- 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
3
Posted on 11/13/23 at 10:23 am to stout
Talked to the real estate agent the other day and she told me the biggest problem she is having right now is getting people approved with the bank. People are trying to buy and the prices are going down but the bank is being strict with loans.
She said for a 400k home right now you need an income of 200k. I was pretty surprised at that number
She said for a 400k home right now you need an income of 200k. I was pretty surprised at that number
Posted on 11/13/23 at 10:25 am to Deactived
quote:
She said for a 400k home right now you need an income of 200k. I was pretty surprised at that number
I don't believe this for a second. It also came from a woman, so probably not hyperbolic at all
Posted on 11/13/23 at 10:25 am to stout
As a reminder, that graph shows year over year change. Reductions in the rate of increase is not a price decrease. With that in mind, prices have never decreased (going below the 0 line) for longer than about a year before shooting up again at any point in the last 75 years. Will history repeat itself? Who knows. But if it does, based on that graph, prices will be skyrocketing again within the next 12 months because we are already at the bottom of the dip.
Posted on 11/13/23 at 10:25 am to Broke
quote:
This is Stout's wheelhouse and has been for a very long time. I'm going to take his advice on this one.
What's crazy is that everyone is so jaded that they think we have to have a full-on 2008 meltdown. That will never happen but there are signs we are in the early stages of a correction and that will only amplify if rates stay high. If rates drop then obviously prices will take off again.
A correction would actually be healthy for the market and will also lead to AirBNB and institutional investors dumping inventory leading to more affordability.
If you pay attention some investment firms are dumping inventory slowly. Hopefully that picks up.
Here is one example.
Posted on 11/13/23 at 10:25 am to Deactived
quote:
She said for a 400k home right now you need an income of 200k. I was pretty surprised at that number
We bought our house in July, and we were approved up to like 800k on around 250k or so income.
Posted on 11/13/23 at 10:28 am to Deactived
quote:
She said for a 400k home right now you need an income of 200k. I was pretty surprised at that number
She’s wrong
Posted on 11/13/23 at 10:28 am to stout
marry the house; date the rate; frick the realtor. is better
Posted on 11/13/23 at 10:28 am to Fe_Mike
quote:
Should they take their client's product to a customer and say "look, we're trying to sell this, but honestly it's a bad deal and you really shouldn't buy it"?
I was an agent for 3 years back when I was starting out from 2001-2004 and I did that a few times. I was honest with people and those people still bought something else that made more sense. Nothing wrong with honesty and that also comes with understanding your market and knowing what is and isn't a good deal.
Knowing my market led me to other opportunities too and I was able to move past just being an agent.
Posted on 11/13/23 at 10:28 am to stout
I seent it. I think I posted not long ago about a local realtor doing this with almost the exact same script 
Posted on 11/13/23 at 10:30 am to Jcorye1
Yea I thought that number seemed high. She could have just been trying to lessen the blow of not being able to sell the houses. Maybe she meant 400k loan. I was kinda busy when she called and maybe heard her wrong
Posted on 11/13/23 at 10:30 am to stout
i love when people bring up the historical rates back then and then leave out the cost of housing and inflation metric
This post was edited on 11/13/23 at 10:31 am
Posted on 11/13/23 at 10:31 am to SlowFlowPro
I'm loving the Price Improvement quote when they drop the asking price.
Posted on 11/13/23 at 10:31 am to Deactived
Maybe they don't make 200k and were trying to save face and explain why they couldn't afford the $400k house
Posted on 11/13/23 at 10:31 am to Joshjrn
quote:
But if it does, based on that graph, prices will be skyrocketing again within the next 12 months because we are already at the bottom of the dip.
Any cut in rates will create a buying frenzy again. That's known. We really need rates to stay high long enough for AirBNB people who have ARMs to be forced to dump inventory onto the market and for investment firms to do the same. Otherwise, affordability will still be an issue and will only increase.
Posted on 11/13/23 at 10:32 am to Deactived
She may have been saying people are insane and shouldn't go over this on that income as well. I bought fully knowing we could lose some value on the house in the short/medium term. We are also below 25% of net in mortgage payments because we were both worried about it. People also tend to be less concerned about interest when you pay something off in 10 years rather than take all 30.
Posted on 11/13/23 at 10:33 am to Jcorye1
I would imagine more people are running into DTI problems than in the past with the explosion in CC debt
Posted on 11/13/23 at 10:33 am to Thib-a-doe Tiger
Never ask a barber if you need a haircut, because the answer is always yes.
Posted on 11/13/23 at 10:34 am to stout
quote:
Any cut in rates will create a buying frenzy again. That's known. We really need rates to stay high long enough for AirBNB people who have ARMs to be forced to dump inventory onto the market and for investment firms to do the same. Otherwise, affordability will still be an issue and will only increase.
It’s genuinely going to be interesting to see whether that combination of houses hitting the market will be able to markedly outpace any pent up demand.
We continue to live in interesting times
Posted on 11/13/23 at 10:34 am to stout
quote:
No one expects rate cuts anytime soon except you.
How am I expecting rate cuts? Lol
And in your opinion whats the correct mesage for Agents right now?
Doom and gloom. You are like the Diana Olick of TD
Page 2 of 6
Popular
Back to top
Follow TigerDroppings for LSU Football News