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anon_0k9zlfz6lz9oy
Guest
Yup. These are charts we posted back in june but for whatever reason people wanted to ignore.Better chart. Another thing that will help housing.
Although they might be measuring aggregate mortgage service vs aggregate income which reduces it given those with no mortgage. But still a big picture take away is aggregate balance sheets in pretty good shape.
I mean...when you see the people wishing for a crash it's pretty clear why they're wishing for one.
It's pretty interesting to watch people root for the economy to collapse, but I'm sure more bizarre is yet to come.
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anon_0k9zlfz6lz9oy
Guest
Which means they will otherwise housing costs increase again causing the Fed to move rates higher
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anon_0k9zlfz6lz9oy
Guest
Hate the player, not the game.
Merely incidental and coincidental find, but this person is from Seattle, replying to a tweet about tech laoyoffs in Seattle.
Starting to see signs of market softness. One listing in my area started at 1.3775mm in 9/2022 is now 912.5k. Don’t know the whole story but they are chasing the market down. My neighbor’s house that’s similar sold 1.275mm in 5/2022.
Maybe they are desperate? Maybe they are @Plum Street , didn't hire a realtor and did a poor market evaluation.
House down street from me listed Nov15 and has not budged on price.
I've noticed an uptick in texts from purported buyers and realtors inquiring if one of our properties are for sale. I report every one of these as spammers.
Lol plum street asks advice here so plum street don’t make those mistakes
They hired a broker. They chase the market down meaning they were always priced above market. Now it’s got a stigma because it sat too long and the huge price reduction.
Good point. Good to ask. Sellers almost always seem to suffer from inherent bias that their home is worth more than the actual worth.
Every situation is different even in cold markets. When we sold our last home, we got an insultingly low offer. We were not in a hurry to sell, and we were on vacation at the time. We told our realtor that we would respond when we got home from vacation.
The realtor was apologetic. A second offer came in 2 days later. A day or two after that, the original offerors offered over asking price.
Are you one of the people who text me back "Fvck you"? I send out 500 texts a week.
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anon_0k9zlfz6lz9oy
Guest
Address of both houses so I can take a look? Demand has picked up across the board nationwide to start the year and even moreso in NJ
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anon_0k9zlfz6lz9oy
Guest
Of course. Refi game is dead. Around 70% of mortgage holders have rates under 4%. Mortgage apps are also at 2008 levels right now. Only bizz theyre getting is purchases, past 2 years was the busiest theyll ever be as everyone and their mother refi’dHate the player, not the game.
Merely incidental and coincidental find, but this person is from Seattle, replying to a tweet about tech laoyoffs in Seattle.
Nah. My concern is that some of the texts might be robotexts and I will get on some list or something.
Do you ever get responses of interest in selling?
Yep. I think I made 30k in commissions last year off of text messages that converted to listings. I showed kyk that software and his head damn near exploded. I do it for listings and property management business. We got an 8 unit under management from the texts a few months ago. It's way easier for people than cold calls.
Just wait until someone files a TCPA lawsuit will cost you way more than $30K to defend…
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anon_0k9zlfz6lz9oy
Guest
Interesting. Summit is on fire. Im good friends with sue whos the top dog in town. They have tons of buyers, no houses to sell them
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anon_0k9zlfz6lz9oy
Guest
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anon_0k9zlfz6lz9oy
Guest
So heres the data. The softness your seeing was anecdotal and an exception in Summit, not the norm.
Key data points for single family homes, this for November the most recent full month of data that is on hand (rates have come down a full point since then fyi)
- median sales price up 27.8% from November 2021
- 16 sales in November on average they went for 4.3% above ask
- .9 months supply of inventorh
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anon_0k9zlfz6lz9oy
Guest
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anon_0k9zlfz6lz9oy
Guest
Goldman Sachs says 4 US cities will suffer a 2008 crash in home values
The U.S. is seeing continued skyrocketing interest rates and declining housing prices, and Goldman Sachs expects home values in 2023 to reach that of the 2008 housing crisis.
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anon_0k9zlfz6lz9oy
Guest
Will be interesting to see where rates go. If the market starts pricing in a march fed pause spreads should slowly come in between 10-year and mortgages. MBA has 5.2% rates projected by end of 2023 which implies ARM’s with a 4 handle. Fascinating market. Very unique
All the people with 3% fixed rate mortgages are staying put, depressing inventory. This alone, will keep a floor under prices.
The Fed has nothing to do with home affordability. It has two jobs.....inflation and employment. Inflation is plummeting and essentially over and the job market is holding up nicely. Look for a formal pause at the March Fed meeting. Powell knows where the CPI math is heading. This is why he was so calm and dovish on Wed.
I really don’t believe that jobs report. My company has been the exception still hiring big time even when the market was slowing down over the last year. However we are slowing down over the last 4 months. With layoffs in progress and jobs slowing down, I bet this number get corrected like a few months ago.
@kyk1827 and @RUskoolie (or anyone else)- we are landlords for a couple of multifamily properties, and this is part of our investment mix for when we retire.
Something we got from a friend- have you ever heard of Pro One Seven Capital Partners? They are looking for investors at various ranges for a commercial retail property in Kansas. I've seen @kyk1827 mention real estate syndicates that pay a cashflow dividend in addition to capital appreciation.
Is that outfit a legit one? We prefer our approach of being close to (on top) of the action and being hands on landlords rather than passive. To us, it's fun, and it will give us more control and something to actively do in retirement. Maybe passive is not for us? Maybe we are a couple of simpletons and should stay in our lane? LOL.
Something we got from a friend- have you ever heard of Pro One Seven Capital Partners? They are looking for investors at various ranges for a commercial retail property in Kansas. I've seen @kyk1827 mention real estate syndicates that pay a cashflow dividend in addition to capital appreciation.
Is that outfit a legit one? We prefer our approach of being close to (on top) of the action and being hands on landlords rather than passive. To us, it's fun, and it will give us more control and something to actively do in retirement. Maybe passive is not for us? Maybe we are a couple of simpletons and should stay in our lane? LOL.
Based on the market/asset or the company? I did a quick look, and did not get a peaceful easy feeling. I think I'm already gone!
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