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09-08-2022, 11:36 PM | #375 | |
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Ultimately though, regardless of if there is or isn't a correction in the near future -- the upward trend on your graph is very clear. If prices do come down, then buy as much as you can! |
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09-09-2022, 07:36 AM | #376 |
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I can only speak to FL which was the hottest market of all during Covid and by far saw the highest pricing gain over the past 3 years.
Do I think prices will decline 30%? Probably not. Do I already see a massive slow down in sales and discounts on just about everything on realtor and zillow? Yes, yes I do... more and more homes are sitting and being discounted. The interest rate hikes appear to be doing their job... i hate to say this but Powell finally appears to be doing something right. This market needs to be cooled and asap. Remember - FL while a hot housing and tourist market does not have the job market of many other areas... I wonder when the tide will turn on the market based on all of the people that move down here during Covid... I can assure you that it wasn't locals buying everything up.
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09-09-2022, 08:47 AM | #377 |
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Real estate cannot be summarized with blanket statements for the entire country.
Population continues to migrate south and west. Generally, south and west values will be firm over the long term: GA, TX, FL, NC, SC, AZ, CA. Added to this, homebuilding after the GFC did not keep up with demand, and for the past few years residential construction has been in a catch-up mode. Recently new home construction and sales have stalled, but the catch-up process still has years to run. This keeps all prices firm because of tight supply, even in less desirable regions (e.g. colder areas: midwest and northeast). Cartoonlike markets such as NorCal and Manhattan bear no resemblance to other real estate markets in the U.S. What happens to prices in those markets is meaningless compared with other regions. |
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09-22-2022, 11:09 AM | #378 |
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I am also planning to buy a house soon, and I also noticed that the real estate market has been crazy. I don't know if this will end soon, but I hope so. I am shocked to see such fast sales of houses, high prices, and so many frauds. Besides all the details you mentioned, one thing that bothers me is that the real estate agents don't tell you all the information about the house, and the house is very different in reality compared to the pictures. That's why I work with S Jones Surveying, which makes different reports on some houses to make it easier to choose the right house for me. But unfortunately, I haven't found the right one yet.
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09-22-2022, 11:21 AM | #379 |
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Home prices went crazy because tech + remote work.
Google "salary of software engineers." There's your answer. Or if I can summarize, the average salary of the people at Google, Facebook, etc. is $225k-$265k for a decent coder after a few years of experience. The only other occupation that pays that type of earned income is a lawyer, doctor, etc. after years of schooling, heavy-debt-load, etc. Heck, I see the job postings at my office... $225k for a mid-level software developer, and we are considered a tier "B" tech company. I live in Norcal and have observed tech since 2000. Every tech boom, the home prices bounce upward. And when covid drove people out of SF (and the like) apartment living, those people bought houses... |
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09-26-2022, 05:07 PM | #380 | |
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09-26-2022, 07:23 PM | #381 |
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We’ve been looking at eastern TN (Nashville-Chattanooga to the eastern border) for some time. Houses were appearing and going “pending” within a few days before Labor Day. Now they sit a week to 10 days if they are really nice properties, but anything a little inferior can sit and sit. That has always been true, but it has become really apparent this month. Still not much good inventory so when something good comes along, it disappears. The flips seem to have started sitting, so those owners will feel some pain.
Here in FL where we live (Flagler Beach) there is also no inventory and prices are holding up. But this is one of the least expensive ocean-front towns, so it probably will hold up better than some. Also virtually no buildable lots remain along the ocean, so demand has to fall a lot to crater prices (again the best properties have no problem). I’m told there are still over 50% cash buyers in both markets, above about $750k purchase price. They are being more selective but not yet underbidding (although the bidding wars have subsided). I suspect the stock market’s performance may take some wind out of their sails soon. |
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09-26-2022, 09:33 PM | #382 | |
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Im just glad there isnt this massive, corrupt secondary market and global insurance scam behind it. |
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09-27-2022, 09:56 AM | #383 | |
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She want's to go to Florida, but it's flat, there are hurricanes, and many types of animals that would like to make me lunch. |
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09-27-2022, 03:34 PM | #384 |
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Although the rise in interest rates is definitely going to put that on hold for a few years likely. Which will give us a chance to narrow down a few areas and spend some time there.
One thing I've made clear to the other half is, we aren't moving somewhere so small and out of the way, that it becomes a 2 day even to see shows/comedians/etc. Drive for hours, get a room, see show, crash at hotel, drive home the next day. I'm not interested in doing that. |
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09-27-2022, 06:48 PM | #385 |
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A house just sold down the street for absurd money, i don't get it. It is a proper brand new , custom GORGEOUS house but it is BANG on a stop sign. You couldn't pay me to live there with all the noise, but it sold for over $3M which is just nuts.
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09-28-2022, 03:14 PM | #386 | |
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So going to disagree there. Remote work and the rise of "digital nomads" has changed the way people work and buy homes too. |
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09-28-2022, 03:49 PM | #387 | |
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They were both waterfront though. |
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09-28-2022, 03:59 PM | #388 | ||
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09-28-2022, 04:21 PM | #389 |
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My issue with this one is it is BANG on a stop sign, the noise from cars slowing, then accelerating, squeaky brakes, exhausts etc... for $3.25M? No fucking way.
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10-06-2022, 07:20 AM | #390 |
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What do you mean by "fraud"?
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10-06-2022, 08:44 AM | #392 | |
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The interesting thing about tech that no one seems to be talking about is how the recent market downturn in tech (stock value, talk of layoffs, hiring freezes) is impacting the housing market in tech heavy locations like where you are and where I'm at (Seattle). Seattle was covered in news about how a large percentage of house buying was being done in cash, in particular at the entry level properties. I recall thinking to myself that the Fed raising rates was not going to have a huge impact in Seattle as so many people are just paying cash and dont care about financing. Man was I wrong. Overnight the entire market just stalled. All these 20-something coders with vested options who were cashing them out to buy houses just lost their ability to access $1MM+ in cash and find a house. I think they got spooked and dropped out of the market. |
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10-06-2022, 09:15 AM | #393 |
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Predictably, listings have totally gone dry here. So whilst sales numbers are way, way, way down, selling price has barely moved because the only people listing are those that have to and buyers who HAVE to buy are still bickering over the little inventory there is.
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10-06-2022, 10:12 AM | #395 | |
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It is a simple factor of far too little supply, and far too many folks (young millennials, Gen Zers entering the markets) who will be entering the home buying arena. When interest rates fall back down to more manageable numbers, we are going to see another heating of the market in about a years time. Until zoning laws are re-structured all around this country & affordable homes are more subsidized & more profitable to build, (and builders catch up to the 5 or so years they are behind in new construction) this type of boom or bust market will continue. Sure, there are markets who were entirely propped up because of the pandemic & work from home orders that will come back down to reality like I said earlier, but overall the supply is just far too low all across the nation. |
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10-06-2022, 10:22 AM | #396 |
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I suspect the regional cities that gained from the EFH thing will struggle the most and detached housing within commuting distance of a large city will again be primo because it's just not being built. It's all condos here, nothing else. There's a development near my place, about 10 miles from Toronto centre, 4,000 new residences and not one semi house (let alone detached), 10% townhouses and 90% condos.
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