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housing prices peak 2
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2022 Apr 29, 9:29pm 609,473 views 5,735 comments
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1050
zzyzzx
2022 Oct 7, 7:56am
zzyzzx
2022 Oct 7, 7:56am
https://www.mortgagenewsdaily.com/markets/mortgage-rates-10062022
No, Mortgage Rates Aren't Lower This Week. They're Actually Back Over 7%
No, Mortgage Rates Aren't Lower This Week. They're Actually Back Over 7%
1051
zzyzzx
2022 Oct 7, 8:46am
zzyzzx
2022 Oct 7, 8:46am
https://old.reddit.com/r/RealEstate/comments/xxe2j3/how_to_tell_bank_that_i_will_be_moving_out_of_my/
I bought a house about 3 months ago in FL with a primary 5% down to live near family and now my company is forcing us to come back to the office (in a different state) so my question is if there is anything I need to do like notify my bank or something (what's that process like) since I won't be meeting the one year minimum requirement. I intend to rent it out once I move since selling it would probably put me in a negative and the rates were lower than today.
I bought a house about 3 months ago in FL with a primary 5% down to live near family and now my company is forcing us to come back to the office (in a different state) so my question is if there is anything I need to do like notify my bank or something (what's that process like) since I won't be meeting the one year minimum requirement. I intend to rent it out once I move since selling it would probably put me in a negative and the rates were lower than today.
1052
stereotomy
2022 Oct 7, 9:22am
stereotomy
2022 Oct 7, 9:22am
WookieMan says
Maybe @Patrick could send a wellness check to his email?
richwicks says
But I'm seriously worried about Bitcoin, he had a bad reaction to the vaxx and then insisted on getting another, and I've not heard from him since.
As I've said before I wish no ill will on anyone. Even if we've had an issue here. I think I have with most everyone here to be honest, but generally tame with regards to an internet argument outside of maybe 4-5 outbursts on my end.
No one is ever going to agree 100%. I frankly don't understand why he would get vaccinated as I believe he's in his 30's-40's. I also don't understand admitting a bad reaction and then getting more of the same stuff. Boggles my mind. I hope he's fine. Tons of people have adverse reactions to mundane drugs let alone a vaccine. I am and will stay a pure blood until I see the results over what would be the normal time. Which is not under 2 years.
Maybe @Patrick could send a wellness check to his email?
1056
zzyzzx
2022 Oct 7, 9:46am
zzyzzx
2022 Oct 7, 9:46am
https://www.reddit.com/r/REBubble/comments/xwnzbl/my_fair_reasonable_rate_adjusted_offers_aka/
My fair, reasonable, rate adjusted offers “aka lowball” are now coming with 24 hours expiration
I did a 24 hour deadline for less than list price on the house I closed on in August.
But that’s because I was burned by a previous seller who took 7 DAYS to consider our offer and wouldn’t discuss anything with our realtor and was basically unreachable. They rejected it, and that house didn’t close until yesterday for less than what we offered, almost two months after we moved into our new home.
My fair, reasonable, rate adjusted offers “aka lowball” are now coming with 24 hours expiration
I did a 24 hour deadline for less than list price on the house I closed on in August.
But that’s because I was burned by a previous seller who took 7 DAYS to consider our offer and wouldn’t discuss anything with our realtor and was basically unreachable. They rejected it, and that house didn’t close until yesterday for less than what we offered, almost two months after we moved into our new home.
1057
Ceffer
2022 Oct 7, 10:44am
Ceffer
2022 Oct 7, 10:44am
Zillow map of for sale in Santa Cruz area. Light reds are ones clicked on to look at offerings. Couple of months ago, you might have to wait several weeks just for a single listing or two to even open up in Capitola, now several. Some reductions, but mostly holding on to hopium prices while the market gets more cluttered with inventory. It is interesting that a lot of the listings are clustering along the most expensive shore front properties.
1058
Patrick
2022 Oct 7, 11:10am
Patrick
2022 Oct 7, 11:10am
stereotomy says
Now anyone can cause a private email to be sent to another user by tipping him or her and including a private message as the comment with it.
I just did it myself to Bitcoin. I'll let you know if he answers.
Maybe @Patrick could send a wellness check to his email?
Now anyone can cause a private email to be sent to another user by tipping him or her and including a private message as the comment with it.
I just did it myself to Bitcoin. I'll let you know if he answers.
1059
Booger
2022 Oct 8, 5:47pm
Booger
2022 Oct 8, 5:47pm
https://www.reddit.com/r/REBubble/comments/xz7oja/story_time/
New England area:
Husband and I have been looking for a house since about March when prices were still a bit high. From then until now we’ve put offers in on 3 different homes. All homes sold for about 5k-10k above our offers. One was the same offer as ours but an all cash sale for 550k.
