Silvertaps said:
We close on our house on 10/10…so hoping for any good news day by day in regards to rates.
Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Jay@AgsReward.com said:
If you were my client I would have certainly recommended to lock before Wednesday. Rates have, as predicted, have gone up.
TxAG#2011 said:Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
They aren't ******ed, they are just slinging whatever BS they can to make a sale.
Quote:Quote:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
They aren't ******ed, they are just slinging whatever BS they can to make a sale.
Quote:
No they are actually ******ed.
Tex117 said:Quote:Quote:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
They aren't ******ed, they are just slinging whatever BS they can to make a sale.
True.Quote:
No they are actually ******ed.
But still this. (Red Pear of course not included)
Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Pizza said:Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Residential is an emotional market.
...and it really, really sucks sometimes when people just can't accept the writing on the wall.
Heineken-Ashi said:Pizza said:Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Residential is an emotional market.
...and it really, really sucks sometimes when people just can't accept the writing on the wall.
Current sentiment is denial.
Acceptance is a couple steps down the road.
Pizza said:Heineken-Ashi said:Pizza said:Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Residential is an emotional market.
...and it really, really sucks sometimes when people just can't accept the writing on the wall.
Current sentiment is denial.
Acceptance is a couple steps down the road.
Where I'm at, I see some acknowledgement from property owners that Single Family Residential may be over valued....but realtors & loan officers refuse to accept that. I'm sitting down right now looking at a subdivision full of terminated listings, where people bought in the low to mid 400's 2 years ago, and now can't sell for much higher than 375k. This particular Subdivision is atypical for the Market Area; however what I've discovered is that many homeowners received Appraisal Waivers after putting down around 20-25% on the original purchase around 2023.
Appraisers have gotten screwed by AMC's, and are largely disregarded by Realtor's & LO's. Mortgage Banks will threaten AMC's by witholding work when Appraisers come in low as well.
I honestly can't make heads or tails of some Market Areas anymore, and I just want to beat my head against the desk. It feels like allot like a 2007/2008 scenario with different forces in play, but tbh I have no idea. Maybe it isn't.
My gut is telling me that things are very much over valued where I'm at, but it is incredibly difficult to tell.
I think if interest rates were lowered significantly, spurring Market Activity, there would be a short & sharp decline in Sales Prices.
Furlock Bones said:Pizza said:Heineken-Ashi said:Pizza said:Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Residential is an emotional market.
...and it really, really sucks sometimes when people just can't accept the writing on the wall.
Current sentiment is denial.
Acceptance is a couple steps down the road.
Where I'm at, I see some acknowledgement from property owners that Single Family Residential may be over valued....but realtors & loan officers refuse to accept that. I'm sitting down right now looking at a subdivision full of terminated listings, where people bought in the low to mid 400's 2 years ago, and now can't sell for much higher than 375k. This particular Subdivision is atypical for the Market Area; however what I've discovered is that many homeowners received Appraisal Waivers after putting down around 20-25% on the original purchase around 2023.
Appraisers have gotten screwed by AMC's, and are largely disregarded by Realtor's & LO's. Mortgage Banks will threaten AMC's by witholding work when Appraisers come in low as well.
I honestly can't make heads or tails of some Market Areas anymore, and I just want to beat my head against the desk. It feels like allot like a 2007/2008 scenario with different forces in play, but tbh I have no idea. Maybe it isn't.
My gut is telling me that things are very much over valued where I'm at, but it is incredibly difficult to tell.
I think if interest rates were lowered significantly, spurring Market Activity, there would be a short & sharp decline in Sales Prices.
It's not. 2008 wasn't just falling home prices and foreclosures. It was a structurally unsound financial system. We are long, long way from that time period. Now, serious price corrections are happening. There's no doubt. But, foreclosure levels are historic norms.
Heineken-Ashi said:Furlock Bones said:Pizza said:Heineken-Ashi said:Pizza said:Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Residential is an emotional market.
...and it really, really sucks sometimes when people just can't accept the writing on the wall.
Current sentiment is denial.
Acceptance is a couple steps down the road.
Where I'm at, I see some acknowledgement from property owners that Single Family Residential may be over valued....but realtors & loan officers refuse to accept that. I'm sitting down right now looking at a subdivision full of terminated listings, where people bought in the low to mid 400's 2 years ago, and now can't sell for much higher than 375k. This particular Subdivision is atypical for the Market Area; however what I've discovered is that many homeowners received Appraisal Waivers after putting down around 20-25% on the original purchase around 2023.
