- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Mortgage applications/buyer demand dropped to a 28-year low
Posted on 2/22/23 at 8:25 pm to stout
Posted on 2/22/23 at 8:25 pm to stout
A lot of folks in Austin payed cash or had a healthy down payment from selling properties in California Might insulate the area somewhat from foreclosures. Although the price increases in Austin over the past 3 years was insane.
Baton Rouge prices increases probably 20-30%, much less than Austin, but there isn’t a lot of outsiders buying in Baton Rouge. I will be interesting seeing how this all shakes out.
Nashville and Charlotte both had a massive influx of (cash/large down payment) buyers from New York and the Midwest. Nashville prices increased much more than Charlotte, and I suspect will drop much more percentage wise.
People with 3% interest rates aren’t going to move unless they have to. I predict low sales volume and a very modest decrease in price (5-10%) in most places.
Baton Rouge prices increases probably 20-30%, much less than Austin, but there isn’t a lot of outsiders buying in Baton Rouge. I will be interesting seeing how this all shakes out.
Nashville and Charlotte both had a massive influx of (cash/large down payment) buyers from New York and the Midwest. Nashville prices increased much more than Charlotte, and I suspect will drop much more percentage wise.
People with 3% interest rates aren’t going to move unless they have to. I predict low sales volume and a very modest decrease in price (5-10%) in most places.
1
Posted on 2/22/23 at 8:27 pm to MyRockstarComplex
That's usually it, but underwriting probably uncovers risks on these people who want to finance 97% of $1M houses that breaks it up too. Someone wanting to do that is bad at math, which likely points to many things.
Posted on 2/22/23 at 8:27 pm to Ric Flair
I think all of the rate increases take some time to churn though the economy 12-15 months. I think we'll be in a recession later this year.
Posted on 2/22/23 at 8:28 pm to stout
quote:
What is the norm? There is no such thing as a norm with fluctuating markets.
Well we have common ground then. BUT in the context of every real estate doomer’s assessment, the norm is assumed to be pre-Covid because that’s the data used to compare the last few years of the real estate market, which has obviously been an accelerated anomaly. And I use the term accelerated because make no mistake, the lack of supply would’ve presented this predicament at some point in the future regardless of monetary policy during Covid.
Posted on 2/22/23 at 8:28 pm to stout
I have to think insurance rates in LA are also going to be very problematic for both current homeowners and potential buyers.
Posted on 2/22/23 at 8:28 pm to ReauxlTide222
Why does it seem like every moderately desirable location has an influx of out of staters moving in. The small country towns are dying!!
Posted on 2/22/23 at 8:29 pm to stout
Jan/Feb are always worst time to sell.
In Jan 18 the median time on market was 91 days.
In Jan 19 it was 85
In Jan 20 it was 88.
In Jan 21 it was 73.
In Jan 22 it was 62.
In Jan 23 it was 75.
Homes are still selling faster than they have in most of recent history.
In Jan 18 the median time on market was 91 days.
In Jan 19 it was 85
In Jan 20 it was 88.
In Jan 21 it was 73.
In Jan 22 it was 62.
In Jan 23 it was 75.
Homes are still selling faster than they have in most of recent history.
Posted on 2/22/23 at 8:31 pm to MyRockstarComplex
quote:
Im guessing the houses just aren’t appraising for the ask?
Appraisals have been a joke the last 3 years. You’ll rarely find desirable houses that currently won’t appraise for asking if house is under contract and no significant issues are found. appraisers have a hard time keeping up with fluctuating markets. More than likely buyers have cold feet, finance fell through, or personal situation changed.
Posted on 2/22/23 at 8:33 pm to philly444
A house went up for sale down the street from me and already had an offer on it locked in within 3 days at full asking price.
A friend was interested in it and said it had all kinds of issues: shitty Sheetrock repair inside from obvious damage and rotting wood on the exterior that needed repair. He was going to lay cash so financing wasn’t an issue.
However, even with high rates, it’s still a seller’s market because no one is selling (because they have to turn around and buy something), except the DR Hortons of the world.
A friend was interested in it and said it had all kinds of issues: shitty Sheetrock repair inside from obvious damage and rotting wood on the exterior that needed repair. He was going to lay cash so financing wasn’t an issue.
However, even with high rates, it’s still a seller’s market because no one is selling (because they have to turn around and buy something), except the DR Hortons of the world.
This post was edited on 2/22/23 at 8:36 pm
Posted on 2/22/23 at 8:37 pm to Hawgnsincebirth55
quote:
Some guy tried selling me a house last summer for 250k whereas I felt like paying 180 would’ve been over paying. Just a 3 bed 2 bath with a man cave attached and an in ground pool. Nothing spectacular
This house would be close to $500k in Dallas. I'd kill for anything like that under $350 right now
Posted on 2/22/23 at 8:41 pm to Areddishfish
They had a house on the market for 140 days listed at like $380k (new build)
Told our realtor to ask if the listing realtor if we should even bother putting in an offer for $350k. They said no.
I said well tell them it can sit on the market another 140 days.
We have a 2.6% interest rate, but the wife is wants a new house, but I refuse to overpay
Told our realtor to ask if the listing realtor if we should even bother putting in an offer for $350k. They said no.
I said well tell them it can sit on the market another 140 days.
We have a 2.6% interest rate, but the wife is wants a new house, but I refuse to overpay
Posted on 2/22/23 at 8:43 pm to Artificial Intel
quote:
Artificial Intel
You’re a dumbass that can’t read move along
This post was edited on 2/22/23 at 8:44 pm
Posted on 2/22/23 at 8:45 pm to PappaSwolio
quote:
Told our realtor to ask if the listing realtor if we should even bother putting in an offer for $350k. They said no.
By law the agent must present all offers to their client. What they did is illegal and they did it to artificially keep the prices high.
Posted on 2/22/23 at 8:45 pm to RummelTiger
Demand markets will always be crazy as long as demand keeps up.
When demand bottoms out, that’s when shite gets real.
Vegas, Phoenix, Orlando, etc, got slammed in 2008.
When demand bottoms out, that’s when shite gets real.
Vegas, Phoenix, Orlando, etc, got slammed in 2008.
Posted on 2/22/23 at 9:01 pm to stout
I hate the average person or first time home buyer is suffering, but I am happy that realtors and house flippers are suffering.
Posted on 2/22/23 at 9:05 pm to stout
Guy at work bragging his house value went up 50k since he bought it 2yrs ago. Very much pointless except his property taxes about to go up.
Posted on 2/22/23 at 9:14 pm to DRock88
quote:
have to think insurance rates in LA are also going to be very problematic for both current homeowners and potential buyers.
Double whammy if they're in a flood zone.
Posted on 2/22/23 at 9:15 pm to SlidellCajun
quote:
It depends on whether people can afford their note Loan standards are far more stringent today than 15 years ago so I don’t see this being anything like 08
100% this
Posted on 2/22/23 at 9:16 pm to GreatLakesTiger24
New homes in my subdivision are selling before they are completed. Starting price floor is $800K.
This post was edited on 2/22/23 at 9:17 pm
Posted on 2/22/23 at 9:25 pm to painman1
I'm looking to build on a few acres and I may get by without spending $800K. Variable is the pool/outdoor area.
Page 4 of 5
Popular
Back to top
Follow TigerDroppings for LSU Football News