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Posted: 3/28/2024 2:15:04 AM EDT
[#1]
Quote HistoryOriginally Posted By OregonShooter: I know people that sold three years ago that are still renting waiting for the crash. Quote HistoryOriginally Posted By OregonShooter: Originally Posted By exponentialpi: This time is different. I know people that sold three years ago that are still renting waiting for the crash. They made peace with the fact about how much buying power they've lost yet? Like 20-25% lost? That sounds like misery and a 6 digit eff up while paying someone else several thousand a month... that's totally nuts. |
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Posted: 3/28/2024 3:19:09 AM EDT
[#2]
It seems like a sellers market in my area. Just sold mine quick for over asking.
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Posted: 3/28/2024 1:34:58 PM EDT
[#3]
Quote HistoryOriginally Posted By JEL: Or maybe the dollar has lost that much more value and doomers were right all along, in a way The way they’re printing it seems more likely Quote HistoryOriginally Posted By JEL: Originally Posted By anothermisanthrope: Man the doomers just can't catch a break - this morning's CSI report: https://finance.yahoo.com/news/us-home-price-growth-picks-130000757.html Or maybe the dollar has lost that much more value and doomers were right all along, in a way The way they’re printing it seems more likely Typically you buy hard assets to protect yourself from currency devaluation. |
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Posted: 3/28/2024 10:20:36 PM EDT
[#4]
Supply and demand.
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Posted: 3/30/2024 11:55:41 PM EDT
[Last Edit: planemaker]
[#5]
Not sure how this figures into the mix:
https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". |
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Posted: 3/30/2024 11:58:04 PM EDT
[#6]
Quote HistoryOriginally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? Yes |
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Posted: 3/31/2024 8:54:16 AM EDT
[#7]
Quote HistoryOriginally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. |
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VA, USA
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Posted: 3/31/2024 8:58:36 AM EDT
[#8]
Quote HistoryOriginally Posted By Kitulu: From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. Quote HistoryOriginally Posted By Kitulu: Originally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. Y u hate Capitalism, brah? |
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Posted: 3/31/2024 12:01:40 PM EDT
[#9]
Quote HistoryOriginally Posted By Kitulu: From the context of the article, they are defining a flipper as a corporation that buys houses, throws about $50,000 at them to "bring them up to date," then puts them back on the market at a $150,000 markup. That's pretty damn accurate. It's gonna involve lvp or fake wood flooring, grayish blue paint interior and exterior, maybe some new appliances and maybe counter tops. They just increased the price $150k. Flippers used to be taking beat to crap junky houses using cash/hard money to make it a decent home and someone could then get a loan to buy it. |
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USA
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Posted: 4/1/2024 7:10:08 AM EDT
[#10]
Home prices grew at a record pace in January, as more buyers came off the sidelines. And that fierce competition has led to an eruption of bidding wars, which often drives prices even higher. National Association of Realtors (NAR) data shows that during the first month of the year, the typical seller received 2.7 offers, and 16% of homes sold over the asking price. An important contributor to all of this is an inventory crunch. In 2023, existing home sales hit the lowest level since 2005, as would-be sellers who are locked into low mortgage rates stayed put. "There is such a shortage of houses right now, so prices have gone up despite everybody singing the blues," Corcoran said. "It happened simply because there are a lot of buyers and not enough houses available." https://finance.yahoo.com/news/real-estate-mogul-barbara-corcoran-predicts-interest-rate-cut-could-create-a-surge-in-home-prices-153050003.html |
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Posted: 4/1/2024 7:18:32 PM EDT
[Last Edit: OregonShooter]
[#11]
New month. 30 year mortgage holding at 7% average rate and another month goes by without a market crash.