Appraisers have gotten screwed by AMC's, and are largely disregarded by Realtor's & LO's. Mortgage Banks will threaten AMC's by witholding work when Appraisers come in low as well.
I honestly can't make heads or tails of some Market Areas anymore, and I just want to beat my head against the desk. It feels like allot like a 2007/2008 scenario with different forces in play, but tbh I have no idea. Maybe it isn't.
My gut is telling me that things are very much over valued where I'm at, but it is incredibly difficult to tell.
I think if interest rates were lowered significantly, spurring Market Activity, there would be a short & sharp decline in Sales Prices.
It's not. 2008 wasn't just falling home prices and foreclosures. It was a structurally unsound financial system. We are long, long way from that time period. Now, serious price corrections are happening. There's no doubt. But, foreclosure levels are historic norms.
I think you are completely backward here. 2008 was a real estate bubble and financial system that was unsound completely because of that one factor. That's why a bank bailout and currency devalution was able to eventually provide a floor for the economy.
Our current financial system is at greater risk than it was then with bubbles in literally everything. And the dollar can't be further devalued without risking complete structural collapse. The lower and middle classes have been in recession since 2022. That wasn't the case in 2008. The rubber band is stretched tight. If it snaps, you might not get a 2008 style collapse. More likely, you will get the first true deleveraging event in nearly 100 years.
Furlock Bones said:Heineken-Ashi said:Furlock Bones said:Pizza said:Heineken-Ashi said:Pizza said:Tex117 said:
Because residential real estate people are re- and tarded
(A precious…. Precious. Few aren't)
(I'm joking around…. But there always seems to be a certain slowness to accept reality with residential real estate)
Residential is an emotional market.
...and it really, really sucks sometimes when people just can't accept the writing on the wall.
Current sentiment is denial.
Acceptance is a couple steps down the road.
Where I'm at, I see some acknowledgement from property owners that Single Family Residential may be over valued....but realtors & loan officers refuse to accept that. I'm sitting down right now looking at a subdivision full of terminated listings, where people bought in the low to mid 400's 2 years ago, and now can't sell for much higher than 375k. This particular Subdivision is atypical for the Market Area; however what I've discovered is that many homeowners received Appraisal Waivers after putting down around 20-25% on the original purchase around 2023.
Appraisers have gotten screwed by AMC's, and are largely disregarded by Realtor's & LO's. Mortgage Banks will threaten AMC's by witholding work when Appraisers come in low as well.
I honestly can't make heads or tails of some Market Areas anymore, and I just want to beat my head against the desk. It feels like allot like a 2007/2008 scenario with different forces in play, but tbh I have no idea. Maybe it isn't.
My gut is telling me that things are very much over valued where I'm at, but it is incredibly difficult to tell.
I think if interest rates were lowered significantly, spurring Market Activity, there would be a short & sharp decline in Sales Prices.
It's not. 2008 wasn't just falling home prices and foreclosures. It was a structurally unsound financial system. We are long, long way from that time period. Now, serious price corrections are happening. There's no doubt. But, foreclosure levels are historic norms.
I think you are completely backward here. 2008 was a real estate bubble and financial system that was unsound completely because of that one factor. That's why a bank bailout and currency devalution was able to eventually provide a floor for the economy.
Our current financial system is at greater risk than it was then with bubbles in literally everything. And the dollar can't be further devalued without risking complete structural collapse. The lower and middle classes have been in recession since 2022. That wasn't the case in 2008. The rubber band is stretched tight. If it snaps, you might not get a 2008 style collapse. More likely, you will get the first true deleveraging event in nearly 100 years.
no i don't have it backwards at all. you basically made my point then argued a different one.
in the context of real estate and its relative influence on the financial system, we are nowhere near where we were in 2007-2008. That's just fact.
now, is the greater financial system teetering on the edge of another wholesale change? yea, i would agree with that.
Quote:
The majority of their wealth is in their home that they think is worth $750k but wont actually sell for north of $500k.
MAS444 said:Quote:
The majority of their wealth is in their home that they think is worth $750k but wont actually sell for north of $500k.
What's your authroity for this? Genuinely curious.
MAS444 said:
Cool.
Are you saying property values have declined by 25% over some period of time...or boomers are just clueless as to their values?
I'm not disagreeing with you at all as I don't have near the chops/experience you do - just trying to inform myself.
