patrick.net

https://ground.news/article/home-sellers-outnumber-buyers-by-widest-margin-on-record-redfin-says

Last month, Redfin estimated home sellers outnumbered buyers by 47%, roughly 631,000, marking the largest gap since 2013 based on national listings and buyer data.

Redfin found active buyers fell to the lowest level in 12 years last month as homebuyers pulled back due to high prices, mortgage rates, layoffs and uncertainty, while supply rose in Sun Belt pandemic boomtowns and sellers who bought near the market peak delayed resetting expectations.

Among Sun Belt metros, Austin recorded 17,259 sellers and 7,555 buyers, a 128.4% surplus, the widest gap among top markets.

Patrick says

https://ground.news/article/home-sellers-outnumber-buyers-by-widest-margin-on-record-redfin-says

Last month, Redfin estimated home sellers outnumbered buyers by 47%, roughly 631,000, marking the largest gap since 2013 based on national listings and buyer data.

Redfin found active buyers fell to the lowest level in 12 years last month as homebuyers pulled back due to high prices, mortgage rates, layoffs and uncertainty, while supply rose in Sun Belt pandemic boomtowns and sellers who bought near the market peak delayed resetting expectations.

Among Sun Belt metros, Austin recorded 17,259 sellers and 7,555 buyers, a 128.4% surplus, the widest gap among top markets.

Sellers and Homeloaners: The rates, the rates, cut the rates!

Buyers: The price, the price, damn the rates, cut the price!

We already know about why the buyers are staying away. The rents are dropping in many markets from Colorado to Texas to Florida, so goodbye investors. The people actually in a position to buy a house think they're overvalued, not that the rates are too high.

The huffy "Oh yeah, well I'm delisting and coming back in May, then we'll see what you buyers say!" isn't going to work.

If housing is so scarce, sellers, you should have no problem getting rent ;)

Millions of new multifamilies were built in the last 10 years and many of them have serious vacancy problems. Builders are offering incentives that make buying new a no-brainer over buying used and abused.

MolotovCocktail says

Lower principle beats lower rate, which is what will happen when prices fall.

HeadSet says

Lower principle beats lower rate, which is what will happen when prices fall.

Townhomes on east end of Panama City Beach are clearly selling at early 2021 price levels or about 20% below all time high set in 2022.

How much do you see the median USA home price falling from its ~2022 high if the 30 yr conventional mortgage rate steadies between 5.75% and 6.25% ?

TheAntiPanicanLearingCenter says

Sellers and Homeloaners: The rates, the rates, cut the rates!

Buyers: The price, the price, damn the rates, cut the price!

We already know about why the buyers are staying away. The rents are dropping in many markets from Colorado to Texas to Florida, so goodbye investors. The people actually in a position to buy a house think they're overvalued, not that the rates are too high.

The huffy "Oh yeah, well I'm delisting and coming back in May, then we'll see what you buyers say!" isn't going to work.

If housing is so scarce, sellers, you should have no problem getting rent ;)

Millions of new multifamilies were built in the last 10 years and many of them have serious vacancy problems. Builders are offering incentives that make buying new a no-brainer over buying used and abused.

^^^ This

Multifamily housing is overbuilt and overpriced and will be the yawning chasm of financial doom going forward. The paper behind this (CLO's) is as toxic as the CDO's leading up to the housing bust back in 2008.

stereotomy says

Multifamily housing is overbuilt and overpriced and will be the yawning chasm of financial doom going forward. The paper behind this (CLO's) is as toxic as the CDO's leading up to the housing bust back in 2008.

This is also why a lot of multifamily also still charge $2,500/mo BUT are giving off 5-6 months free. They can't reduce the rental price as it show ls on their books because that in turn fucks with their financing.