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re: Realtor Buddy Called Me
Posted on 6/15/22 at 5:37 am to Lsut81
Posted on 6/15/22 at 5:37 am to Lsut81
quote:
Nothing worth biting the bullet for. So just curious when those in industry think the real pain will come and deals may start popping
I'd say late summer (with a steady decline probably starting late June/early July). Relocations in anticipation of upcoming school years will have died down by then.
0
Posted on 6/15/22 at 5:37 am to baobabtiger
quote:Location, location, location.
I work for a National builder. Our contract writes are down 50% the last 3 months. July numbers for real estate are going to be catastrophic.
Truly depends on where you are. If anything my market is heating up even more.
Frankly I expect it to slow down some in a few months, but for years I’ve said Tuscaloosa will continue to do well economically even when the rest of the country slows down.
The Mercedes impact can’t be overstated, which benefits Birmingham as well. Also UA brings in a ton of money with all the support required to service it and the students (plus the sports revenue).
While not my market, I wouldn’t be surprised to see Huntsville continuing to roar along too
Posted on 6/15/22 at 7:03 am to Lsut81
quote:
Market has 100% shifted the last 3 weeks, however prices haven’t plummeted to offset interest rates yet. Just a lot of stuff sitting.
Summer tends to slow down real estate no? The big push is spring...now folks are vacationing
In Raleigh wake county market...it seems like its full throttle...but I've seen requests for remodeling ease a little bit.
For sure changes are in the air...that said our market might be top 2 or 3 in America...I don't see a pull back here...too much happening...too many good jobs
Apple moving here...its going to really challenge our housing market...
Rent averages close to 2k on 2 bedroom apartment in Cary...its too high
Houses 12 months ago valued at 800k are now listing for 1.3 ...but it depends on location like everything else.
I'm feeling a bit anxious about our countrys future...shite is hitting the fan soon
Posted on 6/15/22 at 7:24 am to ApexTiger
quote:
Rent averages close to 2k on 2 bedroom apartment in Cary...its too high
But...is it too damned high?
Posted on 6/15/22 at 7:25 am to Toomer Deplorable
Textbook gaslighting by the biased MSM.
Inflation is actually really good for most people.
Next: Why grooming your kids for the alphabet community is the right thing to do.
Inflation is actually really good for most people.
Next: Why grooming your kids for the alphabet community is the right thing to do.
Posted on 6/15/22 at 7:31 am to Catchfalaya
All those people who 6 months ago paid $50,000 over the asking which was $100,000 over the actual value, will be feeling really dumb really soon.
Posted on 6/15/22 at 7:35 am to xxTIMMYxx
Damn.
Posted on 6/15/22 at 7:36 am to Catchfalaya
Hopefully this causes the price of building materials to drop to rational prices, I'm adding on to my house.
Posted on 6/15/22 at 7:37 am to ronricks
quote:
We desperately need more inventory.
Because of demand, correct?
quote:
Construction starts being low is just going to keep prices stable regardless of rates.
Construction starts are a somewhat solid indicator of demand, correct?
Posted on 6/15/22 at 7:40 am to EasterEgg
quote:
All those people who 6 months ago paid $50,000 over the asking which was $100,000 over the actual value, will be feeling really dumb really soon.
I think the big variable with this crowd is how many moved to a drastically new place and how long they can last?
I can see a ton of buyer's remorse for those who left California for places in the South and TX, especially as soon as summer starts to really get going. Also with all of the outflux from these high-cost areas, I'm sure they will see prices go down first, which creates an incentive to move back. Add in WFH rules changing and companies starting to demand people go into the office, and it could create a real quagmire to go with that property-equity issue.
Posted on 6/15/22 at 7:58 am to ApexTiger
quote:
In Raleigh wake county market...it seems like its full throttle
I just moved out of Wake over to Moore co for the reasons you listed below. Wake is growing too fast and they are popping up townhomes everywhere but don't have the infrastructure to support that growth. Traffic is brutal.
That said, I sold my home in March for 100% more than I purchased it for in 2018. A neighbor just sold his home for 525K that was probably valued at 225K just several years ago. Its insane.
Townhomes are 300-400K now.
Posted on 6/15/22 at 8:01 am to Dirk Dawgler
quote:
Waiting eagerly to pounce on one of those lake houses
Same here. Cash is king.
Posted on 6/15/22 at 8:13 am to SlowFlowPro
quote:
Construction starts are a somewhat solid indicator of demand, correct?
There are massive supply chain and labor issues. You think builders wouldn't love to build more houses right now? Most people can't even get a contractor to call them back for a simple kitchen or bathroom remodel right now. Even if you can desirable appliances are back ordered for months. This wishcasting for a housing collapse is just bizarre. Hint: Corporations/Investment Firms like BlackRock, Blackstone, and Invitation Homes, etc aren't going to stop buying homes anytime soon, people who have 2.5-4.0 rate mortgages aren't going to sell, and rents aren't coming down anytime soon. You can wish all you want. We are in a housing crisis and that isn't likely to change unless you live in some shithole undesirable area. We absolutely need more homes and because of all the issues Globally they can't be built fast enough.
Posted on 6/15/22 at 8:16 am to Catchfalaya
One of my friends is a mortgage broker. He’s having to tell people that were qualified for a $300k loan in April or May that they now need to start looking at $210-240k houses based on how much they could afford a month.
Posted on 6/15/22 at 8:20 am to Bulldogblitz
You forgot “photographer.”
Posted on 6/15/22 at 8:29 am to llfshoals
quote:
Location, location, location.
Yeah I think we're about to enter a phase where stuff still moves and prices remain close to highs in landlocked established suburbs, some urban neighborhoods and other desirable areas. The house two down from us was under contract for 100k more than list within 48 hrs (last week).
For newer mid market suburbs and places that have seen inexplicable prices, the bottom might fall out soon.
Posted on 6/15/22 at 8:42 am to ApexTiger
quote:No. Here at least summer is the busiest season for me. Last year I had a total of 2 days I didn’t either close on a deal or show houses in June and July combined. I’ve shown 17 and closed on 6 in the last week.
Summer tends to slow down real estate no? The big push is spring...now folks are vacationing
Posted on 6/15/22 at 8:54 am to Catchfalaya
There was a list of over valued housing markets. Idaho had a city near the top I believe but Colorado had 3 or 4 cities in the top 10.
Surprisingly Texas had none. It's bee pretty crazy here, but that tells me there is still plenty of movement of people coming to TX, unfortunately.
Surprisingly Texas had none. It's bee pretty crazy here, but that tells me there is still plenty of movement of people coming to TX, unfortunately.
Posted on 6/15/22 at 8:55 am to ronricks
quote:
Depending on who you listen to we are short 5 million to 7 million homes. We desperately need more inventory. Construction starts being low is just going to keep prices stable regardless of rates.
There is going to be excess supply as soon as people are having to pay an extra 1k dollars a month for the same house just based on the rate. The people who couldn't afford to pay over asking for a house last year are going to be in an even worse position this year when 30 year rates are at 6.25%
Posted on 6/15/22 at 9:22 am to Wolfhound45
Remember all the started subdivisions (and car lots) that sat vacant throughout Obama-Biden administration that quickly got bought up and filled in within about 1 to 2 years of Trump?
Well, we are now back to 2 year of Obama policies.
Well, we are now back to 2 year of Obama policies.
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