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Is this national or a local market?
WookieMan says
Is this national or a local market?
Should be local. Look at a similar pattern for the his house, steep up and slight down
https://www.zillow.com/homedetails/749-University-Ave-Los-Altos-CA-94022/19527079_zpid/
I know plenty of Californians. Not just from this site. Your shit show
Why in the flying fuck would someone pay that much for a house? Especially that house. I could build a better, nicer house here in IL for $500-700k. Make the same amount of money.
That's a fucking $200k house at best.
mell says
"If you think housing prices are going to crash you'll have another thing coming."
My take is that higher interest rates are forcing sellers to lower the asking price. Historically this has always been the case.
GNL says
I could show you a lot of these. The trend looks down.
Is this national or a local market?
Why in the flying fuck would someone pay that much for a house? Especially that house. I could build a better, nicer house here in IL for $500-700k. Make the same amount of money.
My town, Fredericksburg Va. Tons of active listings have a graph that looks like that. No, I'm not saying national but, Florida is sinking like a turd, sounds like. A Realtor friend of mine is going on a listing appointment today. The seller told my friend that he was the 5th Realtor he called and only he answered. Anyhow, my friend told the seller he'd come take a look at the house only if the seller was willing to relist $100k lower than what another Realtor listed it for. From $699k to $599k. My friend wanted to go even lower, like $575k.
GNL says
My town, Fredericksburg Va. Tons of active listings have a graph that looks like that. No, I'm not saying national but, Florida is sinking like a turd, sounds like. A Realtor friend of mine is going on a listing appointment today. The seller told my friend that he was the 5th Realtor he called and only he answered. Anyhow, my friend told the seller he'd come take a look at the house only if the seller was willing to relist $100k lower than what another Realtor listed it for. From $699k to $599k. My friend wanted to go even lower, like $575k.
I thought you were closer to DC. In my area, Williamsburg/JCC, the houses get snapped up fast. The only houses that have been a little slower to sell are in the gated communities, not sure why.
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30 Year mortgage rate at 7.1%. It reach 7.6% last October. The last period the 30 Year mortgage was this high was in 2001.
Prices need to drop about 20% from their peak prices set around early 2022 if rates going to stay this high.
I said the 30 year mortgage rate would eventually settle around 5.5% this year. I hope they do to help give some reprieve to the real estate market.
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https://lifestylesunlimited.com/ Mr.Del Walmsley in his radio 1220am show says, right now is the best opportunity to buy as the rate decreases and prices will raise!
WookieMan says
Why in the flying fuck would someone pay that much for a house? Especially that house. I could build a better, nicer house here in IL for $500-700k. Make the same amount of money.
No doubt. Cali is braindead.
And stop bitching about me flying BACAH
Kind of like how knowing some Californians and occasionally visiting here make you an expert on California.
Interesting. You were saying months ago that a 10% drop is to be expected for every 1% rise in the rate. What was the rate when prices were at their highest? I think something has fundementally changed. The homeownship rate will decrease for years to come imo.
Buying houses because of weather and scenery that are massively overpriced for the materials used? There are just as good places nationwide.
Here's a red brick rambler for $800K in Fredericksburg Va...seems crazy to me.
And one does not need to live in California to be an expert on how much of a Democrat shithole it is.
AD says
And one does not need to live in California to be an expert on how much of a Democrat shithole it is.
I agree my state is a shithole. I've said so before on patrick's site. We've found a way to make it work for us. We put up with the tradeoffs of the traffic, congestion, fires, quakes, high cost, crumbling infrastructure, politics, etc. taking responsibility for our decision to stay here. Like e-man expressed, proximity to our family and lifelong friends makes the tradeoff worthwhile for us. Family and friends: it's our personal values. It's our shithole.
Besides, if the tradeoffs get intolerable, we can leave. Many have.
Wookie knows that he knows everything about everything: Redneck Riveria, Aviation, California.
That is so silly.
the tradeoffs of the traffic, congestion, fires, quakes, high cost, crumbling infrastructure, politics, etc. taking responsibility for our decision to stay here.
MBA - Mortgage Bankers Association of America.
https://www.reddit.com/r/REBubble/comments/1afzr7y/mortgage_demand_fell_to_a_new_30year_low_in/
Wookie knows that he knows everything about everything: Redneck Riveria, Aviation, California.
That is so silly.
I agree, that is insane.
Nationwide, this year, there is going to be an absolute onslaught of over 1M units of multifamily units finishing construction in 2024
https://www.nahb.org/news-and-economics/press-releases/2024/02/multifamily-housing-market-will-decline-in-2024#:~:text=%E2%80%9CMultifamily%20construction%20is%20forecasted%20to,inflation%2C%20noted%20Nanayakkara%2DSkillington.
Should be interesting now that rents are already softening substantially. I never thought I'd ever see a headline "Rents are higher in Florida than the national average".
I call BS. How many illegals alone have come into the country over the last year? We need millions of more housing units built El Pronto.
https://sfstandard.com/2024/04/11/cupertino-tiny-house-listed-two-million-dollars/
30% houses sold this year went to investors, they all expect rate drops after election with Trump and east money cash flow. not in every state.
FortwayeAsFuckJoeBiden says
30% houses sold this year went to investors, they all expect rate drops after election with Trump and east money cash flow. not in every state.
I am surprised money folk think Trump will win. It seems those folks would realize the fix is in.
HeadSet says
FortwayeAsFuckJoeBiden says
30% houses sold this year went to investors, they all expect rate drops after election with Trump and east money cash flow. not in every state.
I am surprised money folk think Trump will win. It seems those folks would realize the fix is in.
they banking on inflation my guess. i’ve seen a lot of stupid money lately in RE. easy come, easy go… fool and money part fast.
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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.