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100
HeadSet
2023 May 26, 6:41am
HeadSet
2023 May 26, 6:41am
WookieMan says
When I was in England, I noticed that the "Estate Agents" did the job for 1%. They did not multi-list, when a buyer goes to the Estate Agent office, he sees the catalogue of available houses and is driven to the ones he/she chooses.
Sellers AND buyers need to negotiate the pay structure better.
When I was in England, I noticed that the "Estate Agents" did the job for 1%. They did not multi-list, when a buyer goes to the Estate Agent office, he sees the catalogue of available houses and is driven to the ones he/she chooses.
101
HeadSet
2023 May 26, 6:51am
HeadSet
2023 May 26, 6:51am
WookieMan says
Correct, because the overwhelming amount of buyers reflexively call a Realtor when they are serious about buying. If you FSBO, you will get a ton of calls from Realtors trying to get you to list, plus calls from half serious bargain hunters who will not buy without deep discounts. Of the 10 or so houses I have sold, I was only able to sell one FSBO, and that was to a couple with a medical bankruptcy that I spent about a month convincing the bank to give them the loan. On other homes, however, I was able to get the Realtor fee down to 4% (1% to the lister, 3% to selling agent).
And 9 out of 10 times you'll end up paying a buyers broker either way.
Correct, because the overwhelming amount of buyers reflexively call a Realtor when they are serious about buying. If you FSBO, you will get a ton of calls from Realtors trying to get you to list, plus calls from half serious bargain hunters who will not buy without deep discounts. Of the 10 or so houses I have sold, I was only able to sell one FSBO, and that was to a couple with a medical bankruptcy that I spent about a month convincing the bank to give them the loan. On other homes, however, I was able to get the Realtor fee down to 4% (1% to the lister, 3% to selling agent).
102
AmericanKulak
2023 May 26, 4:49pm
AmericanKulak
2023 May 26, 4:49pm
Back to the OP:
"Some person about age 30 with Dreadlocks with bad skin and wrinkles like they're about 50, giving you health and supplement advice"
"Some person about age 30 with Dreadlocks with bad skin and wrinkles like they're about 50, giving you health and supplement advice"
103
Booger
2023 May 26, 4:52pm
Booger
2023 May 26, 4:52pm
HeadSet says
That's the real problem!
Correct, because the overwhelming amount of buyers reflexively call a Realtor when they are serious about buying.
That's the real problem!
106
zzyzzx
2023 Jul 7, 11:08am
zzyzzx
2023 Jul 7, 11:08am
https://www.reddit.com/r/findapath/comments/14sboaf/wtf_do_i_do_exiting_sales/
Wtf do I do? Exiting sales.
I'm 33yo and have worked in sales (realtor) for the past 7 years making $100-120k the past four years. Recently the market shifted and last year I made almost no money ($20k). I can’t keep living without a base pay or benefits. COVID and high interest rates have completely wiped out all of my business twice and I can’t keep living like this.
I’ve been applying for 20-30 jobs a day (sometimes way more) for almost a year and have gotten two interviews (both with a referal from someone at the company) and one with out a referral/completely random.
I have gotten through 4 interviews at one company. Ended up going with other candidate.
Through two interviews at two other companies. Ended up going another direction.
Idk what to do or why I can’t get jobs for literally 50% of what I was making. I wear a suit and prepare by knowing my resume/situational questions, read the whole website any info I can find on the companies I’m interviewing at. I’m interviewing for jobs for $55k not $100k. I’d love to be around $70k but that seems like a pipe dream. I feel like a fucking loser from going $120k to not even being able to make $60k.
I feel like it’s a doubled edged sword and people don’t see realtors as having a real job but I worked all day everyday to get where I was to the point it was ruining my relationships because all I’d do is work. But I think employers see realtors as “anyone can do it”.
So I started putting in my cover letter my stats and how I made over $100k four years in a row and was top 20% of agents nationally four years in a row with one of those years being in the top 5%. I knew it seemed “cocky” but I have no other way to show I was good at what I did and being modest/not having that in there wasn’t working either. After three months still no replies and just countless rejection emails.
I’m out of ideas and feeling lost, pathetic and hopeless.
I’m applying for recruiting jobs, project management, logistics, sales, business development, account management, operations. Can’t get nothing.
Any advice of any other industries I’m not thinking of to target? Words of encouragement are strongly welcomed.
