Posted on 01/20/2022 7:52:57 AM PST by Browns Ultra Fan
The banner headline is … US existing home sales declined 4.6% MoM in December. But that isn’t the interesting news. The interesting news is the mystery of the missing housing inventory. While various pundits told us that inventory would be returning … it isn’t. And the median price of existing home sales is up 14.85% YoY with insane Fed stimulus still in play.
That was December. What will January bring with rising mortgage rates? Freddie Mac’s 30-year commitment rate rose to 3.56% today.
When will housing inventory for sale start to increase? Probably about the same time The Fed ACTUALLY starts raising interest rates and paring back on the monetary stimulus.
(Excerpt) Read more at confoundedinterest.net ...
the fake “gov’t” gave YOUR $$$$$
to Wall Street
to buy all the homes of the middle class.
almost complete, it is.
We put our house on the market a week before Christmas. It sold the next day for $10,000 over asking, and $164,000 more than we paid for it in 2015. It took us almost 3 months to find a house that we wanted for the price that we wanted.
22 year home inspector.....There’s little to no inventory here and it’s been that way for 3 years.
What is on the market is in generally poor condition; I frequently see offers 15% above list with an additional $20- to $30K in needed repairs beyond that.
It seems as if buyers get pre-qualified at an insane level and are hell-bent on committing to every last dime of it. And it seems that sense of perspective is overruled by sense of instant gratification. Most buyers have an aura that since they’re qualified, they’ll settle for the best of the worse now rather than hold back until better quality becomes available.
My friend’s son, a public school teacher in Long Island has been on the market for a 3 bedroom house for 3 months. It’s a bidding war out there!
Everytime there’s an open house, you see long lines of people coming to watch and inspect ( in the cold weather !).
He’s been unlucky so far. Everytime he makes an offer, even above asking price, inevitably someone else makes a better offer.
There’s just too many buyers chasing too few available houses 😒
“the fake “gov’t” gave YOUR $$$$$
to Wall Street to buy all the homes of the middle class.almost complete, it is.”
This fear porn hurts conservatives.
Home ownership is at the same percentage as it was in 1965 and it is growing, not decreasing.
It dipped after the housing crash of 2009 but it is back up again. A record amount of homes were sold to individual buyers in 2020 and 2021.
“There’s just too many buyers chasing too few available house”
MY niece lives in NVA in a condo. NVA prices are insane and they are priced out of the market.
They are looking at a new housing development in W.va that happens to have a metro rail that goes straight to downtown DC where they work.
3 years ago it was an empty farm field now it has 400-500 new homes.
When you say “buyers”, do you mean everybody such as Baby Boomers, or do you see this primarily/more in Millenials?
Good for you. Pure untaxable profit..for now..
“When you say “buyers”, do you mean everybody such as Baby Boomers, or do you see this primarily/more in Millenials?”
From the trends I have read boomers are downsizing, moving into condos or apartments and millenials are buying up their homes.
I was asking TXEagle a specific question based on his statement that buyers are hell-bent on spending every last dime of the insane loan amounts they are pre-approved for.
I was asking if it was everyone or if Millenials in particular, while Baby Boomers are less inclined. I was just wondering the demographic as to who is hell-bent on spending the entire lofty limit for which they are pre-approved, rather than being more thrifty than that.
Ok no problem. Read your response wrong.
I have a hm insp friend who tells me business is way off because sellers are bypassing buyers who want them.
for now
“I have a hm insp friend who tells me business is way off because sellers are bypassing buyers who want them.”
Yep and buyers are telling sellers they want the home as is and don’t care about the inspection.
This and all the trillions we sent to China that is now back here and filtering throughout the country. Blue state migrants are cashing out on Chicom inflated home values and moving to red states.
That sounds a lot like 2006. Obviously, it’s a bit different now with inflation., etc., but we are headed to a painful RE bubble burst in the next few years. Of that I have no doubt.
I am sticking with my strategy. We are are debt free and intend to sell 24 hours before the RE market crashes.
Sold our Dallas home for cash way over list last June. We are in a rental house we got - by luck and prayer considering the market on rentals is cray cray, while getting quoted insane price to build a house. Thanks dems. FJB is spray painted on barns around here.
Some Boomers but I’m mostly seeing Millennials and Gen Zers
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.