Home prices nationwide, including distressed sales, increased year over year by 5.5% in February 2024 compared with February 2023. On a month-over-month basis, home prices grew by 0.7% in February 2024 compared with January 2024 (revisions with public records data are standard, and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results). Forecast Prices Nationally The CoreLogic HPI Forecast indicates that home prices will rise by 0.4% from February 2024 to March 2024 and increase by 3.1% on a year-over-year basis from February 2024 to February 2025. |
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Posted: 4/4/2024 3:28:18 PM EDT
[Last Edit: exponentialpi]
[#12]
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Posted: 4/17/2024 3:05:08 PM EDT
[#13]
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Posted: 4/17/2024 3:08:02 PM EDT
[#14]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Good. Supply and demand is the only natural thing that will bring prices back down to a natural long term 3-5% inflation curve. |
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USA
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Posted: 4/17/2024 3:13:05 PM EDT
[#15]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Investors starting to bail. And hopefully yankees going home. |
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Posted: 4/17/2024 4:36:39 PM EDT
[#16]
Rates back at August 2023 levels
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Posted: 4/17/2024 4:56:34 PM EDT
[Last Edit: Brok3n]
[#17]
Quote HistoryOriginally Posted By broken_reticle: Investors starting to bail. And hopefully yankees going home. Quote HistoryOriginally Posted By broken_reticle: Originally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Investors starting to bail. And hopefully yankees going home. Hurricane insurance playing a factor too? What is up with Nevada? CA exodus? eta: https://knpr.org/show/knprs-state-of-nevada/2024-04-16/whats-the-state-of-southern-nevadas-housing-market High home prices persist in Nevada, and nobody thinks they're coming down. Jonathan Gedde, founder and CEO of Simpli Mortgage and Jerry Abbott, a real estate agent with Summit Properties, joined State of Nevada host Joe Schoenmann to talk about the topsy-turvy world of Nevada real estate. Home prices are still increasing, with the median this month at around $466,000. To afford that, household incomes need to be $111,000 or more. At the same time, Gedde said mortgage rates are at about 7.5 percent. That also represents an increase. Even so, Abbott said that hasn't stopped "droves" of Californians from coming here and buying homes. "Las Vegas is California 2.0," said Abbott. "They are without a doubt the biggest driver as to why home prices in Las Vegas have skyrocketed. When you have so many wealthy people who can pay cash, it really destroys the ability for the average person to buy a home." |
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USA
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Posted: 4/17/2024 6:47:21 PM EDT
[#18]
anecdotal data point....but just sold my place west side of wa state in metro area. lots of interest and showings. 6 offers in a week. closed for 20% over asking price...gotta love those escalator clauses. we strategically priced it to garner more interest so that accounts for some of why it went for that much over asking. it was a pretty unique place that was only going to appeal to a smaller subset of buyers. but people are still buying at these rate and price levels.
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Posted: 4/17/2024 8:16:49 PM EDT
[#19]
Quote HistoryOriginally Posted By ClownTown: anecdotal data point....but just sold my place west side of wa state in metro area. lots of interest and showings. 6 offers in a week. closed for 20% over asking price...gotta love those escalator clauses. we strategically priced it to garner more interest so that accounts for some of why it went for that much over asking. it was a pretty unique place that was only going to appeal to a smaller subset of buyers. but people are still buying at these rate and price levels. Yes, there will always be buyers for desirable areas |
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Posted: 4/17/2024 8:26:19 PM EDT
[#20]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small I posted in the other thread. The STR bubble is starting to be stressed. |
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Posted: 4/17/2024 9:43:57 PM EDT
[#21]
Quote HistoryOriginally Posted By ClownTown: anecdotal data point....but just sold my place west side of wa state in metro area. lots of interest and showings. 6 offers in a week. closed for 20% over asking price...gotta love those escalator clauses. we strategically priced it to garner more interest so that accounts for some of why it went for that much over asking. it was a pretty unique place that was only going to appeal to a smaller subset of buyers. but people are still buying at these rate and price levels. User name checks out. User also knows why people use agents to list. |
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USA
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Posted: 4/18/2024 1:49:40 AM EDT
[#22]
Quote HistoryOriginally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". “I know what I got.” |
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Posted: 4/18/2024 4:01:27 AM EDT
[Last Edit: The_Master_Shake]
[#23]
Nevermind!
