Daily Price Decreases on LH Property

[DRYHEAT]

We bought our house in 93 and had perfect credit, zero debt and 2 kick ass jobs and our rate was 8.5.

I wonder what the new rate cap will be for the next 15-20 years...can anybody guesstimate?

That was probably a decent rate for the time, considering it was coming down from 18% in the 80s

 

[Cdog]

Wait till the commission law go in affect in July

Can’t wait for this.

No glove, no love.

 

[Flying_Lavey]

Weather its starting to go down or not, there is no possible way this trajectory is sustainable. I just saw the median home price in Ventura County is over $940k! The third most unaffordable county in the nation.

Everybody has been dipping into savings and credit to try to get through the shit until things start swinging their way, but it just isn't happening. I am praying it starts to happen soon cause this has been KILLING me! Trying to provide for a family that didn't buy a house prior to COVID is getting to be almost impossible.

 

[dezertrider]

We purchased in September and all ready have equity. Appraisal came in higher then purchased price and the houses near us are going for insane prices. I can afford a slight dip in the road that I do not see coming up here is Havasu. I wished I would of purchased earlier then waiting for the drop that never happend. We are gaining equity monthly right now

 

[petie6464]

The offer I received on a multi tenant property yesterday certainly didn't show this. .

 

[HotRod82]

FWIW - We have been watching the Boise area for the past few months as we are planning on leaving SoCal here shortly and relocating there. The Boise area is in near free fall price wise. Inventory is really high, one of our favorite homes has reduced from 1.8M to 1.4M....
Meanwhile here in SD, prices keep going up!

 

[2Driver]

Both these little subdivisions had a hand full of houses for sale during covid.

Now

Talking Rock near Prescott

Happy Jack AZ. Summer homes between Phx and Flagstaff

 

[NicPaus]

FWIW - We have been watching the Boise area for the past few months as we are planning on leaving SoCal here shortly and relocating there. The Boise area is in near free fall price wise. Inventory is really high, one of our favorite homes has reduced from 1.8M to 1.4M....
Meanwhile here in SD, prices keep going up!

How is the job market in Boise? My cousin moved to Idaho 2 years ago. Paid double what her friends did 2 years before her. That 1.8 house was probably 600-700k 8 years ago.

 

[Orange Juice]

Location location location

If you can’t make money living remote, you go live in the cities where you can.

The only homes I see sell at a discount, have too many repairs for the average homeowner to jump in and fix before moving in.

 

[Englewood]

We bought our house in 93 and had perfect credit, zero debt and 2 kick ass jobs and our rate was 8.5.

I wonder what the new rate cap will be for the next 15-20 years...can anybody guesstimate?

The difference is the price of homes in relation to your income. I bet your home was 2-3x your salary? Now you are looking at 6-10x yearly salary.

 

[Javajoe]

Tonight on my way home from work

I was listening to am 640 Tim Conway show

He said that 41% of house holds in the Inland Empire are having difficulties paying for monthly essentials ….

Haven’t they always. It’s the IE for gods sake.

 

[Cdog]

The offer I received on a multi tenant property yesterday certainly didn't show this. .

Well here’s the deal on that one. I have advised several buyers to the sidelines saving money and making it in high yield savings accounts earning 5+% with 0/ZERO risk over multi family properties marketed at “Proforma” with sub 4% cap rates after financing.

It’s just math. Either lower your price so it caps better than a savings account or pull it off the market until rates come down.

 

[Your ad here]

Everybody has been dipping into savings and credit to try to get through the shit until things start swinging their way, but it just isn't happening.

I've been hearing this for years and have yet to see fire sales. I wouldn't wait to secure "rent control" on a first house...

 

[Raffit78]

Meanwhile on a 1.8m house in Rancho today.

 

[gqchris]

Weather its starting to go down or not, there is no possible way this trajectory is sustainable. I just saw the median home price in Ventura County is over $940k! The third most unaffordable county in the nation.

Everybody has been dipping into savings and credit to try to get through the shit until things start swinging their way, but it just isn't happening. I am praying it starts to happen soon cause this has been KILLING me! Trying to provide for a family that didn't buy a house prior to COVID is getting to be almost impossible.