Very early in September a new house came on the market listed for 625,000 we said “eff it, let’s go see it” (our budget being about 600 with interest rates at 5.2).
We saw the house, really liked it, but it had an EXTENSIVE mold issue, needed all new windows, new roof and had a pool in the backyard that likely needed to be filled in. The woman that lived there was an empty nester and sort of let the maintenance on the home go awry for, oh, say 25 years. There was no way the house was worth 625.
So we shot her an offer within 3 days of the house being on the market: 550, she came back at 605. We said “no thanks!” and moved along. We did really love the home. It was the perfect layout for a “forever home”, but needed a lot of elbow grease and a lot of funds to get it up to normal (not even fancy!) standard.
Fast forward two weeks, the fed shoots up rates, house is still sitting on the market after two open houses. At that point rates were, I think, 6.2. Seller contacts our agent and says “are your buyers still interested? We can do 575”. We again say “no thanks”. With rate hikes the mortgage would be higher than 600k at 5.2%. Certainly not a deal for us by any measure. Just last week she reached out again and said “I can do 550”. Our initial offer. Which, again, would still put us at a HIGHER mortgage than the 575 at the prior rate.
They’re just not getting it. Prices are coming down but they’re certainly not getting it. Our lovely realtor gave us the old “marry the house, date the rate” line.
No thanks 😊
New England area:
Husband and I have been looking for a house since about March when prices were still a bit high. From then until now we’ve put offers in on 3 different homes. All homes sold for about 5k-10k above our offers. One was the same offer as ours but an all cash sale for 550k.
Very early in September a new house came on the market listed for 625,000 we said “eff it, let’s go see it” (our budget being about 600 with interest rates at 5.2).
We saw the house, really liked it, but it had an EXTENSIVE mold issue, needed all new windows, new roof and had a pool in the backyard that likely needed to be filled in. The woman that lived there was an empty nester and sort of let the maintenance on the home go awry for, oh, say 25 years. There was no way the house was worth 625.
So we shot her an offer within 3 days of the house being on the market: 550, she came back at 605. We said “no thanks!” and moved along. We did really love the home. It was the perfect layout for a “forever home”, but needed a lot of elbow grease and a lot of funds to get it up to normal (not even fancy!) standard.
Fast forward two weeks, the fed shoots up rates, house is still sitting on the market after two open houses. At that point rates were, I think, 6.2. Seller contacts our agent and says “are your buyers still interested? We can do 575”. We again say “no thanks”. With rate hikes the mortgage would be higher than 600k at 5.2%. Certainly not a deal for us by any measure. Just last week she reached out again and said “I can do 550”. Our initial offer. Which, again, would still put us at a HIGHER mortgage than the 575 at the prior rate.
They’re just not getting it. Prices are coming down but they’re certainly not getting it. Our lovely realtor gave us the old “marry the house, date the rate” line.
No thanks 😊
1065
Blue
2022 Oct 8, 7:49pm
Booger says
is this something common phrase in RE market! Just last week I heard realtor woman on 92.3FM (an Indian channel in bay area, ca) says, '...if you are seller I'd say wait a year to get top price, if you are buyer maaaaa...aaaaaarry the house...'. Lol! that indicates that there are enough not so smart folks around when it comes to RE since she claims she is one of the 'top' realtor in Bay Area! There is one other RE guy comes on different days in that channel, he named him self "Bro" who plays sound clips of prerecorded testimonials from his clients how great the "Bro" was in purchasing their shack. His commercials involve a wife says to her frustrated husband/victim home buying is so easy with "Bro". RE is really crazy as long as the $Ts of gov money involved in loan process.
“marry the house, date the rate”
is this something common phrase in RE market! Just last week I heard realtor woman on 92.3FM (an Indian channel in bay area, ca) says, '...if you are seller I'd say wait a year to get top price, if you are buyer maaaaa...aaaaaarry the house...'. Lol! that indicates that there are enough not so smart folks around when it comes to RE since she claims she is one of the 'top' realtor in Bay Area! There is one other RE guy comes on different days in that channel, he named him self "Bro" who plays sound clips of prerecorded testimonials from his clients how great the "Bro" was in purchasing their shack. His commercials involve a wife says to her frustrated husband/victim home buying is so easy with "Bro". RE is really crazy as long as the $Ts of gov money involved in loan process.
1066
AmericanKulak
2022 Oct 8, 7:56pm
AmericanKulak
2022 Oct 8, 7:56pm
Booger says
Great post.
