For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

[bentprops]

 

[bentprops]

Tis be the season and prices be falling.

 

[CarolynandBob]

I have never tried to sell high and buy low with a house. We always just buy what we like and the price is the price. Well now that we have sold our TN place (suppose to close the 21st) we find ourselves in the position to sell high buy low. Prices seam to be falling in Sarasota. Maybe only a little, but it seams they have over built. With a ton of people moving to FL the builders went crazy. Now with the new hot spot to move to (the Carolinas) there is a lot of inventory. We will probably look to buy next spring, so hopefully they continue to down a little.

The model we will buy is great and meets our needs, but the next one up we really like is a touch out of our price range. We would need a mortgage, which we do not want.

 

[Eliminator21vdrive]

Just sold dad's place in Sacramento for over asking (1.2) less than a week.

 

[jet496]

I have never tried to sell high and buy low with a house. We always just buy what we like and the price is the price. Well now that we have sold our TN place (suppose to close the 21st) we find ourselves in the position to sell high buy low. Prices seam to be falling in Sarasota. Maybe only a little, but it seams they have over built. With a ton of people moving to FL the builders went crazy. Now with the new hot spot to move to (the Carolinas) there is a lot of inventory. We will probably look to buy next spring, so hopefully they continue to down a little.

The model we will buy is great and meets our needs, but the next one up we really like is a touch out of our price range. We would need a mortgage, which we do not want.

Prices do seem to be dropping here in San Diego as well, but not much. More stabilizing if nothing else. Inventory is still low.

I'm with you on staying away from a mortgage. Paying 90% up front the first years is ridiculous but completely accepted. If I get a 7% loan, I want to pay 7% per year not 90, 85, 80. Seems I'm one of the the only people that sees the insanity of it though since it's such an accepted practice, nobody questions it LOL.

 

[bonesfab]

Prices do seem to be dropping here in San Diego as well, but not much. More stabilizing if nothing else. Inventory is still low.

I'm with you on staying away from a mortgage. Paying 90% up front the first years is ridiculous but completely accepted. If I get a 7% loan, I want to pay 7% per year not 90, 85, 80. Seems I'm one of the the only people that sees the insanity of it though since it's such an accepted practice, nobody questions it LOL.

If it was done in the private sector it would be considered loan sharking. But because the banks do it it is legal.

 

[jet496]

If it was done in the private sector it would be considered loan sharking. But because the banks do it it is legal.

1000 times worse than loan sharking. Loan sharks could never get the percentages that billions of people HAPPILY pay every day with their mortgages. I'm just dumbfounded that nobody sees this as ridiculous. Just sayin'

 

[DWC]

Just sold dad's place in Sacramento for over asking (1.2) less than a week.

Looks like you owe them 1.6% back

 

[4Waters]

Grandma's townhouse in Northranch went into escrow in 1 day for a little over asking at 1.2m, 4 days later they backed out

 

[Wedgy]

Grandma's townhouse in Northranch went into escrow in 1 day for a little over asking at 1.2m, 4 days later they backed out

Cowards!!

 

[Orange Juice]

We still have room for a few more interest rate hikes.

 

[River Dirt 2]

Price Drop!

1824 Stryker Pl, Brentwood, TN 37027 | MLS #2659557 | Zillow

This 11427 square feet Single Family home has 5 bedrooms and 9 bathrooms. It is located at 1824 Stryker Pl, Brentwood, TN.

www.zillow.com

 

[bonesfab]

Price Drop!

1824 Stryker Pl, Brentwood, TN 37027 | MLS #2659557 | Zillow

This 11427 square feet Single Family home has 5 bedrooms and 9 bathrooms. It is located at 1824 Stryker Pl, Brentwood, TN.

www.zillow.com

That place is pretty cool. Don't think I have enough friends to fill the basement.

 

[4Waters]

That place is pretty cool. Don't think I have enough friends to fill the basement.

Put a lift in from the garage to the basement and fill it with cars

 

[River Dirt 2]

31062 Casa Grande Dr, San Juan Capistrano, CA 92675 | MLS #LG24110884 | Zillow

This 70000 square feet Single Family home has 18 bedrooms and 19 bathrooms. It is located at 31062 Casa Grande Dr, San Juan Capistrano, CA.

www.zillow.com

 

[shintoooo]

This article says home prices dropped .25% in Austin after going up 70% lol.

I do think prices will drop in a lot of the places where people moved because they could work remotely because I think that's changing as well but if your rate is anything under 5%, why would you move? Only reason would be if you lose your job.