Wtf do I do? Exiting sales.
I'm 33yo and have worked in sales (realtor) for the past 7 years making $100-120k the past four years. Recently the market shifted and last year I made almost no money ($20k). I can’t keep living without a base pay or benefits. COVID and high interest rates have completely wiped out all of my business twice and I can’t keep living like this.
I’ve been applying for 20-30 jobs a day (sometimes way more) for almost a year and have gotten two interviews (both with a referal from someone at the company) and one with out a referral/completely random.
I have gotten through 4 interviews at one company. Ended up going with other candidate.
Through two interviews at two other companies. Ended up going another direction.
Idk what to do or why I can’t get jobs for literally 50% of what I was making. I wear a suit and prepare by knowing my resume/situational questions, read the whole website any info I can find on the companies I’m interviewing at. I’m interviewing for jobs for $55k not $100k. I’d love to be around $70k but that seems like a pipe dream. I feel like a fucking loser from going $120k to not even being able to make $60k.
I feel like it’s a doubled edged sword and people don’t see realtors as having a real job but I worked all day everyday to get where I was to the point it was ruining my relationships because all I’d do is work. But I think employers see realtors as “anyone can do it”.
So I started putting in my cover letter my stats and how I made over $100k four years in a row and was top 20% of agents nationally four years in a row with one of those years being in the top 5%. I knew it seemed “cocky” but I have no other way to show I was good at what I did and being modest/not having that in there wasn’t working either. After three months still no replies and just countless rejection emails.
I’m out of ideas and feeling lost, pathetic and hopeless.
I’m applying for recruiting jobs, project management, logistics, sales, business development, account management, operations. Can’t get nothing.
Any advice of any other industries I’m not thinking of to target? Words of encouragement are strongly welcomed.
107
richwicks
2023 Jul 7, 11:41am
richwicks
2023 Jul 7, 11:41am
zzyzzx says
I can give him some advice - an employer won't hire somebody that thinks will bail when there's a better opportunity.
I, for example, can do any job doing grunt work, but I wouldn't tout my engineering experience or my previous salary if I left the field to do something else.
So I started putting in my cover letter my stats and how I made over $100k four years in a row and was top 20% of agents nationally four years in a row with one of those years being in the top 5%. I knew it seemed “cocky” but I have no other way to show I was good at what I did and being modest/not having that in there wasn’t working either. After three months still no replies and just countless rejection emails.
I can give him some advice - an employer won't hire somebody that thinks will bail when there's a better opportunity.
I, for example, can do any job doing grunt work, but I wouldn't tout my engineering experience or my previous salary if I left the field to do something else.
109
WookieMan
2023 Jul 7, 12:25pm
WookieMan
2023 Jul 7, 12:25pm
zzyzzx says
This guy is full of shit. You don't go from selling probably $6-7M gross to under $1-1.5M gross once you factor in the brokerage cut. I wasn't sales, but worked in the industry during the worst housing crisis of anyone living right now (Great Depression they would have been kids). He clearly sucks at his job and maybe got lucky for 5-6 years and tapped out his network and family.
Also, you can get a $50-60k job tomorrow at the post office if you've got a clean record. Pension, good healthcare, etc. There's really no excuse to not be able to get a job. Businesses are desperate in the midwest for employees. Or maybe the dude needs to move. A 33 year old should be smarter than that in my opinion.
We have a friend that's been bouncing around like 7 jobs in the last 5 years. He wants to do sales. He sucks at it. He's unlikable in that realm. He thinks he's a big deal and he's just not. Don't know if the dude even makes $20k/yr. Lives with his parents. 33. Sounds like this guy. Had 1 or 2 good years and thinks he's king shit of fuck mountain.
I'm 33yo and have worked in sales (realtor) for the past 7 years making $100-120k the past four years. Recently the market shifted and last year I made almost no money ($20k).
This guy is full of shit. You don't go from selling probably $6-7M gross to under $1-1.5M gross once you factor in the brokerage cut. I wasn't sales, but worked in the industry during the worst housing crisis of anyone living right now (Great Depression they would have been kids). He clearly sucks at his job and maybe got lucky for 5-6 years and tapped out his network and family.
Also, you can get a $50-60k job tomorrow at the post office if you've got a clean record. Pension, good healthcare, etc. There's really no excuse to not be able to get a job. Businesses are desperate in the midwest for employees. Or maybe the dude needs to move. A 33 year old should be smarter than that in my opinion.