Yep, as I said before:
For all the talk of all cash buyers, 5 members of an Asian Family going in on a big house, etc. etc. the #1 source of buyers is Joe Blow and his demanding wife, looking at the monthly mortgage payment, not the total price.
They’re just not getting it. Prices are coming down but they’re certainly not getting it. Our lovely realtor gave us the old “marry the house, date the rate” line.
Great post.
Yep, as I said before:
For all the talk of all cash buyers, 5 members of an Asian Family going in on a big house, etc. etc. the #1 source of buyers is Joe Blow and his demanding wife, looking at the monthly mortgage payment, not the total price.
1067
Booger
2022 Oct 9, 4:27pm
Booger
2022 Oct 9, 4:27pm
https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html
Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?
Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?
1068
zzyzzx
2022 Oct 11, 9:36am
zzyzzx
2022 Oct 11, 9:36am
https://www.cnbc.com/2022/10/11/mortgage-rate-is-over-7percent-harder-to-qualify-for-loan.html
It’s bad enough mortgage rates are over 7% – now it’s harder to qualify for a home loan
It’s bad enough mortgage rates are over 7% – now it’s harder to qualify for a home loan
1069
zzyzzx
2022 Oct 11, 9:37am
zzyzzx
2022 Oct 11, 9:37am
https://www.bloomberg.com/news/articles/2022-10-11/flipping-houses-burns-investors-caught-in-us-real-estate-slowdown
Home Flippers Get Burned by US Housing Market’s Sudden Slump
https://archive.ph/hFyRB#selection-4209.0-4215.102
Home Flippers Get Burned by US Housing Market’s Sudden Slump
https://archive.ph/hFyRB#selection-4209.0-4215.102
1073
Ceffer
2022 Oct 11, 11:48am
Ceffer
2022 Oct 11, 11:48am
Strange how zillow stats roll. House next to us officially sold at half price due to inheritors 'buying' it and paying off the other inheritor to occupy the home. That has dragged our comps down nominally in their estimates.
1074
REpro
2022 Oct 11, 12:01pm
REpro
2022 Oct 11, 12:01pm
Ceffer says
Shit happens.
Strange how zillow stats roll. House next to us officially sold at half price due to inheritors 'buying' it and paying off the other inheritor to occupy the home. That has dragged our comps down nominally in their estimates.
Shit happens.
1076
zzyzzx
2022 Oct 12, 7:44am
zzyzzx
2022 Oct 12, 7:44am
https://finance.yahoo.com/news/home-flippers-trouble-again-210545480.html
Home flippers are in trouble again
Home flippers are in trouble again
1078
WookieMan
2022 Oct 12, 9:05am
WookieMan
2022 Oct 12, 9:05am
Booger says
This has never stopped. When you have 5 parties involved in a transaction they have to justify their worth. Inspectors are probably the worst from my experience. All other parties generally want the transaction to go through. The inspector gets another inspection from that buyer if the deal doesn't close because they made chipping paint a problem. There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.
https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html
Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?
This has never stopped. When you have 5 parties involved in a transaction they have to justify their worth. Inspectors are probably the worst from my experience. All other parties generally want the transaction to go through. The inspector gets another inspection from that buyer if the deal doesn't close because they made chipping paint a problem. There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.
1079
Blue
2022 Oct 12, 9:27am
WookieMan says
Homebuyers are rejecting more offers than ever - is good to bring prices to make shack to be a non-ATM but holding cash at 10+% inflation is equally risky unless be in stock, bond, commodities or some physical assets. I seriously doubt if the real inflation will go below 10% at least in a year or two. In that scenario physical goods including home/shack prices will not go further down in many areas.
Booger says
https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html
Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?
This has never stopped. When you have 5 parties involved in a transaction they have to justify their worth. Inspectors are probably the worst from my experience. All other parties generally want the transaction to go through. The inspector gets another inspection from that buyer if the deal doesn't close because they made chipping paint a problem. There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.
Homebuyers are rejecting more offers than ever - is good to bring prices to make shack to be a non-ATM but holding cash at 10+% inflation is equally risky unless be in stock, bond, commodities or some physical assets. I seriously doubt if the real inflation will go below 10% at least in a year or two. In that scenario physical goods including home/shack prices will not go further down in many areas.
1080
zzyzzx
2022 Oct 12, 10:55am
zzyzzx
2022 Oct 12, 10:55am
https://lbpost.com/news/rising-interest-rates-dump-bucket-of-ice-water-on-hot-real-estate-market
Rising interest rates ‘dump bucket of ice water’ on hot real estate market
Rising interest rates ‘dump bucket of ice water’ on hot real estate market
1081
Ceffer
2022 Oct 12, 12:14pm
Ceffer
2022 Oct 12, 12:14pm
cisTits says
Patnet housing punching bag no more! LOL! The Reckoning is nigh!