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Posted: 4/18/2024 6:17:55 AM EDT
[#24]
Quote HistoryOriginally Posted By 80085: “I know what I got.” Quote HistoryOriginally Posted By 80085: Originally Posted By planemaker: Not sure how this figures into the mix: https://www.zerohedge.com/personal-finance/pending-home-sales-hover-near-record-lows-february So, if home sales are down and inventory is coming up (finally), then wouldn't one think that the prices for those homes would have to come down? ETA: Also saw this: home flipping down I'm not sure exactly how they define a home "flipper". “I know what I got.” Interest rates killed some of the profit unless you're dealing in cash. The rise in housing prices means that, for a lot of middle class people, flipping using cash is far harder then it used to be. |
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VA, USA
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Posted: 4/18/2024 6:25:09 AM EDT
[#25]
I closely followed 4 sales in the last two months in my AO. Three in the low 2M market went immediately and over ask. Fourth started at 3.5 and took a year to get 2.8
Crazy. Low inventory seems to be offsetting the higher rates. |
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Posted: 4/18/2024 12:41:52 PM EDT
[#26]
Mixed bag
If I read this article correctly, sales are down (some significantly) for all but the most expensive houses (>$1mil). Median home prices went up 4.8% YoY, probably owing to high dollar houses selling and moderate priced homes not. Under 5% price increase isn't even covering inflation. They also have a plot showing median new home sale prices going down and median existing home sale prices going up some. My guess is the market is lagging demand some. By that, existing expensive homes still have some demand (too much money chasing too few goods or more money than sense, whichever) but builders aren't building to that, they're building more "affordable" homes. Can't say I blame them there since with rates higher, they can ill afford to be on the hook for $1mil+ houses until they sell. |
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Posted: 4/19/2024 12:17:46 AM EDT
[Last Edit: rfoxtrot]
[#27]
Shits selling red hot here with selling season kicking off. Shit went up again this year. About $20-30ft from what I'm seeing. This was a top 10 market in 2022-2023
Bottom is 225$ now. Lots in the $260 a foot range. lol..... Crash any day now.....lol. Yeah fucking right. Too many folks are doing their level fucking best to leave their blue states behind. $350 a foot before the end of the fucking decade at this dam rate.... All kinds of pending a from a 5 minute look at Zillow |
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Posted: 4/19/2024 12:22:47 AM EDT
[#28]
Quote HistoryOriginally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Excellent News! Thanks for posting it. |
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Posted: 4/28/2024 2:03:26 AM EDT
[#29]
Housing shortage, eh?