We have a friend that's been bouncing around like 7 jobs in the last 5 years. He wants to do sales. He sucks at it. He's unlikable in that realm. He thinks he's a big deal and he's just not. Don't know if the dude even makes $20k/yr. Lives with his parents. 33. Sounds like this guy. Had 1 or 2 good years and thinks he's king shit of fuck mountain.
110
Booger
2023 Jul 7, 2:16pm
Booger
2023 Jul 7, 2:16pm
richwicks says
So, they won't hire anyone??? What moron doesn't bail when a better opportunity presents itself?
I can give him some advice - an employer won't hire somebody that thinks will bail when there's a better opportunity.
So, they won't hire anyone??? What moron doesn't bail when a better opportunity presents itself?
111
zzyzzx
2023 Jul 11, 10:41am
zzyzzx
2023 Jul 11, 10:41am
https://www.reddit.com/r/RealEstate/comments/14wbkes/sellers_agent_scheming/
Seller's agent scheming?
We are currently selling our home. We bought 5 years ago at $435k and put in at least $80k towards major upgrades. Prior to signing with an agent, we met with 4 different ones who looked at comps and stated asking price would be in the $475-500 range. We signed with one who seemed the most in line with our vibes (easy to talk to, generally pleasant). She gave us a list of things to complete (repainting home, resurfacing pool, etc.) in order to list at our "ideal price" (which we did).When it came time to list, she waited until the day she was going "live" to give us an exact price but kept stating price range of $465-485. Day of listing (3 weeks ago) she tells us it's $450 because the market has slowed and insurance/interest rates are high and our roof is aging. We agreed to $454 bc we trusted her judgment and don't have insight into other info. The house went under contract within 48 hours. It meets the asking price and agrees to beat any offer up to $465 by $1000. Although they state this, our agent cancels all other showings that were arranged. During inspection, buyer asked for a check at closing for $34k for new roof (although agent didnt give us any inspection reports or the buyers response to inspection) . Our agent has been pressuring us to agree and "wash our hands of it." If we did go through with that, our total would come out at $410 for a house we paid $435 for 5 years ago and invested alot into. Also, there are no issues with the roof, its just old. We started reaching out to everyone we could to ask about the situation bc it felt really off for us that she was pressuring this when we were losing so much. We find out that the buyers agent is working for same broker as ours and they are definitely bffs. In talking to other agents/contractors/a different broker, we were given comps and told that the $454k is insanely low for our home that is in incredibly valuable location and is completely updated (most said $485k would be appropriate. We were told by multiple knowledgeable people that something seems fishy and we should try to back out. She didn't continue showings after the offer, she didn't fully inform us of price until last minute, and is seeming to not act in our best interest at all. Based on the info, we told her no to all concessions and she flipped out on us. We just feel really weird about all of this. Sorry it's been such a lengthy post, but we're hoping to get feedback on if this warrants further investigation and if so, how would we go about it. I guess it is too late to back out from contract if buyers agree to no concessions, but if they walk, we feel it's best for us to cut ties and work with a realtor who is working in our best interest. I feel like she won't honor that request so is there a way around that?
Seller's agent scheming?
We are currently selling our home. We bought 5 years ago at $435k and put in at least $80k towards major upgrades. Prior to signing with an agent, we met with 4 different ones who looked at comps and stated asking price would be in the $475-500 range. We signed with one who seemed the most in line with our vibes (easy to talk to, generally pleasant). She gave us a list of things to complete (repainting home, resurfacing pool, etc.) in order to list at our "ideal price" (which we did).When it came time to list, she waited until the day she was going "live" to give us an exact price but kept stating price range of $465-485. Day of listing (3 weeks ago) she tells us it's $450 because the market has slowed and insurance/interest rates are high and our roof is aging. We agreed to $454 bc we trusted her judgment and don't have insight into other info. The house went under contract within 48 hours. It meets the asking price and agrees to beat any offer up to $465 by $1000. Although they state this, our agent cancels all other showings that were arranged. During inspection, buyer asked for a check at closing for $34k for new roof (although agent didnt give us any inspection reports or the buyers response to inspection) . Our agent has been pressuring us to agree and "wash our hands of it." If we did go through with that, our total would come out at $410 for a house we paid $435 for 5 years ago and invested alot into. Also, there are no issues with the roof, its just old. We started reaching out to everyone we could to ask about the situation bc it felt really off for us that she was pressuring this when we were losing so much. We find out that the buyers agent is working for same broker as ours and they are definitely bffs. In talking to other agents/contractors/a different broker, we were given comps and told that the $454k is insanely low for our home that is in incredibly valuable location and is completely updated (most said $485k would be appropriate. We were told by multiple knowledgeable people that something seems fishy and we should try to back out. She didn't continue showings after the offer, she didn't fully inform us of price until last minute, and is seeming to not act in our best interest at all. Based on the info, we told her no to all concessions and she flipped out on us. We just feel really weird about all of this. Sorry it's been such a lengthy post, but we're hoping to get feedback on if this warrants further investigation and if so, how would we go about it. I guess it is too late to back out from contract if buyers agree to no concessions, but if they walk, we feel it's best for us to cut ties and work with a realtor who is working in our best interest. I feel like she won't honor that request so is there a way around that?
