The housing market is so tough that divorced couples are still living together, per WSJ.

— unusual_whales (@unusual_whales) January 5, 2024

In reply to mosdefn14

mosdefn14 said:

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When interest rates had a 2 handle, a lot of 7 figure luxury homes were purchased. Don't need it, but why the heck not. Figure the average/median of normal home sales plus those.

With a 6 or 7 handle, that slows down those purchases. What's left is need houses. Figure the average/median of those. I'm surprised it's not more of a drop honestly.

Lies, dang lies, & statistics.

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It slows down those purchases, but if there is no inventory.....

I deal in home prices and values every day. I'm just not seeing declines in the markets I work - primarily due to lack of supply.

If you have a good house and price it correctly the market is still very active and these homes are absorbed quickly, regardless of the rate.

There is plenty of pent up demand.

In reply to Shooter McGavin How many of those sellers are offering to help buy down rates? My realtor told me that is common today. Are those buy-downs reflected in selling prices?

In reply to Jabin

Jabin said:

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How many of those sellers are offering to help buy down rates? My realtor told me that is common today. Are those buy-downs reflected in selling prices?

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Every question in real estate should be answered with "it depends"

It is common in new construction and markets that are less desirable. It is not as common in markets where there is low inventory and pent up demand.

Real estate is ALWAYS local. You really have to drill down to sub-markets for it to make any sense. Examples of stats for an entire county is kind of ridiculous when you consider the massive difference between the Crowley and Southlake in Tarrant County, or Argyle and The Colony in Denton County. Some markets need buy downs, some don't. Depends on price range and income level of buyers.

Buy downs are often reflected in selling prices, so yes - the net to the seller is lower in those scenarios.

In reply to Shooter McGavin Thanks, that makes sense. Good info.

December home sales were 6.2% lower thanthe same month a year earlier, closing out the worst year since 1995, per CNBC.

— unusual_whales (@unusual_whales) January 29, 2024

First time housing affordability is the worst on record, per Bloomberg: pic.twitter.com/c2DMXaLwK4

— unusual_whales (@unusual_whales) March 18, 2024

The Maw to Gen Z:

'I feel your pain.'

And where is this money coming from?

We bought a house last year. We were down sizing and would have paid cash except we weren't sure how fast our old house would sell and free up that equity. Turns out it sold in 6 hours to a retired couple with an above list all cash offer.

Our new house didn't work for us so we just sold it to a retired couple for with an all cash offer. Our new construction is a bit more than the original house so I'm probably going to raid my Roth so we can pay cash.

I don't think there are many buyers putting 3% down and paying PMI right now.

Good luck to everyone with the new appraisals (at least in TX)…

FJB

In reply to YouBet

YouBet said:

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And where is this money coming from?

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The same place the money Ukranian and illegal immigrant money comes from.

Fed go brrrrrrr

But don't worry, it will never happen... just shopping it to see if it will help with reelection.

In reply to YouBet

YouBet said:

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And where is this money coming from?

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From the taxes collected from starter home buyers, minus the government's skim off the top. It's the big government's version of a perpetual motion machine for economics.

More good news concerning mortgage and home prices.

How can anyone support Biden at this point?:

This is not looking good ...

The median mortgage payment in the United States hit a new record high of $2,894 per month, for May 2024 (that's an increase of +14% from 2023, +23% from 2022, and +78% from 2021)

Where/when/how does this end?

🚨🚨🚨 pic.twitter.com/bnOr2wTwN0

— Wall Street Silver (@WallStreetSilv) May 15, 2024

We need gov to make banks give bad loans, so that people can buy a house. No risk, since home prices can only go up. If it all fails, we can print more money and QE.

In reply to BlueTaze

BlueTaze said:

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We need gov to make banks give bad loans, so that people can buy a house. No risk, since home prices can only go up. If it all fails, we can print more money and QE.

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I, too, am ready to party like it's 2005!

In reply to Bobaloo

Bobaloo said:

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A better way to build wealth is to form a few shell companies, get on the board of multinational corporations and garner seven figure salaries despite having zero experience in business.

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Step 1: Be son of U.S. Vice President

A roughly $1,200 monthly increase to housing costs in just 3 years seems like a big deal.