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Posted: 4/28/2024 3:17:43 AM EDT
[#30]
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Posted: 4/28/2024 3:30:02 AM EDT
[Last Edit: The_Master_Shake]
[#31]
Quote HistoryOriginally Posted By OregonShooter: Lets look at total listings https://www.ar15.com/media/mediaFiles/76/housing_data_JPG-3200091.JPG I'm just your average GD regard. What is this chart showing us? It looks like total home listings are relatively static for the last 2 years (since summer of 22) |
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Posted: 4/28/2024 3:48:01 AM EDT
[#32]
Quote HistoryOriginally Posted By The_Master_Shake: I'm just your average GD regard. What is this chart showing us? It looks like total home listings are relatively static for the last 2 years (since summer of 22) Chart is showing the total active listings on the market. New and used homes for sale. |
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NV, USA
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Posted: 4/28/2024 4:08:01 AM EDT
[#33]
Quote HistoryOriginally Posted By Brok3n: Hurricane insurance playing a factor too? What is up with Nevada? CA exodus? eta: https://knpr.org/show/knprs-state-of-nevada/2024-04-16/whats-the-state-of-southern-nevadas-housing-market Quote HistoryOriginally Posted By Brok3n: Originally Posted By broken_reticle: Originally Posted By wookie1562:
https://pbs.twimg.com/media/GLV87ChWUAEHIep?format=jpg&name=small Investors starting to bail. And hopefully yankees going home. Hurricane insurance playing a factor too? What is up with Nevada? CA exodus? eta: https://knpr.org/show/knprs-state-of-nevada/2024-04-16/whats-the-state-of-southern-nevadas-housing-market High home prices persist in Nevada, and nobody thinks they're coming down. Jonathan Gedde, founder and CEO of Simpli Mortgage and Jerry Abbott, a real estate agent with Summit Properties, joined State of Nevada host Joe Schoenmann to talk about the topsy-turvy world of Nevada real estate. Home prices are still increasing, with the median this month at around $466,000. To afford that, household incomes need to be $111,000 or more. At the same time, Gedde said mortgage rates are at about 7.5 percent. That also represents an increase. Even so, Abbott said that hasn't stopped "droves" of Californians from coming here and buying homes. "Las Vegas is California 2.0," said Abbott. "They are without a doubt the biggest driver as to why home prices in Las Vegas have skyrocketed. When you have so many wealthy people who can pay cash, it really destroys the ability for the average person to buy a home." As someone who lives in Las Vegas the medium home price has more than doubled in 3 short years. TBH I don't come across that many California's other then the ones visiting or they all change their license plates real quick. Really like this town but if I can't buy another rental property in the next couple years I'll invest in another location. |
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NV, USA
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Posted: 4/28/2024 4:14:25 AM EDT
[#34]
Quote HistoryOriginally Posted By wookie1562: Aka wise people https://www.visualcapitalist.com/wp-content/uploads/2023/09/Buying-vs-Renting-in-America_Sept_1-1395x1536.jpg Quote HistoryOriginally Posted By wookie1562: Originally Posted By OregonShooter: I know people that sold three years ago that are still renting waiting for the crash. Aka wise people https://www.visualcapitalist.com/wp-content/uploads/2023/09/Buying-vs-Renting-in-America_Sept_1-1395x1536.jpg |
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NV, USA
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Posted: 4/28/2024 4:21:21 AM EDT
[Last Edit: Phil_Billy]
[#35]
Quote HistoryOriginally Posted By wookie1562: Aka wise people https://www.visualcapitalist.com/wp-content/uploads/2023/09/Buying-vs-Renting-in-America_Sept_1-1395x1536.jpg Quote HistoryOriginally Posted By wookie1562: Originally Posted By OregonShooter: I know people that sold three years ago that are still renting waiting for the crash. Aka wise people https://www.visualcapitalist.com/wp-content/uploads/2023/09/Buying-vs-Renting-in-America_Sept_1-1395x1536.jpg Yeah when they move out of their rental the Landlord graciously refunds everything they spent renting. Oh wait, they don't! Renting is litterally throwing your money away there is literally nothing "wise" about that. It almost every situation it's a better deal to at least purchase a condo instead of renting an apartment. My mortgage on a condo is half of the cost of renting the same sized apartment. When I move out I also have the option to either get all my money back and then some or rent it to some sucker errr "wise" person and pocket all the extra cash. It makes even less sense to sell a paid off house and invest it since now you are spending your returns on rent and losing the equity you would of gained in your house. It's a double loss. I could see buying a smaller property and then investing the rest. That would make a lot more financial sense. I really cringe at some of the financial advice in GD. |