112
zzyzzx
2023 Jul 11, 10:52am
zzyzzx
2023 Jul 11, 10:52am
https://www.reddit.com/r/RealEstate/comments/149flse/can_a_realtor_force_you_to_choose_offer/
Can a realtor force you to choose offer
Girlfriends mom had to list her house due to a divorce. She wanted to list the house for 950k but the realtor listed it for 850k saying that there will be a bidding war. There are now offers for 850k and 855k but the mom wants to hold off for 950k. The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.
What are gf’s moms options? This is in NJ and none of us very familiar with the buying/selling process. Thanks for any advice.
Can a realtor force you to choose offer
Girlfriends mom had to list her house due to a divorce. She wanted to list the house for 950k but the realtor listed it for 850k saying that there will be a bidding war. There are now offers for 850k and 855k but the mom wants to hold off for 950k. The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.
What are gf’s moms options? This is in NJ and none of us very familiar with the buying/selling process. Thanks for any advice.
113
gabbar
2023 Jul 11, 10:55am
gabbar
2023 Jul 11, 10:55am
zzyzzx says
The real estate agent is fear mongering. Buy time and then don't renew with her. IMO
The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.
The real estate agent is fear mongering. Buy time and then don't renew with her. IMO
114
HeadSet
2023 Jul 14, 2:40pm
HeadSet
2023 Jul 14, 2:40pm
zzyzzx says
Yes, if the broker bought in a buyer who was "ready, willing and able" to buy under the terms of the contract then you owe the commission. You do not owe if the broker brings a buyer that wants extras such as that new roof as a contingency. Hopefully you have a short listing period so you can dump this realtor if she does not bring in a buyer under the terms of the listing agreement.
I guess it is too late to back out from contract if buyers agree to no concessions
Yes, if the broker bought in a buyer who was "ready, willing and able" to buy under the terms of the contract then you owe the commission. You do not owe if the broker brings a buyer that wants extras such as that new roof as a contingency. Hopefully you have a short listing period so you can dump this realtor if she does not bring in a buyer under the terms of the listing agreement.
115
HeadSet
2023 Jul 14, 2:45pm
HeadSet
2023 Jul 14, 2:45pm
zzyzzx says
The realtor will win in court. If you listed for $850k and the realtor brought in a buyer "ready willing and able" to buy at $855k without other contingencies, you owe the commission. What matters is what is written in the listing contract, as written beats oral in contracts.
Girlfriends mom had to list her house due to a divorce. She wanted to list the house for 950k but the realtor listed it for 850k saying that there will be a bidding war. There are now offers for 850k and 855k but the mom wants to hold off for 950k. The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.
The realtor will win in court. If you listed for $850k and the realtor brought in a buyer "ready willing and able" to buy at $855k without other contingencies, you owe the commission. What matters is what is written in the listing contract, as written beats oral in contracts.
116
richwicks
2023 Jul 14, 2:53pm
richwicks
2023 Jul 14, 2:53pm
Booger says
I'm an engineer. If I went to work at a Pizza Shop, I would NOT include my engineering experience on a resume.
So, they won't hire anyone??? What moron doesn't bail when a better opportunity presents itself?
I'm an engineer. If I went to work at a Pizza Shop, I would NOT include my engineering experience on a resume.