Home prices begin to come down in pandemic boomtowns like Austin, Tampa

Home prices in some large US cities declined in April. San Antonio and Austin in Texas, and Tampa in Florida — a few of the most popular cities during the pandemic — saw the biggest monthly price declines.

www.yahoo.com

 

[SOCALCRICKETT]

It's all a balance, I just took a full price offer on my temecula house Saturday, but I also started escrow last month on a place in havasu. I sold the temecula house in 8 days.

I got good money for temecula but also paid good money for havasu

 

[ChumpChange]

Prices do seem to be dropping here in San Diego as well, but not much. More stabilizing if nothing else. Inventory is still low.

I'm with you on staying away from a mortgage. Paying 90% up front the first years is ridiculous but completely accepted. If I get a 7% loan, I want to pay 7% per year not 90, 85, 80. Seems I'm one of the the only people that sees the insanity of it though since it's such an accepted practice, nobody questions it LOL.

Have you ever looked at the payment schedule on a principal “plus” interest loan? Current practices are accepted because people wouldn’t be able to afford the payments at the beginning of the loan.

 

[JL95]

What's the over under that I can refi my 2nd I have now that's @8% anytime soon?

 

[CarolynandBob]

Have been house shopping the last few days here in Sarasota. Prices have come down and builders are offering discounts. They are down 50k ish and the sales people are saying make an offer and we will run by management.

So our plan was to not buy until next spring. My question is how much difference will it make if we wait? On one hand they "experts" are saying a rate cut in Dec and some say September. Theory is that a rate cut will spur buyers to buy that have been waiting. If that happens then discounts will go away. Also the election could cause prices to go up or down.

I would buy now, but we are at our winter place until spring and the house would be empty until April, which isn't a big deal. Not sure what to do, wait or just buy it as the price now is discounted from what we expected to pay.

 

[Andy B.]

Have been house shopping the last few days here in Sarasota. Prices have come down and builders are offering discounts. They are down 50k ish and the sales people are saying make an offer and we will run by management.

So our plan was to not buy until next spring. My question is how much difference will it make if we wait? On one hand they "experts" are saying a rate cut in Dec and some say September. Theory is that a rate cut will spur buyers to buy that have been waiting. If that happens then discounts will go away. Also the election could cause prices to go up or down.

I would buy now, but we are at our winter place until spring and the house would be empty until April, which isn't a big deal. Not sure what to do, wait or just buy it as the price now is discounted from what we expected to pay.

Curious what's the hurricane season like in Sarasota? Florida is on our list for a vacation home.

 

[hallett21]

What's the over under that I can refi my 2nd I have now that's @8% anytime soon?

I haven’t even looked at rates lately. Where are they?

Looks like 6.5-7% depending on fees.

 

[OldSchoolBoats]

What's the over under that I can refi my 2nd I have now that's @8% anytime soon?

Don't see it happening any time soon. Assuming the rate of your first us sub 3%?? Rate on 2nd isn't that bad. May just be stuck with it.

 

[zhandfull]

Don't see it happening any time soon. Assuming the rate of your first us sub 3%?? Rate on 2nd isn't that bad. May just be stuck with it.

Will a lender even refinance a second without doing the first?

 

[JL95]

Don't see it happening any time soon. Assuming the rate of your first us sub 3%?? Rate on 2nd isn't that bad. May just be stuck with it.

Yes, first is 2.85. Just looking at the interest is painful. I am a firm believer in refi. I guess I am just playing the waiting game along with everyone else.

 

[Done-it-again]

Yes, first is 2.85. Just looking at the interest is painful. I am a firm believer in refi. I guess I am just playing the waiting game along with everyone else.

The feds will lower rates within 12 months... then its a gamble when you turn it to a fix rate loan or hold out for another rate drop.

 

[CarolynandBob]

Curious what's the hurricane season like in Sarasota? Florida is on our list for a vacation home.

A hurricane has never hit Sarasota. The rumor/myth is the Indians buried their dead here because it never
gets hit directly. We will purchase about 8-10 miles from the coast and not in a flood zone. Our friends from Vista just got into their home. It was 780k and their homeowners insurance is 2200 with hurricane coverage. That is a new home with hurricane windows. With it being new and the windows make it a lot cheaper.

 

[OldSchoolBoats]

Yes, first is 2.85. Just looking at the interest is painful. I am a firm believer in refi. I guess I am just playing the waiting game along with everyone else.

I have Prime + .5 on my HELOC so when rates come down it will be fine. Just work on paying it off.

 

[OldSchoolBoats]

Will a lender even refinance a second without doing the first?

No

 

[Andy B.]

A hurricane has never hit Sarasota. The rumor/myth is the Indians buried their dead here because it never
gets hit directly. We will purchase about 8-10 miles from the coast and not in a flood zone. Our friends from Vista just got into their home. It was 780k and their homeowners insurance is 2200 with hurricane coverage. That is a new home with hurricane windows. With it being new and the windows make it a lot cheaper.