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Posted: 4/28/2024 5:19:59 AM EDT
[#36]
Quote HistoryOriginally Posted By Phil_Billy: Yeah when they move out of their rental the Landlord graciously refunds everything they spent renting. Oh wait, they don't! Renting is litterally throwing your money away there is literally nothing "wise" about that. It almost every situation it's a better deal to at least purchase a condo instead of renting an apartment. My mortgage on a condo is half of the cost of renting the same sized apartment. When I move out I also have the option to either get all my money back and then some or rent it to some sucker errr "wise" person and pocket all the extra cash. It makes even less sense to sell a paid off house and invest it since now you are spending your returns on rent and losing the equity you would of gained in your house. It's a double loss. I could see buying a smaller property and then investing the rest. That would make a lot more financial sense. I really cringe at some of the financial advice in GD. You can't make blanket statements like they are fact. The real answer is it depends and it depends on a person's location and personal goals. |
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Posted: 4/28/2024 7:14:09 AM EDT
[#37]
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Posted: 4/28/2024 7:43:49 AM EDT
[#38]
https://www.redfin.com/news/housing-market-tracker-march-2024/
The insurance crisis in Florida is also throwing a wrench into home purchases and in some cases delaying deals. Nearly three-quarters of Florida homeowners say they or the area they live in has been affected by rising home insurance costs or changes in coverage, a recent Redfin survey found. “One of our agents is representing a buyer who thought he’d be able to get insurance for $2,000 per year—the rate the existing homeowner has. But he found out at the eleventh hour that his insurance will be $4,000 because the house has had water damage. We’re seeing sellers offer a lot of concessions to hold deals together,” said Auciello, whose own home insurance is now $14,000 a year all in, up from around $8,000 two years ago. “We’re at an inflection point. A hefty insurance bill isn’t always a big deal for a luxury buyer, but it can be a really big issue for someone buying a waterfront home on a smaller budget.” Price drops: Of the 10 metro areas where sellers were most likely to cut their list prices, five are in Florida and two are in Texas. In North Port-Sarasota, 48% of listings had a price cut—the highest share in the country. Next came Tampa (44%), Indianapolis (43%), Cape Coral (41%), Denver (37%), Orlando (35%), Portland, OR (34%), Houston (33%), San Antonio (33%) and Jacksonville, FL (33%). Prices: Median sale prices fell from a year earlier in three metros, one of which is in Florida and one of which is in Texas: North Port-Sarasota (-4.6%), Oklahoma City (-1.5%) and San Antonio (-0.3%). Prices climbed least in Austin, TX (0%), El Paso, TX (0.5%), Memphis, TN (0.7%), Tampa (1.1%), Salt Lake City (1.1%), Omaha, NE (1.2%) and Charleston, SC (1.2%). Speed of sales: Of the 10 metros that saw the biggest upticks in median days on market, two are in Florida and two are in Texas: In Cape Coral, the typical home took 31 more days to sell than a year earlier—the largest jump in the nation. Next came North Port-Sarasota (20), McAllen (20), New Orleans (18), Tulsa, OK (13), Cincinnati (13), San Antonio (10), Greensboro, NC (8), Honolulu (7) and Knoxville (7). |
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USA
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Posted: 4/28/2024 8:34:34 AM EDT
[#39]