117
WookieMan
2023 Jul 14, 2:56pm
WookieMan
2023 Jul 14, 2:56pm
HeadSet says
There's so much to a RE contract and listing agreement to weasel your way out of it. And no chance the realtor would waste the attorney fees to try and get money out of it. Gabbar is right, it's all bluster. Going to court doesn't get you more listings or buyers. It sucks time.
The only time someone gets money generally, is on disclosure lies by the seller. Move after closing and there's a heavy rain and the place floods. Talk to the neighbor and they're like yeah, the previous owner was always bitching about the flooding.
The other thing is 99% of realtors don't fill out listing agreements properly. Yes, they're that stupid. All it takes is one blank they F up on and you don't owe shit to anyone.
zzyzzx says
Girlfriends mom had to list her house due to a divorce. She wanted to list the house for 950k but the realtor listed it for 850k saying that there will be a bidding war. There are now offers for 850k and 855k but the mom wants to hold off for 950k. The realtor is now upset saying this is not how this works and that she has to pick an offer or she will sue for fees.
The realtor will win in court. If you listed for $850k and the realtor brought in a buyer "ready willing and able" to buy at $855k without other contingencies, you owe the commission. What matters is what is written in the listing contract, as written beats oral in contracts.
There's so much to a RE contract and listing agreement to weasel your way out of it. And no chance the realtor would waste the attorney fees to try and get money out of it. Gabbar is right, it's all bluster. Going to court doesn't get you more listings or buyers. It sucks time.
The only time someone gets money generally, is on disclosure lies by the seller. Move after closing and there's a heavy rain and the place floods. Talk to the neighbor and they're like yeah, the previous owner was always bitching about the flooding.
The other thing is 99% of realtors don't fill out listing agreements properly. Yes, they're that stupid. All it takes is one blank they F up on and you don't owe shit to anyone.
118
zzyzzx
2023 Aug 23, 11:47am
zzyzzx
2023 Aug 23, 11:47am
Miami Real Estate Broker gets 3.5 years for Covid relief fraud
https://people.com/real-estate-broker-who-misused-covid-relief-funds-jailed-for-3-5-years-7724766
Article worth reading just for the pics.
https://people.com/real-estate-broker-who-misused-covid-relief-funds-jailed-for-3-5-years-7724766
Article worth reading just for the pics.
119
Eric Holder
2023 Aug 23, 12:02pm
Eric Holder
2023 Aug 23, 12:02pm
zzyzzx says
What, onlyfans didn't work for her?
Miami Real Estate Broker gets 3.5 years for Covid relief fraud
https://people.com/real-estate-broker-who-misused-covid-relief-funds-jailed-for-3-5-years-7724766
Article worth reading just for the pics.
What, onlyfans didn't work for her?
120
zzyzzx
2023 Sep 20, 8:19am
zzyzzx
2023 Sep 20, 8:19am
Just happened to stumble across this:
https://abc7ny.com/harrahs-casino-fight-video-atlantic-city-nj-ac-police-caesars-entertainment/11335398/
No charges filed after brawl inside Atlantic City, NJ casino
ATLANTIC CITY, New Jersey -- No charges have been filed after video captured a massive brawl inside Harrah's Casino in Atlantic City.
According to one witness, the incident happened late Tuesday night while a realtors convention was being held in town.
https://abc7ny.com/harrahs-casino-fight-video-atlantic-city-nj-ac-police-caesars-entertainment/11335398/
No charges filed after brawl inside Atlantic City, NJ casino
ATLANTIC CITY, New Jersey -- No charges have been filed after video captured a massive brawl inside Harrah's Casino in Atlantic City.
According to one witness, the incident happened late Tuesday night while a realtors convention was being held in town.
121
zzyzzx
2023 Oct 2, 10:50am
zzyzzx
2023 Oct 2, 10:50am
https://www.reddit.com/r/realtors/comments/16xb04m/my_realtor_lied_to_me_and_i_lost_my_earnest_money/
My realtor lied to me and I lost my earnest money deposit
My realtor lied to me and I lost my earnest money deposit
124
GNL
2023 Oct 6, 10:14am
GNL
2023 Oct 6, 10:14am
zzyzzx says
Yet the system doesn't change. Why? Oops, I asked another question. 😬
yeah yeah.. the buyer paid, but we all know that money could have and should gone to the buyer/seller, not someone who just happened to be in the room.
