They are basically trying to get the housing market to go more like car dealerships.
Housing market
- Thread starter shaggy
- Start date
I heard the prices are REALLY good in Afganistan now. Maybe he and the tribe would look into that....
shaggy
Old Mossy Horns
Seems the market has hit the skids. So many people are gonna be upside down in their mortgages after overpaying for a home they will never recoup their money out of if they want to sell and move.
I don't know where you are but I have seen no signs of the market hitting the skids around here.. it has leveled off and is softening in some areas but housing should never be a short term investment unless the plan is to flip it.
Its definitely slowing. Developers are biting fingernails. Prices are starting to slip albeit slowly. Economy is turning. Whats done is done....we have some rough years ahead.
agsnchunt
Old Mossy Horns
Interest rates are a killer. We sold ours just under the wire.
shaggy
Old Mossy Horns
Several houses in my neighborhood have been sold the last year or so none lasting more than a couple days. One had a tax value of 149k and sold for 279k just before Thanksgiving. A recent listing has sat for a while then had a pending sign and is now back on the market again with a reduced price. It's anecdotal to my neighborhood but this is the first house In a year or 2 not to be sold right away for inflated prices.
shaggy
Old Mossy Horns
Goldman on the hampered housing market: 'Further to Fall'
Goldman Sachs Chief Economist Jan Hatzius asserted that further housing pressure is likely, writing in a new note ominously titled: "Housing Downturn: Further to Fall."
Jake NFC
Twelve Pointer
We recently had some extra cash and decided to pay off our house and some other debts. Hoping we can weather the tough times ahead.
We sold my MIL’s house this month as she passed in May. Asked 359 and got 370 in cash. On the market 24hrs. Closed a week later. Buyer wanted no inspection or anything. Now 3 weeks later it is back on the market for 479,000. Crazy, but it will never bring that.
We sold my MIL’s house this month as she passed in May. Asked 359 and got 370 in cash. On the market 24hrs. Closed a week later. Buyer wanted no inspection or anything. Now 3 weeks later it is back on the market for 479,000. Crazy, but it will never bring that.
That is a long way from the skids.. perspective is your friend and yours appears to be small. Tax value is never anywhere close to sale value in my experience and houses under contract that go back on the market can be for any number of reasons, not the least of which is the buyer not getting financing, bad inspection results, inability to come to agreement on repairs etc. Reduced pricing after pending sale could very well be due to something unexpected found during due dilligence that caused the original deal to collapse.
wncdeerhunter
Old Mossy Horns
History would likely disagree with you. Real Estate is a longer hold investment. Over time, home prices always trend up (with some dips here and there).
Attachments
Helium
Old Mossy Horns
My brother is a realtor… is definitely slowing down BUT most of what is driving that is Investors stopped offering more than asking price once the government incentives rolled back
wncdeerhunter
Old Mossy Horns
The market has shifted and adjusted some, but hitting the skids it has not. And tax value is really a nonfactor when it comes to value/pricing.
This is not a 2008 type of correction where a $400K house is suddenly worth $200K and there are no buyers.
Instead, this is where a $400K house will remain worth $400K for a good while before appreciating significantly, but likely won't lose much value in a slowdown.
Why? Well, as a home buyer you have 2 choices:
1. Pay $400K for the house with a $2,000/month mortgage.
2. Enjoy living and raising your family in a 2 bedroom apartment for the same $2,000/month.
Life ain't getting any cheaper anytime soon...
BarSinister
Old Mossy Horns
Traditional normal time to sell a house is in weeks at the very least. Not hours as it has been.
wncdeerhunter
Old Mossy Horns
Properties days on market are still waaaay less than they were prior to 2020.
agsnchunt
Old Mossy Horns
JONOV
Old Mossy Horns
Or...the $400K house remains worth $400K, and the buyers can hold the seller to the fire a little bit concerning things on the inspection report, etc...
Helium
Old Mossy Horns
Biden will soon forgive all “Mortgage Debt” IF you are a minority
Helium
Old Mossy Horns
Check out the crazy data about the coming housing crisis as home sales tank
A lot of you are probably like me.
notthebee.com
come on now fellows,,, can't use facts when dealing with a leftist,,, they don't understand facts and history
Ncfish001
Four Pointer
Would be interesting to hear how that plays out. Did they do any upgrades?
Homebrewale
Old Mossy Horns
I sold my home in July. The market definitely slowed down. I had only 9 showings over 3 days. Earlier in the year, I could have had that many in one morning. Also I only had two offers. But when you look at the final sale, you would think it was still a hot market. I sold in 3 days at full price which was $85k over the previous high for the neighborhood.
agsnchunt
Old Mossy Horns
This is what my realtor friends are saying (Triangle). Slower pace, still going over asking, just not as high price or frenetic activity.
agsnchunt
Old Mossy Horns
We’ve had more than one real estate correction. Many will be upside down, many won’t.
Lots of buyers moving into the triangle were not using loans, while others were significantly less leveraged than the average first time buyer.
wncdeerhunter
Old Mossy Horns
Slowed, but still much more active than it was 3-4 years ago which was still a healthy market. If someone had 9 showings in 3 days, sold in 3 days at full price, and it was 3-4 years ago, they have thought they won the lotto.
It’s correcting for sure, and slowing - but slower than what it has been for the last 2ish years is still very fast compare to our previous “normal” market conditions.
Southern
Ten Pointer
Yep, its all relative.
The wife and I are in the process of closing on a house here in Va. We offered $35K under asking when the house had been on the market 5 days and eventually went under contract at $32K under asking on day 9.
A comparable house down the street has been on the market over 90 days with 0 offers and less than 5 showings.
It’s certainly regional and even neighborhood specific, at least around here anyway
A comparable house down the street has been on the market over 90 days with 0 offers and less than 5 showings.
It’s certainly regional and even neighborhood specific, at least around here anyway
QBD2
Old Mossy Horns
Yep. Always been that way, always will. Location location location
NCST8GUY
Frozen H20 Guy
Regional indeed. But here in Raleigh, it's been insane.
I'd venture to say it's past it's peak.
www.zillow.com
this photo is actually 3 different NARROW lots, that empty they want $699K for!!!! Literally .268 Acres!!!
2 of the 3 have to share a driveway!!!! A year or less ago, they'd probably get 500K from someone out of state without seeing anything more than this ad.
I'd venture to say it's past it's peak.
7100 Lead Mine Rd, Raleigh, NC 27615 | MLS #2499353 | Zillow
This is a Vacant Land. It is located at 7100 Lead Mine Rd, Raleigh, NC.
www.zillow.com
this photo is actually 3 different NARROW lots, that empty they want $699K for!!!! Literally .268 Acres!!!
2 of the 3 have to share a driveway!!!! A year or less ago, they'd probably get 500K from someone out of state without seeing anything more than this ad.