Quote HistoryOriginally Posted By Win1300: https://www.redfin.com/news/housing-market-tracker-march-2024/ The insurance crisis in Florida is also throwing a wrench into home purchases and in some cases delaying deals. Nearly three-quarters of Florida homeowners say they or the area they live in has been affected by rising home insurance costs or changes in coverage, a recent Redfin survey found. “One of our agents is representing a buyer who thought he’d be able to get insurance for $2,000 per year—the rate the existing homeowner has. But he found out at the eleventh hour that his insurance will be $4,000 because the house has had water damage. We’re seeing sellers offer a lot of concessions to hold deals together,” said Auciello, whose own home insurance is now $14,000 a year all in, up from around $8,000 two years ago. “We’re at an inflection point. A hefty insurance bill isn’t always a big deal for a luxury buyer, but it can be a really big issue for someone buying a waterfront home on a smaller budget.” Price drops: Of the 10 metro areas where sellers were most likely to cut their list prices, five are in Florida and two are in Texas. In North Port-Sarasota, 48% of listings had a price cut—the highest share in the country. Next came Tampa (44%), Indianapolis (43%), Cape Coral (41%), Denver (37%), Orlando (35%), Portland, OR (34%), Houston (33%), San Antonio (33%) and Jacksonville, FL (33%). Prices: Median sale prices fell from a year earlier in three metros, one of which is in Florida and one of which is in Texas: North Port-Sarasota (-4.6%), Oklahoma City (-1.5%) and San Antonio (-0.3%). Prices climbed least in Austin, TX (0%), El Paso, TX (0.5%), Memphis, TN (0.7%), Tampa (1.1%), Salt Lake City (1.1%), Omaha, NE (1.2%) and Charleston, SC (1.2%). Speed of sales: Of the 10 metros that saw the biggest upticks in median days on market, two are in Florida and two are in Texas: In Cape Coral, the typical home took 31 more days to sell than a year earlier—the largest jump in the nation. Next came North Port-Sarasota (20), McAllen (20), New Orleans (18), Tulsa, OK (13), Cincinnati (13), San Antonio (10), Greensboro, NC (8), Honolulu (7) and Knoxville (7). Many different factors like this affecting housing affordability. Not looking forward to the insurance rate hikes after the devastating tornadoes in my AO - and in the MidWest in general. We just had a rate hike last month… 
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Posted: 4/28/2024 8:52:27 AM EDT
[#40]
Quote HistoryOriginally Posted By Win1300: https://www.redfin.com/news/housing-market-tracker-march-2024/ The insurance crisis in Florida is also throwing a wrench into home purchases and in some cases delaying deals. Nearly three-quarters of Florida homeowners say they or the area they live in has been affected by rising home insurance costs or changes in coverage, a recent Redfin survey found. “One of our agents is representing a buyer who thought he’d be able to get insurance for $2,000 per year—the rate the existing homeowner has. But he found out at the eleventh hour that his insurance will be $4,000 because the house has had water damage. We’re seeing sellers offer a lot of concessions to hold deals together,” said Auciello, whose own home insurance is now $14,000 a year all in, up from around $8,000 two years ago. “We’re at an inflection point. A hefty insurance bill isn’t always a big deal for a luxury buyer, but it can be a really big issue for someone buying a waterfront home on a smaller budget.” Price drops: Of the 10 metro areas where sellers were most likely to cut their list prices, five are in Florida and two are in Texas. In North Port-Sarasota, 48% of listings had a price cut—the highest share in the country. Next came Tampa (44%), Indianapolis (43%), Cape Coral (41%), Denver (37%), Orlando (35%), Portland, OR (34%), Houston (33%), San Antonio (33%) and Jacksonville, FL (33%). Prices: Median sale prices fell from a year earlier in three metros, one of which is in Florida and one of which is in Texas: North Port-Sarasota (-4.6%), Oklahoma City (-1.5%) and San Antonio (-0.3%). Prices climbed least in Austin, TX (0%), El Paso, TX (0.5%), Memphis, TN (0.7%), Tampa (1.1%), Salt Lake City (1.1%), Omaha, NE (1.2%) and Charleston, SC (1.2%). Speed of sales: Of the 10 metros that saw the biggest upticks in median days on market, two are in Florida and two are in Texas: In Cape Coral, the typical home took 31 more days to sell than a year earlier—the largest jump in the nation. Next came North Port-Sarasota (20), McAllen (20), New Orleans (18), Tulsa, OK (13), Cincinnati (13), San Antonio (10), Greensboro, NC (8), Honolulu (7) and Knoxville (7). Add in property taxe hikes as well and STR operators are getting squeezed. That will lift inventory as they bail. |
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MO, USA
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Posted: 4/28/2024 8:59:38 AM EDT
[#41]
Quote HistoryOriginally Posted By brianm: It seems like a sellers market in my area. Just sold mine quick for over asking. Now you get to buy over asking? |