Yet the system doesn't change. Why? Oops, I asked another question. 😬
125
GNL
2023 Oct 6, 10:28am
GNL
2023 Oct 6, 10:28am
zzyzzx says
This is funny. We have a Realtor client who's been using us for a very long time. I've known her for 15+ years. She told me about her trip to Denver to visit her son. They got snowed in and smoked pot and did shrooms all weekend. This is a successful 60+ year old Realtor.
This is funny. We have a Realtor client who's been using us for a very long time. I've known her for 15+ years. She told me about her trip to Denver to visit her son. They got snowed in and smoked pot and did shrooms all weekend. This is a successful 60+ year old Realtor.
128
RayAmerica
2023 Oct 7, 7:31am
RayAmerica
2023 Oct 7, 7:31am
zzyzzx says
It all depends on what is stated in the purchase agreement regarding earnest money, which trumps anything and everything the agent 'said.' After the home inspection, the buyer could have made a contingency that stated that the seller was to make all of the repairs that were found in the inspection, and then enumerate each and every repair. If the seller does not agree to do all that the buyer requested, the buyer has the option to counter offer, accept, or, reject the seller's counter. At that point, if the buyer refuses the seller's counter offer on the repairs, the buyer can legally walk away and the earnest money would be returned.
The lesson to be learned is this; READ THE CONTRACT! Never trust any verbal promises or statements in any real estate transaction.
PS: I sincerely doubt that the buyer is telling the entire story, and doing so without self-serving embellishments.
https://www.reddit.com/r/realtors/comments/16xb04m/my_realtor_lied_to_me_and_i_lost_my_earnest_money/
My realtor lied to me and I lost my earnest money deposit
It all depends on what is stated in the purchase agreement regarding earnest money, which trumps anything and everything the agent 'said.' After the home inspection, the buyer could have made a contingency that stated that the seller was to make all of the repairs that were found in the inspection, and then enumerate each and every repair. If the seller does not agree to do all that the buyer requested, the buyer has the option to counter offer, accept, or, reject the seller's counter. At that point, if the buyer refuses the seller's counter offer on the repairs, the buyer can legally walk away and the earnest money would be returned.
The lesson to be learned is this; READ THE CONTRACT! Never trust any verbal promises or statements in any real estate transaction.
PS: I sincerely doubt that the buyer is telling the entire story, and doing so without self-serving embellishments.
130
zzyzzx
2023 Oct 10, 10:13am
zzyzzx
2023 Oct 10, 10:13am
https://finance.yahoo.com/news/real-estate-groups-implore-the-fed-to-stop-rate-hikes-as-housing-activity-deteriorates-161206466.html
Real estate groups implore the Fed to stop rate hikes
Real estate groups implore the Fed to stop rate hikes
132
DOGEWontAmountToShit
2023 Oct 13, 6:55am
DOGEWontAmountToShit
2023 Oct 13, 6:55am
zzyzzx says
But the Housing Experts on PatNet...
https://finance.yahoo.com/news/real-estate-groups-implore-the-fed-to-stop-rate-hikes-as-housing-activity-deteriorates-161206466.html
Real estate groups implore the Fed to stop rate hikes
But the Housing Experts on PatNet...
133
WookieMan
2023 Oct 13, 9:51am
WookieMan
2023 Oct 13, 9:51am
PedoIwog says
Has raising rates worked for anything? Prices are still higher. We have low unemployment. Inflation is still a bitch. What have higher interest rates actually done? Serious question.
Raising rates to 15% won't change a damn thing. The people 5-6% and under won't move. Inventory stays high. Nothing new can be built because of high rates. What the hell do people think is going to happen? We raised rates too fast in anticipation of a ghost financial crash. It didn't happen. Get the market rate back down to 4-5% and the market will balance out. Builders will build. We gotta stop doing thing too fast or too slow.
If people can't build you've put a ceiling on inventory levels maybe for decades because of high interest rates. Housing prices have no where to go. They'll go up even if it's minimal. They're not gonna go down in any meaningful manner anytime soon.
zzyzzx says
https://finance.yahoo.com/news/real-estate-groups-implore-the-fed-to-stop-rate-hikes-as-housing-activity-deteriorates-161206466.html
Real estate groups implore the Fed to stop rate hikes
But the Housing Experts on PatNet...
Has raising rates worked for anything? Prices are still higher. We have low unemployment. Inflation is still a bitch. What have higher interest rates actually done? Serious question.
