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More sellers desperate in Florida…
https://www.newsweek.com/florida-house-prices-fall-homeowners-try-sell-1879096
he buyer has always paid ALL the commission and still will. They have the money to purchase. This has been a massive misnomer with RE. No one gets paid without a buyer. Commissions, attorneys, lenders, inspectors, listing agents, etc.
I'm in Florida and the post above about "a problem" and "boomers dying" is incorrect.
The boomers are a gigantic demographic and they aren't dead yet.
The boomers with money are still flooding into Florida.
Florida and Arizona are going to take a slight hit. Not a crash, but the next 10-20 years as they die off is going to move housing in those areas.
Swfl says
More sellers desperate in Florida…
https://www.newsweek.com/florida-house-prices-fall-homeowners-try-sell-1879096
Florida has a boomers starting to die problem. Probably not enough from the north coming in any more to suck up inventory. Retirement regions could take a hit.
This here is proof positive of two things:
1) Fed told Team Biden to not count on a rate cut...or any 'rate cut' beyond mere tokenism.
2) The Bidenites are fucking desperate for sure.
https://www.foxbusiness.com/economy/mortgage-rates-stay-above-6-through-2025-fannie-mae-says
Mortgage rates to stay above 6% through 2025, Fannie Mae says
https://www.foxbusiness.com/economy/mortgage-rates-stay-above-6-through-2025-fannie-mae-says
Mortgage rates to stay above 6% through 2025, Fannie Mae says
For every 1% increase in the 30 yr mortgage rate, there should be a 10% drop in home prices.
AD says
For every 1% increase in the 30 yr mortgage rate, there should be a 10% drop in home prices.
I presume you mean that for every 1% increase in the 30 yr mortgage rate, there should be a 10% drop in price to maintain the same monthly payment. If inflation and other factors keep the house prices elevated despite the rate increases, then people will continue to rent, settle for smaller houses, or double up.
At the same time, the median sale price of the new homes sold last month dropped nearly 4 percent, from an upwardly revised $414,900 in January to $400,500 in February and was down 7.6 percent on a year-over-year basis and nearly 20 percent below its fourth quarter of 2022 peak, with inventory levels, which are over 40 percent higher than prior to the pandemic, having ticked up another percent to within a percent of a 16-year high, despite continued misreporting of “supply constraints” in the press, none of which should catch any plugged-in reader’s by surprise.
Thanks to rising home prices and elevated mortgage rates, it’s now cheaper to rent than it is to buy a home in all of America’s biggest metropolitan areas
but at least it gets a few of the facts right.
Patrick, they still charging ~2021 rental rates
Because building is too expensive and there's no labor force for it.
There are innovation ideas which have worked for many years like this:
Don't want to dox myself too much
WRONG, yes you do want to dox yourself here.
https://nakedemperor.substack.com/p/this-weeks-must-reads-25-31-march
But the housing experts on PatNet said...
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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.