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Posted: 4/28/2024 9:54:03 AM EDT
[#42]
Quote HistoryOriginally Posted By exponentialpi: Add in property taxe hikes as well and STR operators are getting squeezed. That will lift inventory as they bail. Don't forget HOA dues and HOA special assessments as well. Using Cape Coral FL as an example. Plug into zillow Cape Coral, FL, select hometype = Condo. No other filters. There are currently 394 listings. Add in another filter for "highest monthly HOA = $500" and the field gets dropped to 79 listings. Bump the monthly HOA upper limit to 700 and now you have 166 listings. This to me is insane. Property taxes of almost $6500/yr. Plus monthly HOA of $602 - so almost $14,000 per year for 2 bed/2 bath 1300 sq ft. https://www.zillow.com/homedetails/4019-SE-20th-Pl-APT-503-Cape-Coral-FL-33904/45413935_zpid/ |
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Posted: 4/28/2024 10:06:16 AM EDT
[#43]
Quote HistoryOriginally Posted By The_Master_Shake: I'm just your average GD regard. What is this chart showing us? It looks like total home listings are relatively static for the last 2 years (since summer of 22) The number of newly built homes on the market is up along with the total number of homes for sale... but the number of "used" homes hasn't gone up much at all. This is probably because people living in those homes purchased or refinanced when rates are around 3% and they will never sell those homes without a significant life event such as divorce or death. I'm in the latter camp but I refinanced knowing I was staying put for at least 15 years anyway. Some of those people in prior years would have sold and upsized but they're not willing to do so if their monthly payment increases 3-4 times when they're only getting 50% more house. |
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Posted: 4/28/2024 10:38:09 AM EDT
[#44]
Quote HistoryOriginally Posted By Phil_Billy: Yeah when they move out of their rental the Landlord graciously refunds everything they spent renting. Oh wait, they don't! Renting is litterally throwing your money away there is literally nothing "wise" about that. It almost every situation it's a better deal to at least purchase a condo instead of renting an apartment. My mortgage on a condo is half of the cost of renting the same sized apartment. When I move out I also have the option to either get all my money back and then some or rent it to some sucker errr "wise" person and pocket all the extra cash. It makes even less sense to sell a paid off house and invest it since now you are spending your returns on rent and losing the equity you would of gained in your house. It's a double loss. I could see buying a smaller property and then investing the rest. That would make a lot more financial sense. I really cringe at some of the financial advice in GD. Quote HistoryOriginally Posted By Phil_Billy: Originally Posted By wookie1562: Originally Posted By OregonShooter: I know people that sold three years ago that are still renting waiting for the crash. Aka wise people https://www.visualcapitalist.com/wp-content/uploads/2023/09/Buying-vs-Renting-in-America_Sept_1-1395x1536.jpg Yeah when they move out of their rental the Landlord graciously refunds everything they spent renting. Oh wait, they don't! Renting is litterally throwing your money away there is literally nothing "wise" about that. It almost every situation it's a better deal to at least purchase a condo instead of renting an apartment. My mortgage on a condo is half of the cost of renting the same sized apartment. When I move out I also have the option to either get all my money back and then some or rent it to some sucker errr "wise" person and pocket all the extra cash. It makes even less sense to sell a paid off house and invest it since now you are spending your returns on rent and losing the equity you would of gained in your house. It's a double loss. I could see buying a smaller property and then investing the rest. That would make a lot more financial sense. I really cringe at some of the financial advice in GD. My mortgage is $2170/month on a 30 year FRM. I pay $3170/month to pay it off in 12 years rather than 30 years. There is a house down the street from me, roughly the same design and layout, that is advertised as available for rent for $1850/month. Now, 3170/month for 12 years equals out to $456,480. Yes, I know that I won't actually pay $456K for my house, due to the extra being thrown at the principle and how amortization works. According to the online calculator, I will pay roughly $403,000, after which I will own my own home at the age of 59. $1850/month for 12 years equals out to $266,400, after which the renters will still be renting, assuming that they stay in the same house for 12 years, and assuming that the LL does not increase the cost of rent in that time. |