You and me both Sir. Even with the move to AZ the pain is still real. Something has to change. Going to the store and buying food for a real meal for 4 is 75$ no matter how you do it.

 

[Tank]

I’ve watched the havasu market close for many years.

I think it’s funny, you can actually get a 3/2 house in havasu for a decent price. Problem is, no one wants that. They (me included ) want a 4/4 with pool and giant RV garage. lol. Those are a million up and don’t seem to be coming down too
Much. I have seen a LOT of “price lowered” emails from Zillow and “open house this weekend” emails which I haven’t seen in over 5 years out of havasu. But again, it’s not the nice stuff.

Seems to me prices are dropping a little. House next door to my daughters is a 4/4 casita pool and RV garage. Brand new built. Listed last year for 1.4 which was waaaaay over marketed. It was taken off market for a few months then re listed forn1.050. sold last month for 1 mil. I’ve seen a bunch of high end houses listed, not sell and taken off market recently. Think we’ve definitely seen the ceiling. But is there gonna be some “hold onto your hats, shits gonna hit the fan” moment. Doubtful. Just adjust bit.

 

[Done-it-again]

Meanwhile on a 1.8m house in Rancho today.

That western one? Wonder if it will go for asking. Will take a special buyer I would think.

My parents live in the same housing track.

 

[rivermobster]

How is the job market in Boise? My cousin moved to Idaho 2 years ago. Paid double what her friends did 2 years before her. That 1.8 house was probably 600-700k 8 years ago.

It's the Orange County of Idaho. College town. And all the surrounding areas are chock full of trac homes.

Infrastructure is minimal, cause it's all just converted farm lands!

I've been doing a lot of homework on Idaho lately. Definitely wouldn't be My first choice, but I'm retired and don't need to work.

Gonna be lots of New construction for years to come.

 

[badgas]

Meanwhile on a 1.8m house in Rancho today.

When a realtor says " we have multiple offers " it is similar to the kid at the Chic fila counter who says " Hi Welcome "

 

[Mandelon]

My wife is working with a local property manager here in San Diego and they are having to lower rents for the vacant homes to get people interested. What would have been snapped up previously are sitting there with no interest. They are having to lower rents by a few hundred bucks to get folks to come and look.

Things are slowing, but it may just be due to the high price of everything else. If potential renters can get something cheaper to live in, they can at least afford insurance and food. LOL

 

[Raffit78]

That western one? Wonder if it will go for asking. Will take a special buyer I would think.

My parents live in the same housing track.

https://www.zillow.com/homedetails/...ssage&utm_medium=referral&utm_source=txtshare

 

[Done-it-again]

https://www.zillow.com/homedetails/...ssage&utm_medium=referral&utm_source=txtshare

That’s the one, hope they get it. My parents are finally looking to sell. They are on the corner of countrywood and saddle horn.

 

[Raffit78]

When a realtor says " we have multiple offers " it is similar to the kid at the Chic fila counter who says " Hi Welcome "

Or the contrary, we skipped that home.

 

[RiverDave]

I’ve watched the havasu market close for many years.

I think it’s funny, you can actually get a 3/2 house in havasu for a decent price. Problem is, no one wants that. They (me included ) want a 4/4 with pool and giant RV garage. lol. Those are a million up and don’t seem to be coming down too
Much. I have seen a LOT of “price lowered” emails from Zillow and “open house this weekend” emails which I haven’t seen in over 5 years out of havasu. But again, it’s not the nice stuff.

Seems to me prices are dropping a little. House next door to my daughters is a 4/4 casita pool and RV garage. Brand new built. Listed last year for 1.4 which was waaaaay over marketed. It was taken off market for a few months then re listed forn1.050. sold last month for 1 mil. I’ve seen a bunch of high end houses listed, not sell and taken off market recently. Think we’ve definitely seen the ceiling. But is there gonna be some “hold onto your hats, shits gonna hit the fan” moment. Doubtful. Just adjust bit.

I will see you mine for a mill..

 

[boatnam2]

It's the Orange County of Idaho. College town. And all the surrounding areas are chock full of trac homes.

Infrastructure is minimal, cause it's all just converted farm lands!

I've been doing a lot of homework on Idaho lately. Definitely wouldn't be My first choice, but I'm retired and don't need to work.