Not a surprise to me or the others denigrated by the 'housing experts' of PatNet when we started calling this 7 months or so ago.
Patnet housing punching bag no more! LOL! The Reckoning is nigh!
1082
HeadSet
2022 Oct 12, 5:42pm
HeadSet
2022 Oct 12, 5:42pm
WookieMan says
That is why when I sold off some rentals (and a main home), I would leave something I planned to repair anyway undone so the inspector would have an issue to find. That way the inspector looks like a hero and proved he is worth the cost to the buyer.
There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.
That is why when I sold off some rentals (and a main home), I would leave something I planned to repair anyway undone so the inspector would have an issue to find. That way the inspector looks like a hero and proved he is worth the cost to the buyer.
1085
zzyzzx
2022 Oct 13, 7:08am
zzyzzx
2022 Oct 13, 7:08am
https://www.reddit.com/r/RealEstate/comments/y2bho6/in_need_of_solution_for_cancelled_showings/
in need of solution for cancelled showings
Our house has been on the market for about two months now (southeastern USA) and we've had about four cancellations last minute. I have a 8mo and it's very difficult to clean the house last minute for someone that calls our realtor and says they want to see the house in 2hrs. I'm so frustrated. I thought we might only do showings on certain days so that I could plan in advance and it won't effect us as much if they cancel but my realtor said it's a bad idea. Is there anything else we can do?
Edit to add I guess I'll talk to my realtor about possibly needing to lower the price.
in need of solution for cancelled showings
Our house has been on the market for about two months now (southeastern USA) and we've had about four cancellations last minute. I have a 8mo and it's very difficult to clean the house last minute for someone that calls our realtor and says they want to see the house in 2hrs. I'm so frustrated. I thought we might only do showings on certain days so that I could plan in advance and it won't effect us as much if they cancel but my realtor said it's a bad idea. Is there anything else we can do?
Edit to add I guess I'll talk to my realtor about possibly needing to lower the price.
1086
WookieMan
2022 Oct 13, 8:57am
WookieMan
2022 Oct 13, 8:57am
zzyzzx says
This was the FUCKING DUMBEST thing I dealt with in real estate. You're selling your god damn house. Prepare yourself. Having raised two babies with my wife, the kid can skip a fucking nap. You triggered me zzyzzx. You're not some special snowflake when you go to sell your home. A cancelled showing affects more than just the seller. We dealt with it on a daily fucking basis. Your fucking kid can nap later. Parent better.
This is probably a top 5 reason I got out of RE. Humans are selfish as fuck. Set times you're available to show your home. You can easily have the Realtor put that in the MLS. Not complicated. Cancelled showings happen with EVERY listing. You're not special as the homeowner and being upset that you have to take your kids to the park or go have a beer at your local establishment is what you do. Stop being pussies.
https://www.reddit.com/r/RealEstate/comments/y2bho6/in_need_of_solution_for_cancelled_showings/
in need of solution for cancelled showings
Our house has been on the market for about two months now (southeastern USA) and we've had about four cancellations last minute. I have a 8mo and it's very difficult to clean the house last minute for someone that calls our realtor and says they want to see the house in 2hrs. I'm so frustrated. I thought we might only do showings on certain days so that I could plan in advance and it won't effect us as much if they cancel but my realtor said it's a bad idea. Is there anything else we can do?
Edit to add I guess I'll talk to my realtor about possibly needing to lower the price.
This was the FUCKING DUMBEST thing I dealt with in real estate. You're selling your god damn house. Prepare yourself. Having raised two babies with my wife, the kid can skip a fucking nap. You triggered me zzyzzx. You're not some special snowflake when you go to sell your home. A cancelled showing affects more than just the seller. We dealt with it on a daily fucking basis. Your fucking kid can nap later. Parent better.
This is probably a top 5 reason I got out of RE. Humans are selfish as fuck. Set times you're available to show your home. You can easily have the Realtor put that in the MLS. Not complicated. Cancelled showings happen with EVERY listing. You're not special as the homeowner and being upset that you have to take your kids to the park or go have a beer at your local establishment is what you do. Stop being pussies.
1087
B.A.C.A.H.
2022 Oct 13, 11:43am
B.A.C.A.H.
2022 Oct 13, 11:43am
WookieMan says
Chill out, WookieMan.
...FUCKING DUMBEST ... god damn house. ...the kid can skip a fucking nap. ... You're not some special snowflake... a daily fucking .. Your fucking kid ... Humans are selfish as fuck. ... Stop being pussies.
Chill out, WookieMan.
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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.