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Posted: 4/28/2024 11:09:52 AM EDT
[#45]
Quote HistoryOriginally Posted By Kitulu: My mortgage is $2170/month on a 30 year FRM. I pay $3170/month to pay it off in 12 years rather than 30 years. There is a house down the street from me, roughly the same design and layout, that is advertised as available for rent for $1850/month. Now, 3170/month for 12 years equals out to $456,480. Yes, I know that I won't actually pay $456K for my house, due to the extra being thrown at the principle and how amortization works. According to the online calculator, I will pay roughly $403,000, after which I will own my own home at the age of 59. $1850/month for 12 years equals out to $266,400, after which the renters will still be renting, assuming that they stay in the same house for 12 years, and assuming that the LL does not increase the cost of rent in that time. |
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Posted: 4/28/2024 11:26:22 AM EDT
[#46]
Quote HistoryOriginally Posted By Bubbles: The number of newly built homes on the market is up along with the total number of homes for sale... but the number of "used" homes hasn't gone up much at all. This is probably because people living in those homes purchased or refinanced when rates are around 3% and they will never sell those homes without a significant life event such as divorce or death. I'm in the latter camp but I refinanced knowing I was staying put for at least 15 years anyway. Some of those people in prior years would have sold and upsized but they're not willing to do so if their monthly payment increases 3-4 times when they're only getting 50% more house. Appreciate you |
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WA, USA
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Posted: 4/28/2024 11:56:31 AM EDT
[#47]
Quote HistoryOriginally Posted By mpatch: One thing you failed to mention is maintenance cost. The person renting won't have to pay any of that. Except they will when it gets added to the rental price. |
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Posted: 4/28/2024 12:14:47 PM EDT
[#48]
Quote HistoryOriginally Posted By gmtech: Except they will when it gets added to the rental price. Remember all those millions of people with no mortgage or low interest rates? They don't have to raise rents as high as people who have purchased at peak bubble in the last several years. Rents don't always go up, sometimes they go down. A phenomena that many landlords are unprepared for.   |
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Posted: 4/28/2024 12:20:10 PM EDT
[#49]
Quote HistoryOriginally Posted By gmtech: Except they will when it gets added to the rental price. Quote HistoryOriginally Posted By gmtech: Originally Posted By mpatch: One thing you failed to mention is maintenance cost. The person renting won't have to pay any of that. Except they will when it gets added to the rental price. It's also not like I'm throwing thousands of dollars at maintenance every month. Roof is 4 years old, HVAC and water heater are brand new. |
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Posted: 4/28/2024 12:29:20 PM EDT
[#50]
Quote HistoryOriginally Posted By Kitulu: My mortgage is $2170/month on a 30 year FRM. I pay $3170/month to pay it off in 12 years rather than 30 years. There is a house down the street from me, roughly the same design and layout, that is advertised as available for rent for $1850/month. Now, 3170/month for 12 years equals out to $456,480. Yes, I know that I won't actually pay $456K for my house, due to the extra being thrown at the principle and how amortization works. According to the online calculator, I will pay roughly $403,000, after which I will own my own home at the age of 59. $1850/month for 12 years equals out to $266,400, after which the renters will still be renting, assuming that they stay in the same house for 12 years, and assuming that the LL does not increase the cost of rent in that time. $1k/month invested in risk-free treasuries at 5% returns 192k after 12 years. That's cash money and one doesn't have to sell or leverage their home to realize it. Lots of Americans addicted to their home value. It's just somewhere to live. |
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