oct
quote:
What’s the bottom line? Home values have hit new all-time highs according to Case-Shiller, FHFA, CoreLogic, Black Knight and Zillow more than recovering from the downturn we saw in the second half of 2022. This year, prices are on pace to appreciate between 5-9% depending on the index, based on the reported pace of appreciation through July. These indexes show that now remains a great opportunity for building wealth through homeownership and appreciation gains.
Case Shiller the gold standard has it closing in on 8%
This post was edited on 12/16/23 at 3:27 pm
Posted on 12/16/23 at 7:34 pm to ronricks
I’m in the process of getting a divorce and will end up selling our house and buying another place. The loan officer I’m going through said I can get a VA home loan around 6.4-6.5%. It will be another few months until I can do something and hope the interest will be a little lower by that time.
Posted on 12/16/23 at 7:50 pm to el Gaucho
el Gaucho is my spirit animal
Posted on 12/17/23 at 6:01 am to llfshoals
quote:
quote:We are a small custom builder that will do 20-40 houses per year. December is usually a dead month for us.I have a couple custom builders who stay fairly steady with work. It’s the track builders I’m seeing with inventory that are having inventory stack up. But their builds are definitely inferior quality. I’m not having many contacts right now over 300k atm, hoping that changes as most of the ones looking at that 99k house on the market aren’t remotely prepared to handle the issues that come with it.
Builder here as well. We have a high rental income area. When the rates are down I build alot of nice rentals and they sell immediately. That only works when rates are down and ROI is about 10% or better. Rental game makes no sense if the rates are high you can’t make the numbers work and it pay for itself. My personal rental homes are down this year not terribly but down. My custom homes are booming. When rates hike people are willing to dump money in where they will physically live but not investment properties. People also assume when rates hike that material and labor go down, that’s not the case. Lumber did some, and framing labor some. That’s about it.
Posted on 12/17/23 at 9:01 am to SDVTiger
Homes have come off the peak around me, they maybe still up YOY a certain percentage I haven't looked at that data closely. But I watch real estate almost weekly and there are quite a few places that have dropped below what other homes have closed for in the neighborhood, building, etc. Some of them substantially 10% or more. Now, if you compare today's prices to early 2022, I wouldn't be surprised if they have are still up a good tick due to avg.
But I'm not sitting here expecting 2024 to be better at this time. There's no signs that things are improving at this point to show price increases, I'm not an expert but at this point I'd expect Q1 and Q2 to continue to be flat or decreased.
The problem I see right now is that there's a lot of people still holding because they don't want to sell to buy something else with higher interest rates. If the market dips that could cause a panic and substantial drops. IDk, I'm not a bear here. But I do think a TON of people bought 2nd homes when the stock market was flat and int rates were super low. Now they are holding their RE but are on the verge of selling.
But I'm not sitting here expecting 2024 to be better at this time. There's no signs that things are improving at this point to show price increases, I'm not an expert but at this point I'd expect Q1 and Q2 to continue to be flat or decreased.
The problem I see right now is that there's a lot of people still holding because they don't want to sell to buy something else with higher interest rates. If the market dips that could cause a panic and substantial drops. IDk, I'm not a bear here. But I do think a TON of people bought 2nd homes when the stock market was flat and int rates were super low. Now they are holding their RE but are on the verge of selling.
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