Gonna be lots of New construction for years to come.

My mom's side of the family all moved there mid 80's, sister lives in Kuna, use to be a cool little spot, now it's like going to Eastvale in corona, well except a little cooler in winter lol

 

[Tank]

I will see you mine for a mill..

Yours is a 3/2 right? You know better than I but I'd bet you get pretty damn close with location, quite street, RV garage and pool. You did good on that buy!!

 

[RiverDave]

Yours is a 3/2 right? You know better than I but I'd bet you get pretty damn close with location, quite street, RV garage and pool. You did good on that buy!!

4 / 3 1/2.. pool / spa / large lake views. 51x21 Rv garage 20x30 car garage. 1990 sqft if I remember right.

We bought it for 310..

 

[Tank]

4 / 3 1/2.. pool / spa / large lake views. 51x21 Rv garage 20x30 car garage. 1990 sqft if I remember right.

We bought it for 310..

Bet it’d sell for that. Get you guys on your way to the foothills.

 

[whiteworks]

I have a friend who just closed on a 15 acre horse property with 4000’ colonial style house in kentucky for $850k. There are places where a dollar still goes a long ways.

In my pea brain a havasu house should cost $350K and a baller havasu pad should cost $600k

 

[rivermobster]

I have a friend who just closed on a 15 acre horse property with 4000’ colonial style house in kentucky for $850k. There are places where a dollar still goes a long ways.

In my pea brain a havasu house should cost $350K and a baller havasu pad should cost $600k

My BIL bought a place close to RDP headquarters. A year ago or so?

I think he paid around 350k for it.

There is no rule that says you Have to keep up with the Jones's...

120 Fisher Rd, Burnt Ranch, CA 95527 | Zillow

This 1681 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 120 Fisher Rd, Burnt Ranch, CA.

www.zillow.com

 

[RiverDave]

My BIL bought a place close to RDP headquarters. A year ago or so?

I think he paid around 350k for it.

There is no rule that says you Have to keep up with the Jones's...

120 Fisher Rd, Burnt Ranch, CA 95527 | Zillow

This 1681 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 120 Fisher Rd, Burnt Ranch, CA.

www.zillow.com

I agree on the Jones deal.. that seems to be a big thing out here for some reason.. I could give 2 shits about any of it.

RD

 

[traquer]

I have a friend who just closed on a 15 acre horse property with 4000’ colonial style house in kentucky for $850k. There are places where a dollar still goes a long ways.

In my pea brain a havasu house should cost $350K and a baller havasu pad should cost $600k

Nice! I think the only issue is that for the locals that's still a lot of dough. For someone coming from CA or NY, of course $850k is not as much, but unless they know exactly what they're getting into, they may come to the conclusion in a few years that "no wonder it's only $850k." Meaning they can't find the same high paying job or not being able to do the things they took for granted.

For me the move from OC to Texas was easy because I work for myself online and I moved to the outskirts of a big city where I have pretty much everything I was used to. I would never have been able to move out to the sticks where I have to drive 30-60 minutes just to grab a bite or go to a walmart lol. I'm a city slicker compared to that life, I must admit.

 

[Rajobigguy]

To be 100% clear I hope the prices not only here but everywhere come down. I don’t see how normal people can afford a house anymore? The prices are crazy..

If we didn’t buy when we did we would be living in a much different house.

RD

My entire family already own homes so light the fuse on that skyrocket and let the prices head go the moon.


Just kidding, I actually agree that current prices are way too high and that this meteoric increase is not sustainable.

 

[blueflaminhot]

Have been looking for vacation homes in Havasu. Got preapproved but 7.37% interest rate! That with 35%+ down and perfect credit and low debt. Kinda on the fence to do now or wait. Rates are just ridiculous right now.

 

[PaPaG]

How is the job market in Boise? My cousin moved to Idaho 2 years ago. Paid double what her friends did 2 years before her. That 1.8 house was probably 600-700k 8 years ago.

