Real estate market: look out below

[shiv]

This is happening in Huntsville where they say we will be “insuluated” from the depression in prices. (They were wrong)

Look at the dates on the price cuts

 

[Texas Nexus]

De-Bidenflation

 

[AgentOrange186]

Those houses suck and looks like they are facing the reality of new mortgage rates.

 

[TopHook]

 

[GarnetPild]

Here in SC, I have some friends house shopping and they definitely keep getting outbid with huge all cash offers. The bottom may fall out, but prices are still climbing here for now.

 

[Taggart]

Seeing recent 10-15% price cuts on Zillow in the Morgantown WV area, which historically has been pretty resistant to market crashes.

 

[TopHook]

Here in SC, I have some friends house shopping and they definitely keep getting outbid with huge all cash offers. The bottom may fall out, but prices are still climbing here for now.

What area? It hasn't been drastic but it is changing.

 

[dirty022]

Its probably going to go back to pre-covid pricing. So 3rd qtr of 2019 or so.

 

[GarnetPild]

What area? It hasn't been drastic but it is changing.

Greenville/Spartanburg...still a pretty hot market up here. Area has been exploding for years, but especially lately. Last 3 people I met, all from the west coast & moved here for cost of living reasons.

 

[Hoppo]

Its probably going to go back to pre-covid pricing. So 3rd qtr of 2019 or so.

It will be higher than that, simply because the money is worth so, so much less.

Wherever it settles, every dollar above 5-6% greater than end of 2019 price levels is what real inflation is.

 

[tiderollsonu]

Imagine that raise interest rates and people stop buying houses

 

[HurricaneBlaze]

This is happening in Huntsville where they say we will be “insuluated” from the depression in prices. (They were wrong)

Look at the dates on the price cuts

View attachment 114947View attachment 114948View attachment 114949View attachment 114950

Still overpriced by 25-30%. Just shows extremely overpriced properties have been in the last few yrs.
A lot of new realtors will be looking for new jobs b/c their selling techniques were plugging numbers into a computer program "that's what the computer says" and veteran realtors will rough it out. The vet realtors will be ready for the turnaround. The quitters will shut down their only fans page to plug numbers back into a computer.

 

[dirty022]

I could see that.

I just think there were enough people who bought in 2010-2019 that can still make money at those numbers.

In the end it will be a battle of attrition between sellers and buyers this time, not banks. For the most part.

 

[BurntJ]

Those houses suck and looks like they are facing the reality of new mortgage rates being condemned.

FIFY.

 

[ChicagoFats]

Was at Trader Joes picking up some wine today and the checkout clerk was a nice guy but clearly had something wrong with him. Maybe he was autistic or had a touch of @TJHall1 syndrome but he wasn't the sharpest knife in the drawer.

Anyway, he told me he was thinking about moving to Tennessee because he could get 20 acres of land in a nice mountain town for the price of his home here in Charleston. Went on to tell me that Zillow said his home is worth $900k!! WTF, no way this dude can afford that kind of house but he sure made a good real estate investment at some point in time a few years ago.

Gotta be getting near the top in prices with that shit going on.

 

[Hoppo]

Off-water, middle class neighborhood homes are still being listed for $250-300/sf in Southwest Florida. I had expected to see some downward movement in prices by now. A big part of the runup around here was incredibly low inventory. People were moving here in droves and nobody wanted to leave. Plus new construction is at least 24 months out. That's a lot of competing price forces.

 

[EmeliaAyala]

These proposals are pretty good for buying or investing in. Regardless of inflation, demand for real estate will remain roughly at the same level. I am therefore convinced that investing in real estate is always relevant. Of course, you have to assess the market situation and act on the basis of the opportunities available. You can hire an investment adviser from https://www.mcgeewm.com/investment-management-portland-financial-advisor to act wisely and avoid making silly mistakes. If you have never dealt with investments, it is better to get help from experienced professionals. I like people who take risks, are not afraid of change, and are always looking for something better for their life.

 

[Rebarcock.]

These proposals are pretty good for buying or investing in. Regardless of inflation, demand for real estate will remain roughly at the same level. I am therefore convinced that investing in real estate is always relevant. Of course, you have to assess the market situation and act on the basis of the opportunities available. You can hire an investment adviser from https://www.mcgeewm.com/investment-management-portland-financial-advisor to act wisely and avoid making silly mistakes. If you have never dealt with investments, it is better to get help from experienced professionals. I like people who take risks, are not afraid of change, and are always looking for something better for their life.

I'm an investment adviser and everyone here uses me. Quit trying to undercut me or I'm going to report you

 

[Abdulrashidbala]

Can someone recommend a mortgage advisor in the UK?

 

[CuriousFiend]

Can someone recommend a mortgage advisor in the UK?

Well you're in luck...or un-luck, hard to say, but whatever the case we have a black Irish specialist available for pestering about such advice.

Just holler @Rebarcock. to discuss almost all your UK mortgage kinks.

 

[Jake Broe Stan]

This thread aged like milk for most posters. Too many were tainted by 08 and are fundamentally underestimating the strength of the economy and demand for homes.

Once the fed starts cutting rates late next year home prices are going to rise even further.

Supply and demand always wins and there is a massive lack of supply and extremely high demand thanks, in part, to boomers and gen X fucking things up for so long.

Housing Market 2024 | Bankrate

The 2023 market was volatile, to say the least. What will 2024 bring? Here are expert predictions on prices, sales and more.

www.bankrate.com

 

[Jtrain80]

Can someone recommend a mortgage advisor in the UK?

