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Quiet around here.

2,844 Views | 19 Replies | Last: 1 yr ago by KDubAg
2002reb
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AG
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?
carl spacklers hat
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Uncertain interest rate environment, plus a slowing economy, likely culprits for drop in RE activity. Even though interest rates are still extremely low vs historical norms.
People think I'm an idiot or something, because all I do is cut lawns for a living.
GunRangeGal
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AG
Everybody is too busy trying to put in offers to post.
CS78
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Im in a holding pattern. Have a couple houses I'd like to sell and use the funds to cancel out some variable rate loans. But nobody is moving and I'm not kicking out good tenants.

And, as nice as the value increases look, I'm not excited about donating a chunk of it to the gubmint.

So I'll just wait and see.
Diggity
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this board is actually quite a bit more active than it has been historically.

besides posting ugly houses, you'll usually have topics stay dormant on Page 1 for an eternity.
one MEEN Ag
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AG
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?
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.

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.
MAS444
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AG
I noticed a bunch of new listings in my area today for the first time in a while. I wonder if people are rushing to get their homes listed sooner than planned due to fear of rising rates...? If so, that could help stabilize things (more inventory) in the short term.
Diggity
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AG
are these individuals selling or flippers?

I know the latter have been in a mad rush to deliver their homes as they know the buyer pool is shrinking.

I'm not sure why individuals would be in a rush to sell right now as they are presumably moving up and the higher interest rates are going to kick their asses as well.
MAS444
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AG
Not flippers. Yeah it may just be an anomaly - just noticed lots of houses listed for th first time in my hood in a while. Also probably seasonal now that I think think about it with school ending.
Diggity
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AG
seasonal makes sense but I think those folks will be kicking themselves for waiting. Just my opinion of course.
Sgt. Schultz
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We have been actively looking for a condo in Rockport for some time. Basically no inventory that meets what we are looking for.
jja79
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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.
Sgt. Schultz
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AG
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.
I think many people are still plowing forward because they know interest rates will likely go higher.
jja79
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And those building expensive dream homes have had the plan for a while. It was the thing I thought would suffer the most once Covid struck but I was wrong.
The Dog Lord
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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.
Sgt. Schultz
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AG
one MEEN Ag said:

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?
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.

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 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.

Regardless, I thought the craziness would subside some but I think the folks that are in the position are moving forward because they think further rate hikes are coming. Once that pool of buyers is depleted, and barring a stabilization in rates, things will slow down - they have to. Energy prices are crushing the folks that are just getting by and putting a dent in those with larger budgets. Its just not gasoline, but much higher electric bills this summer as well.
itsyourboypookie
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Everything we are selling is still selling cash.
KDubAg
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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.


What's your location? My BIL is looking for a place in Houston.
The Dog Lord
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AG
We're in San Antonio
KDubAg
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The Dog Lord said:

We're in San Antonio


Thx and Good luck!
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