Funny that a 44 year long buddy and I were talking about a Idaho offer he had last week, he makes $34.00 an hour in Vegas with 15 hours of OT every week, same job in cali is about 38, boise down to upper Utah are coverage his offer was 50.00 an hour to start, 10k moving bonus and no on call duties with a guaranteed 5 day per week max (he is older and does not want to work the 30 hours a week OF OVERTIME the job is offering). Work is there if you have a trade that is for sure.

 

[Javajoe]

Find a new lender stat. There are special jumbo loan deals now that will get you below 7

 

[NicPaus]

Supposed to close escrow today. 7.37 rate sounds right. My loan lady said it actually went down a hair in the last 2 weeks resulting in a 1600 credit toward closing cost. Or the option of 50 less a month payment. Crap shoot if rates will drop and a refi will help.

 

[Havasu blue label]

Have been looking for vacation homes in Havasu. Got preapproved but 7.37% interest rate! That with 35%+ down and perfect credit and low debt. Kinda on the fence to do now or wait. Rates are just ridiculous right now.

There’s plenty of brokers

 

[Tamalewagon]

Wait till the commission law go in affect in July

That won't make a bit of difference. If a seller elects to not pay the buying agent, good luck on getting any agents to show their clients the sellers property.

 

[Tamalewagon]

Have been looking for vacation homes in Havasu. Got preapproved but 7.37% interest rate! That with 35%+ down and perfect credit and low debt. Kinda on the fence to do now or wait. Rates are just ridiculous right now.

That scenario should get you easily into the 6% range. That rate quote may be outdated.

 

[SOCALCRICKETT]

Have been looking for vacation homes in Havasu. Got preapproved but 7.37% interest rate! That with 35%+ down and perfect credit and low debt. Kinda on the fence to do now or wait. Rates are just ridiculous right now.

Chad at mohave mortgage got me 6.25% on a 300k note. He is in havasu

 

[BabyRay]

I wish I had Googled my seller's name before I put my offer in. After escrow closed I happened to google the owners and found Mr.'s mugshot from a prostitution arrest which apparently was about a month before the house went on the market. I think I could have knocked some more off of my offer. Live and learn.

I did google the sellers when we bought our current home. I found that the wife had already moved to another city for a hospital CFO position, and the husband had lined up a job as baseball coach at a university there. I believe it helped a bit with the negotiation.

 

[COCA COLA COWBOY]

I have been talking to a few brokers from multiple other areas and we are seeing a good increase in price reductions throughout the western seaboard and a much lower number of buyers in the market. The market is not going to crash, but we will see some softening which should continue for the next 3-6 months. For some, this can be a great time to buy. Not a time to sell unless you are fearful of the future. If you do plan on selling, you better price low and not follow the market down for this stint.

I have a friend of a friend that is high up in BofA lending...they are planning on a big layoff in the near future as the number of loans they are doing per month has drastically changed. I'm hearing some lenders tell their clients to do some inappropriate things right now...cash out refi that will take their rate from 3/4% to 7ish%....not recommended. If you can't do a HELOC, then sell assets or find some other avenue to get money. Live cheap, but don't throw away your low interest rate!

 

[BabyRay]

Never mind. Deleted.

 

[Andy B.]

Funny that a 44 year long buddy and I were talking about a Idaho offer he had last week, he makes $34.00 an hour in Vegas with 15 hours of OT every week, same job in cali is about 38, boise down to upper Utah are coverage his offer was 50.00 an hour to start, 10k moving bonus and no on call duties with a guaranteed 5 day per week max (he is older and does not want to work the 30 hours a week the job is offering). Work is there if you have a trade that is for sure.

What's his trade?

 

[PaPaG]

What's his trade?

Fuel station repair and upgrades. Edited, I forgot to mention the 30 hours a week they are offering is in overtime so 70 hours minimum a week, he is still thinking about it if they drop most of the OT. He has family up there and they are all making good money ranging from IT, networking, and a few service businesses, construction, electrician, plumbers, roofers, auto shops. People up there seem to love living there and he said the people are amazingly nice.

 

[LuauLounge]

With all the information easily available today, I find it hard that people don’t do their homework. Houses. Cars, boats, people, etc. you can build the full and complete history on just about anything.

 

[Havasu blue label]

That won't make a bit of difference. If a seller elects to not pay the buying agent, good luck on getting any agents to show their clients the sellers property.

It’s all a personal opinion