This board seems particularly quiet these days, perhaps the real estate party is coming to an end? Maybe market uncertainty and rate hikes are starting to take its toll? What say you?
There's a couple of streets in my area that I monitor on HAR for listing and would jump on an opportunity to move to. One came available recently. A year ago I would've leveraged nearly everything to make the move. Barely even made an effort to drive by the house last week. Interest rate spike compared to what I've got now (2%, 15 year) would mean my interest payment would jump upwards of $1,000 a month. Just in interest. Any tax advantage I would have gained by moving to a street with lower tax rates would have been nullified by my interest spike.2002reb said:
This board seems particularly quiet these days, perhaps the real estate party is coming to an end? Maybe market uncertainty and rate hikes are starting to take its toll? What say you?
I think many people are still plowing forward because they know interest rates will likely go higher.jja79 said:
Purchase market seems to be slowing some. Still on fire, but raging less. The surprising thing to me is the number of people still moving forward with 7 figure builds.
I've been looking for a 2nd house in Arizona and for the first time I'm seeing price reductions in the Phx area.
The normal 10-15 day option period would allow time to have inspections done and if there is too much work required, the buyer could back out. If not, they got the property tied up and are able to purchase in an area they want to be in. It really depends on on the contract was written. Many folks are waiving inspections and appraisals in order to get in the home, of course those are the cash buyers.one MEEN Ag said:There's a couple of streets in my area that I monitor on HAR for listing and would jump on an opportunity to move to. One came available recently. A year ago I would've leveraged nearly everything to make the move. Barely even made an effort to drive by the house last week. Interest rate spike compared to what I've got now (2%, 15 year) would mean my interest payment would jump upwards of $1,000 a month. Just in interest. Any tax advantage I would have gained by moving to a street with lower tax rates would have been nullified by my interest spike.2002reb said:
This board seems particularly quiet these days, perhaps the real estate party is coming to an end? Maybe market uncertainty and rate hikes are starting to take its toll? What say you?
The crazy part is, the house got a site unseen offer the first day it was listed. Just looking from the street there was evidence of foundation work that had been done a while back. I wonder if the owners were excited to get out of dodge, take advantage of sight unseen competitiveness when the physical open house attendances have slowed down from the craziness of last year.
The Dog Lord said:
I also had several hits today after not seeing much the last few weeks.
I'll be buying and listing the current place very soon. Buying with cash so not worried about rates, but I definitely want to catch the sellers market before it cools off too much.
The Dog Lord said:
We're in San Antonio