patrick.net

https://wolfstreet.com/2024/06/21/home-sales-sag-further-hit-by-mortgage-rates-price-reductions-active-listings-surge-median-price-skewed-higher-by-surge-in-high-end-sales/

Around here, there is a shortage of home listed because people do not want to sell their homes. One major reason is this example:

Current home, $1,000,000 mortgage at 2% has a monthly payment of $3,696.
Downsize home, $750,000 mortgage at 7% has a monthly payment of $4,990.

Moving to a smaller home at today's interest rates actually can increase the monthly nut and that is after costs like realtor commission and loan origination fees.

https://lamag.com/real-estate/kanye-wests-mansion-loses-18-million-in-value

Kanye West's Mansion Loses $18 Million in Value

zzyzzx says

https://lamag.com/real-estate/kanye-wests-mansion-loses-18-million-in-value

Kanye West's Mansion Loses $18 Million in Value

This kind of stuff means nothing. These high-end mansions are not moving in sync with the rest of the market because these brain dead celebrity bimbos tend to overpay when they want something now-now-NOW!

HeadSet says

Around here, there is a shortage of home listed because people do not want to sell their homes. One major reason is this example:

Current home, $1,000,000 mortgage at 2% has a monthly payment of $3,696.
Downsize home, $750,000 mortgage at 7% has a monthly payment of $4,990.

Moving to a smaller home at today's interest rates actually can increase the monthly nut and that is after costs like realtor commission and loan origination fees.

At 7%, the move down house would have to have a $375,000 mortgage if the wanted to reduce their monthly payment by $1,300 instead of increase their monthly payment by $1,300. Wow, just wow.

zzyzzx says

https://lamag.com/real-estate/kanye-wests-mansion-loses-18-million-in-value

Kanye West's Mansion Loses $18 Million in Value

I still have no idea how he became a billionaire. Through tennis shoes?
Edit: yep, just looked it up...tennis shoes mostly. Yeezy.

Looking to move to a smaller place in Yuma and put the money we'll save towards travel and savings. The place we're currently in is a bit of a dream home, but we don't need so much space, and it's not very efficient when it comes to AC. Plus we don't use the pool that often, or have people over much. Even with being picky on location(won't move within two miles of any fields due to pesticide drift), there are a lot of options. The move will save us somewhere between $300 - $600 monthly.

Still wouldn't even think about buying. Renting is WAY cheaper...

https://www.cnbc.com/2024/06/25/the-typical-newly-built-house-in-the-us-is-shrinking.html

The typical new home in the U.S. is shrinking

FL Inventory up 70% YoY.

Eric Holder says

This kind of stuff means nothing. These high-end mansions are not moving in sync with the rest of the market because these brain dead celebrity bimbos tend to overpay when they want something now-now-NOW!

YEP

The median price was skewed by a surge in sales of higher-end homes.
According to the NAR, despite the overall decline in sales, the high end was hot:

Sales of homes of over $1,000,000: +22.6% YoY
Sales of homes of $750,000 to $1,000,000: +12.9% YoY
Sales of homes of $500,000 to 750,000: +6.9%
Sales of homes $250,000 to 500,000: +1.0%
Everything below fell.
So the mix of homes that sold changed toward the higher end, with relatively fewer sales in the mid-range to lower-end homes.

The median price is the price in the middle. And this shift in mix of what sells toward the higher end pushes up the middle of the prices that sold, and thereby the median price. This is an infamous shortcoming of the median price. We discussed the mechanics, including a chart, of how median home prices are skewed by changes in the mix here.

https://wolfstreet.com/2024/06/21/home-sales-sag-further-hit-by-mortgage-rates-price-reductions-active-listings-surge-median-price-skewed-higher-by-surge-in-high-end-sales/

zzyzzx says

https://www.cnbc.com/2024/06/25/the-typical-newly-built-house-in-the-us-is-shrinking.html

The typical new home in the U.S. is shrinking

Nooooooooo!

Absolutely true in my area.



It's really not "246 days", that's when Focus Homes listed the model which is at multiple lots. Same School District and unlike Commiefornia you can send you kid to one of a dozen charter schools, there's a Classical Academy in the area. You're guaranteed the next seat if they're overcapacity and high demand charter schools get more money to hire more staff to host more students. Florida also allows flexibility for taking your kid to a school more convenient to work or equidistant to co-parenting.

There's an available model that is $256k including the plot.

Focus homes is offering an intro rate of 5-6.5% with a 20% downpayment

Is homeloaner offering that? Or will the buyer have to get an 8% from the bank?

AmericanKulak says

Absolutely true in my area.



It's really not "246 days", that's when Focus Homes listed the model which is at multiple lots. Same School District and unlike Commiefornia you can send you kid to one of a dozen charter schools, there's a Classical Academy in the area. You're guaranteed the next seat if they're overcapacity and high demand charter schools get more money to hire more staff to host more students. Florida also allows flexibility for taking your kid to a school more convenient to work or equidistant to co-parenting.

There's an available model that is $256k including the plot.

Focus homes is offering an intro rate of 5-6.5% with a 20% downpayment

Is homeloaner offering that? Or will the buyer have to get an 8% from the bank?

New is a no-brainer in this case.