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Eman says
30-year fixed mortgage rate is below 6% for the Bay Area now.
To be fair, that 5.875% rate requires you pay 0.25 points up front. An APR "as low as" 5.992% is breaking the 6.0 barrier by the barest of margins.
In the current environment, I’m not sure it’s prudent to buy down rate as history suggests there’s a higher chance of interest rate dropping in the coming years rather than rising. Paying 4 points is a lot of money to buy down 1%
“San Jose rent growth in 2023 pacing below last year. Twelve months into the year, rents in San Jose have fallen 0.7%. From January to December 2022 rents had increased 6.1%.”
“Santa Clara County rent growth in 2023 pacing below last year. Twelve months into the year, rents in Santa Clara County have fallen 1.0%. From January to December 2022 rents had increased 8.7%.”
Eman, Venture capital money is drying up more in Silicon Valley compared to 2019-2022. Layoffs are abound in Silicon Valley 😕
We all know it, but worth repeating. A picture is worth a thousand words. The link is below too.
https://x.com/charliebilello/status/1747316842861838567?s=46&t=5lEEPaezr6Ic-W4Z6huZ5Q
These analysts are hilarious. The housing market is bottoming. 😂
https://www.marketwatch.com/story/buy-home-depots-stock-because-the-housing-market-is-bottoming-analyst-says-732d5268?siteid=msnheadlines
Eman says
We all know it, but worth repeating. A picture is worth a thousand words. The link is below too.
https://x.com/charliebilello/status/1747316842861838567?s=46&t=5lEEPaezr6Ic-W4Z6huZ5Q
What would you, as an investor, do going forward? Reading the tea leaves (the totality of the economy and the political and financial atmosphere) I'm pretty sure this is the new normal. I believe the homeownership rate is going to fall for years to come.
It may tick up and down from time to time but, the trajectory = down for a long time. IMO, of course.
There was a mainstream media headline that notes that poor Americans are benefiting from falling inflation !
There was a mainstream media headline that notes that poor Americans are benefiting from falling inflation !
There was a mainstream media headline that notes that poor Americans are benefiting from falling inflation !
There was a mainstream media headline that notes that poor Americans are benefiting from falling inflation !
does comparing median housing payment to median income make any sense?
Every house for sale I follow in wine country still sells within a few days or weeks on the market, at asking or above.
while hold home prices and 30 yr mortgage rate constant to achieve more housing affordability
Also, the coming housing bust of Boomers is NOT baked in, though known.
Meanwhile, there is an on-going "housing bust" - just not the one you're hoping for. The one we have been in for the last three years involves a complete lack of shit to sell - which, if you are a realtor making your living doing this, has been considered a "housing bust".
I think $700 billion could default… The lenders are going to have to do things with them. They're going to be selling. It's going to be a generational change in real estate coming, end of 2024 and all of 2025. We will be talking about real estate being just a massive change, $700 billion to $1 trillion in defaults coming. - Howard Lutnick
I agree and would add that although housing is the most expensive it has ever been, so is renting. If renting were dirt cheap, housing would drop significantly. People are sick and tired of ever-increasing rent increases, and buying a house largely at least gives you a predictable payment with the prospect of full ownership at the end. I know this as someone who rented most of his life and bought a house 1.5 years ago, and couldn't be happier.
For the last 18-24 months or so since interest rate went vertical and up as much as 150% from the low, the housing market has held up extremely well. I’m surprised as an investor who live and breathe real estate everyday.
This shows buyers are going to buy based on their life circumstances. Sellers have more holding power as they have locked in the low mortgage. There’s no urgency to sell unless there’s a life changing circumstance.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.