When I get to the office, I will check my rolodex. Welcome aboard!

 

[ChingChongDingDong]

Can someone recommend a mortgage advisor in the UK?

 

[Rebarcock.]

Can someone recommend a mortgage advisor in the UK?

Try Simon Sayes Mortgage UK
They handle a good bit of residential in london

 

[Rebarcock.]

This thread aged like milk for most posters. Too many were tainted by 08 and are fundamentally underestimating the strength of the economy and demand for homes.

Once the fed starts cutting rates late next year home prices are going to rise even further.

Supply and demand always wins and there is a massive lack of supply and extremely high demand thanks, in part, to boomers and gen X fucking things up for so long.

Housing Market 2024 | Bankrate

The 2023 market was volatile, to say the least. What will 2024 bring? Here are expert predictions on prices, sales and more.

www.bankrate.com

Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward

This ‘crucial milestone’ that signifies financial stability will be lost on new homeowners for more than a decade.

fortune.com

 

[Jake Broe Stan]

Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward

This ‘crucial milestone’ that signifies financial stability will be lost on new homeowners for more than a decade.

fortune.com

That’s a great breakdown of what I was talking about regarding gen x & boomers fucking up the market over the past decade.

 

[Rebarcock.]

That’s a great breakdown of what I was talking about regarding gen x & boomers fucking up the market over the past decade.

The housing market is headed back to a 1980s-style recession, Wells Fargo says—and it’s all because of ‘higher for longer’ mortgage rates

“The residential sector now appears to be contracting alongside the recent move higher in mortgage rates,” the bank’s economists wrote.

www.yahoo.com

 

[Jake Broe Stan]

The housing market is headed back to a 1980s-style recession, Wells Fargo says—and it’s all because of ‘higher for longer’ mortgage rates

“The residential sector now appears to be contracting alongside the recent move higher in mortgage rates,” the bank’s economists wrote.

www.yahoo.com

Exactly! There is going to be no movement on existing thanks to boomers and gen x fucking around with the interests rates and new construction rates for over a decade.

Home prices are forecasted to rise 5-6% into the face of that dynamic then explode once we come out the back side.

 

[Rebarcock.]

Exactly! There is going to be no movement on existing thanks to boomers and gen x fucking around with the interests rates and new construction rates for over a decade.

Home prices are forecasted to rise 5-6% into the face of that dynamic then explode once we come out the back side.

Im at 7%annually.
But while great for me, no one can afford my house on their salary. I'm not pish posh. I work. I know America. I live in a starter home in the country. My shitty house could get 400k. I
Bought it after a bout of bad luck.
I pd 248k. That's a ton of increase in since 2019

 

[Jake Broe Stan]

Im at 7%annually.
But while great for me, no one can afford my house on their salary. I'm not pish posh. I work. I know America. I live in a starter home in the country. My shitty house could get 400k. I
Bought it after a bout of bad luck.
I pd 248k. That's a ton of increase in since 2019

Another example of the greatness of inflation.

 

[Rebarcock.]

Another example of the greatness of inflation.

If you lived anywhere around me you'd have a black Aye Aye Aye Aye pizza areolas

 

[Rebarcock.]

Another example of the greatness of inflation.

Except no one can afford to but it. Maybe I can sell it to rich downsizer. I love when God helps men and women.

 

[Jake Broe Stan]

Except no one can afford to but it. Maybe I can sell it to rich downsizer. I love when God helps men and women.

Plenty of people can afford it. Maybe not the poor but when you live in the greatest & most prosperous nation on earth you don’t have to worry about such thing.

It’s not like you’re selling anyways so who cares if anyone can buy it

 

[Rebarcock.]

Plenty of people can afford it. Maybe not the poor but when you live in the greatest & most prosperous nation on earth you don’t have to worry about such thing.

It’s not like you’re selling anyways so who cares if anyone can buy it

I may hafta. If my arm doesn't work I suppose I'll figure out how ro code, right? It is my fault. It is all my fault

 

[Rebarcock.]

Plenty of people can afford it. Maybe not the poor but when you live in the greatest & most prosperous nation on earth you don’t have to worry about such thing.

It’s not like you’re selling anyways so who cares if anyone can buy it

Earless monitor lizards: The 'Holy Grail' of reptiles that looks like a mini dragon

Researchers are only beginning to understand the cryptic lives of the earless monitor lizards of Borneo.

www.yahoo.com

 

[Jake Broe Stan]

I may hafta. If my arm doesn't work I suppose I'll figure out how ro code, right? It is my fault. It is all my fault

English please!

 

[Rebarcock.]

English please!

Gotta put chicken blood in my wound

 

[Cletusnow]

Here in SC, I have some friends house shopping and they definitely keep getting outbid with huge all cash offers. The bottom may fall out, but prices are still climbing here for now.

Probably yankee retirees with substantial pensions fleeing the shitholes.

 

[TheResister]

Probably yankee retirees with substantial pensions fleeing the shitholes.

I bought a HUD home back around 2011 (?) and stuck a few dollars into it. I got a retired guy to work with me and the county appraises it at TEN TIMES what I originally paid. I put, maybe 50 K into it (not counting my labor), and they claim it's worth that? Rent is out of sight with these older houses renting for 2 grand plus for older homes built in the 1980s. The home that's been in our family for decades cost an obscene amount in taxes. Never had it appraised. Falling prices haven't hit us yet.

 

[OTD Sports]