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Post by olmucky on Jul 29, 2024 10:44:59 GMT -5
Seems homes are sitting longer for sale. Prices dropping. Inventory availability growing and big investment company’s are starting to unload.
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Post by richm on Jul 29, 2024 11:57:10 GMT -5
I don't think the big investment companies are trying to unload, they are just waiting.
The price has to come down cause not many folks want to "afford" $400-600k at 7%. They are sitting on 3% and making do.
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Post by luapnor on Jul 29, 2024 14:39:58 GMT -5
I don't think the big investment companies are trying to unload, they are just waiting. The price has to come down cause not many folks want to "afford" $400-600k at 7%. They are sitting on 3% and making do. Waiting for what? I think when it becomes obvious that housing has started heading down, they will unload... just like the Airbnb'ers.
Every market that I am watching, there are price cuts on homes every day and homes are sitting. We really havent seen prices drop below last sales prices but the marked up prices are coming down so that ends the speculation market. Anyone buying today is going to be sorry.
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Post by drivinmike on Jul 29, 2024 15:03:14 GMT -5
If you think single family home sales are bad, try unloading a condo right now. I have some friends that have a modest beachfront condo in Melbourne.
They just went through an horrific assessment from their HOA in response to the building collapse in Miami. $ 78k. They rebuilt the balconies, and put in all new impact sliders and hurricane shutters, etc. But now the condo is much higher priced than unmodified condo's down the beach. They are in a pickle. 45 days on the market, solid number of showings and zero offers. Not to mention the increased HOA dues to build the emergency fund back up. I'm sure that same thing is going on all over the beachfront condo market. This problem is going to get worse, not better IMO.
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Post by conchydong on Jul 29, 2024 16:03:44 GMT -5
We will survive. When I bought a house in the 80s at 8% interest I thought it great.
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Post by ferris1248 on Jul 29, 2024 17:24:34 GMT -5
I don't think the big investment companies are trying to unload, they are just waiting. The price has to come down cause not many folks want to "afford" $400-600k at 7%. They are sitting on 3% and making do. Waiting for what? I think when it becomes obvious that housing has started heading down, they will unload... just like the Airbnb'ers.
Every market that I am watching, there are price cuts on homes every day and homes are sitting. We really havent seen prices drop below last sales prices but the marked up prices are coming down so that ends the speculation market. Anyone buying today is going to be sorry.
Supply and demand |
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Post by richm on Jul 29, 2024 17:54:46 GMT -5
Dont forget the increase in taxes and insurance.
Our mortgage went up $200/month cause of insurance.
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Post by garycoleco on Jul 29, 2024 17:54:46 GMT -5
In metro Atlanta tons of homes are in foreclosure status and the banks aren't making moves on them. It's been that way for well over a year.
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Post by ferris1248 on Jul 29, 2024 18:18:59 GMT -5
In metro Atlanta tons of homes are in foreclosure status and the banks aren't making moves on them. It's been that way for well over a year. Source? |
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Post by garycoleco on Jul 29, 2024 18:23:58 GMT -5
In metro Atlanta tons of homes are in foreclosure status and the banks aren't making moves on them. It's been that way for well over a year. Source? Industry folks |
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Post by ferris1248 on Jul 29, 2024 18:39:53 GMT -5
BS. Your so called "sources" are about a credible as luapnors. Always a mysterious source you never identity. |
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Post by garycoleco on Jul 29, 2024 19:55:44 GMT -5
BS. Your so called "sources" are about a credible as luapnors. Always a mysterious source you never identity. What would my motivation be to identify a source in a chatroom? Are you going to do business with him? |
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Post by Mango Man on Jul 29, 2024 20:06:34 GMT -5
We have noticed in St Pete-Isla del Sol area and Tierra Verde area that the condo's sales have come to a screeching halt. (My GF is the VP of our condo association) Houses in the TV area has slowed quite a bit too, they eventually sell but it takes a bit. We have been keeping track of house sales and condo sales and our condo's are in a pretty good position compared to others.
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Post by PolarsStepdad on Jul 29, 2024 20:09:08 GMT -5
I can believe it. Homes here that were getting multiple offers within hours of hitting the market 6 or so months ago are now staying a little longer. Folks leaving Florida, and California are propionate g our market up. It's amazing g what a few miles on the other side of an imaginary line (state line) does for home prices and especially insurance and taxes.
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Post by Tarponator on Jul 29, 2024 21:27:35 GMT -5
BS. Your so called "sources" are about a credible as luapnors. Always a mysterious source you never identity. Here's one source:
It doesn't have full metro area info, but suggests the ones who are generally full of shit appear to be again full of shit:
Those major metropolitan areas with a population greater than 1 million that had the greatest number of foreclosure starts in May 2024 included: New York, NY (1,447 foreclosure starts); Chicago, IL (1,272 foreclosure starts); Houston, TX (915 foreclosure starts); Miami, FL (750 foreclosure starts); and Philadelphia, PA (713 foreclosure starts).
...
Those major metropolitan statistical areas (MSAs) with a population greater than 1 million that saw the greatest number of REOs in May 2024 included: Chicago, IL (179 REOs); New York, NY (124 REOs); Baltimore, MD (84 REOs); Pittsburgh, PA(80 REOs); and Washington, DC (69 REOs).
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