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60-90 day closing timeline
WookieMan says
60-90 day closing timeline
60 to 90 days? I sold a house in Newport News VA in 2017 and my BIL sold a house in Papillion NE in June 2024. In both cases, the time from signed contract to closing with check in hand was less than a month. Not cash buys either, both houses had buyers with mortgages. I remember decades ago it took 60 to 90 days to close, but the process has been seriously streamlined since then.
WookieMan says
60-90 day closing timeline
60 to 90 days? I sold a house in Newport News VA in 2017 and my BIL sold a house in Papillion NE in June 2024. In both cases, the time from signed contract to closing with check in hand was less than a month. Not cash buys either, both houses had buyers with mortgages. I remember decades ago it took 60 to 90 days to close, but the process has been seriously streamlined since then.
I know RE.
No doubt, but your info may be dated. Bankrate says their average closing time is 43 days and Forbes list the following:
WookieMan says
I know RE.
No doubt, but your info may be dated. Bankrate says their average closing time is 43 days and Forbes list the following:
It did not even hit 60 days during the plandemic.
https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/
maybe in a middle of nowhere. in a city you need at least 200k income. that’s the problem with infinite asset inflation, eventually run out of people who can participate in the pyramid. 30 year mortgages really ballooned housing debts.
Most people don't want to live in small towns where there's little to do and it's boring. There's a reason prices are cheaper there.
FortwayeAsFuckJoeBiden says
maybe in a middle of nowhere. in a city you need at least 200k income. that’s the problem with infinite asset inflation, eventually run out of people who can participate in the pyramid. 30 year mortgages really ballooned housing debts.
Don't live in cities or near them. You won't regret it. Even large suburbs. Small towns under 5k population with a market, gas station and a few restaurants. I'd rather drive an hour to work than live in shit hole cities and suburbs. Or get a mostly work from home job.
Most people don't want to live in small towns where there's little to do and it's boring. There's a reason prices are cheaper there.
Most people don't want to live in small towns where there's little to do and it's boring. There's a reason prices are cheaper there.
https://www.strongtowns.org/journal/2024/8/19/the-housing-market-is-a-bubble-full-of-fraud-and-its-going-to-pop
The Housing Market Is a Bubble Full of Fraud, and It’s Going To Pop
https://www.reddit.com/r/RealEstate/comments/1exslfb/selling_for_less_than_we_paid/
zzyzzx says
https://www.reddit.com/r/RealEstate/comments/1exslfb/selling_for_less_than_we_paid/
One sob story doesn’t make a book.
https://www.strongtowns.org/journal/2024/8/19/the-housing-market-is-a-bubble-full-of-fraud-and-its-going-to-pop
The Housing Market Is a Bubble Full of Fraud, and It’s Going To Pop
What exactly does “pop” mean?
And it's the norm to get fucked when you stay put less than 7 years, not an exception.
Sort of a couple of trip reports:
1. My high school pal who is senior at DR Horton and who was overseeing 150 houses being built at this same time last year says they aren't doing anything right now.
2. I just remodeled a rent house that easily fetched $2050 monthly rent before the remodel and almost no showings the past 2 weeks. One low ball offer that soon will have made sense to accept. One price drop so far. I've never had a vacancy like this since I started it in 2013.
(San Antonio)
wide range of consumers are finally pushing back ?
Mortgage rates dropped to 6.50%, the lowest since May 2023, according to the Mortgage Bankers Association today. But instead of re-igniting demand for homes from buyers who need mortgages, these dropping rates have caused potential buyers to wait for mortgage rates to drop further, and to wait for home prices to drop, as prices are way too high, and so demand has dropped further, with applications for mortgages to purchase a home dropping toward their historic lows.
1. My high school pal who is senior at DR Horton and who was overseeing 150 houses being built at this same time last year says they aren't doing anything right now.
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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.