Raising rates to 15% won't change a damn thing. The people 5-6% and under won't move. Inventory stays high. Nothing new can be built because of high rates. What the hell do people think is going to happen? We raised rates too fast in anticipation of a ghost financial crash. It didn't happen. Get the market rate back down to 4-5% and the market will balance out. Builders will build. We gotta stop doing thing too fast or too slow.
If people can't build you've put a ceiling on inventory levels maybe for decades because of high interest rates. Housing prices have no where to go. They'll go up even if it's minimal. They're not gonna go down in any meaningful manner anytime soon.
134
FortwayeAsFuckJoeBiden
2023 Oct 13, 9:54am
wookiee it has. it stopped housing inflation here in Idaho.
136
zzyzzx
2023 Oct 18, 11:55am
zzyzzx
2023 Oct 18, 11:55am
WookieMan says
They haven't raised the rates high enough and / or long enough. We have historically average interest rates. The rates aren't high unless they get much higher than they are now. Plus you have to figure that the official inflation rate is maybe only half the real inflation rate, and one needs interest rates higher than the actual inflation rate for it to work, and this hasn't been done yet.
Has raising rates worked for anything? Prices are still higher. We have low unemployment. Inflation is still a bitch. What have higher interest rates actually done? Serious question.
They haven't raised the rates high enough and / or long enough. We have historically average interest rates. The rates aren't high unless they get much higher than they are now. Plus you have to figure that the official inflation rate is maybe only half the real inflation rate, and one needs interest rates higher than the actual inflation rate for it to work, and this hasn't been done yet.
137
DOGEWontAmountToShit
2023 Oct 25, 8:15pm
DOGEWontAmountToShit
2023 Oct 25, 8:15pm
WookieMan says
Then they will raise rates until they cause a recession, like Volker did. At one point prime was 21%, I think
Reagan had an economics degree and knew it had to be done, so he agreed to it. The 1981 - 82 recession was quite harsh but short lived.
Today, various fundamentals - some of which you covered - makes it difficult for that to work this time. And they overlap. They would have to jack prime to 30% or more to crash the economy like they did in '81. But the result will not necessarily be the same. Labor shortages won't go away for a decade at least. Supply chain issues, about 3 - 5 more years but will be fixed.
Housing: at some point ppl who need to sell houses will have to sell them. .or lose them.
Has raising rates worked for anything? Prices are still higher. We have low unemployment. Inflation is still a bitch. What have higher interest rates actually done? Serious question.
Then they will raise rates until they cause a recession, like Volker did. At one point prime was 21%, I think
Reagan had an economics degree and knew it had to be done, so he agreed to it. The 1981 - 82 recession was quite harsh but short lived.
Today, various fundamentals - some of which you covered - makes it difficult for that to work this time. And they overlap. They would have to jack prime to 30% or more to crash the economy like they did in '81. But the result will not necessarily be the same. Labor shortages won't go away for a decade at least. Supply chain issues, about 3 - 5 more years but will be fixed.
Housing: at some point ppl who need to sell houses will have to sell them. .or lose them.
138
AmericanKulak
2023 Oct 25, 8:20pm
AmericanKulak
2023 Oct 25, 8:20pm
PumpingRedheads says
In 1981-82, we didn't have 100%+ of GDP in Debt or $35T in Debt.
Then they will raise rates until they cause a recession, like Volker did. At one point prime was 21%, I think
In 1981-82, we didn't have 100%+ of GDP in Debt or $35T in Debt.
139
AD
2023 Oct 25, 8:32pm
AD
2023 Oct 25, 8:32pm
PumpingRedheads says
Lets see how CPI and PCE fare. We could have +3% annual growth with only annual inflation less than 3%.
No need to raise the Fed Funds rate if inflation continues to trend lower relative to last 2 years.
.
hey would have to jack prime to 30% or more to crash the economy like they did in '81. But the result will not necessarily be the same. Labor shortages won't go away for a decade at least. Supply chain issues, about 3 - 5 more years but will be fixed.
Lets see how CPI and PCE fare. We could have +3% annual growth with only annual inflation less than 3%.
No need to raise the Fed Funds rate if inflation continues to trend lower relative to last 2 years.
.
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One of the sales wiennie's at this development was trying to get me to buy some land. I understand that is their job, but the salesman seemed to be oblivious to the economy and market. They are programmed to say "it's a great time to buy" over and over again. :-(
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