Thanks great information!

 

[jet496]

Yes, first is 2.85. Just looking at the interest is painful. I am a firm believer in refi. I guess I am just playing the waiting game along with everyone else.

I'm a firm believer in paying the house off instead of constantly resetting the 30 year clock. We have several houses with no mortgages & bringing in rental income on a couple. Otherwise we'd just be paying 80 to 90% interest at all times. I'd prefer not to have the write off. I do realize my form of thinking is not the norm so each his own. I'm definitely no genius at this shit.

 

[CarolynandBob]

I'm a firm believer in paying the house off instead of constantly resetting the 30 year clock. We have several houses with no mortgages & bringing in rental income on a couple. Otherwise we'd just be paying 80 to 90% interest at all times. I'd prefer not to have the write off. I do realize my form of thinking is not the norm so each his own. I'm definitely no genius at this shit.

It may not be the norm, but it is the right one. NEVER touch the equity in a home unless it is for more real estate. I have had rentals in the past and 3 at one time. I know it is a wise investment strategy, but it wasn't for me. I was too frugal to pay a management company and I didn't have the heart that is takes sometimes when owning rentals.

With that said we will most likely rent our new house to snowbirds during the winter through a management company. We love our winter park and the amount we can make from snowbirds is pretty good.

 

[JL95]

I'm a firm believer in paying the house off instead of constantly resetting the 30 year clock. We have several houses with no mortgages & bringing in rental income on a couple. Otherwise we'd just be paying 80 to 90% interest at all times. I'd prefer not to have the write off. I do realize my form of thinking is not the norm so each his own. I'm definitely no genius at this shit.

I chased the rate down 2-3 times. That's when it makes sense. I should have said something along the lines that i don't mind refi if it's beneficial. lol resetting the clock sucks if it doesn't make sense. It is probably harder to swallow if the loan is halfway through it's life as mine was only 1-2 years in.

 

[Orange Juice]

My home in Phoenix took a $15k jump in June. I’ve been waiting for Armageddon.
Last years income was double what I was pulling in in 2018


Where is all this doom and gloom?

 

[petie6464]

160 of pages of meat slappin'

Been in this a long time and know nothing, however:
When the rates come down I'll will slapping a few FSBO signs around town and it will be glorious!

 

[COCA COLA COWBOY]

Have been house shopping the last few days here in Sarasota. Prices have come down and builders are offering discounts. They are down 50k ish and the sales people are saying make an offer and we will run by management.

So our plan was to not buy until next spring. My question is how much difference will it make if we wait? On one hand they "experts" are saying a rate cut in Dec and some say September. Theory is that a rate cut will spur buyers to buy that have been waiting. If that happens then discounts will go away. Also the election could cause prices to go up or down.

I would buy now, but we are at our winter place until spring and the house would be empty until April, which isn't a big deal. Not sure what to do, wait or just buy it as the price now is discounted from what we expected to pay.

Last year this time I saw so many agents tell their clients to buy a home with an ARM because rates would go down by next year. Well here we are and rates have not gone down. It's always a great time to buy, but don't bet on rates coming down anytime soon.

I have been keeping an eye on Florida and Texas....you are right, prices are declining. I would stay your course and wait until spring, but I wouldn't do it if it was like putting your like on hold for a year. If you envision yourself living there and will be happy with that move, go now. There may not be a tomorrow and in the grand scheme of things, real estate prices historically go up over time. Look, even the people that bought at the peak of 2006/2007 saw home prices go down significantly, but prices have pushed far beyond those numbers.

 

[c_land]

My home in Phoenix took a $15k jump in June. I’ve been waiting for Armageddon.
Last years income was double what I was pulling in in 2018


Where is all this doom and gloom?

“HONEY! Zillow just emailed me and said our Zestimate went up $15k last month!”

 

[Runs2rch]

“HONEY! Zillow just emailed me and said our Zestimate went up $15k last month!”

I want to laugh and love this post at the same time haha

 

[cofooter]

“HONEY! Zillow just emailed me and said our Zestimate went up $15k last month!”

 

[ChumpChange]

No

Yes they will. What do you think a HELOC is? If you refinance a HELOC with another HELOC you are technically refinancing a second with another second.

I’ll take out a second trust deed and stay in second position if I’m behind a low enough LTV.

 

[Orange Juice]

“

Help may not be on the way for first-time homebuyers frustrated by high mortgage rates and even higher home prices.

Economists at Bank of America warned this week that the US housing market is “stuck and we are not convinced it will become unstuck” until 2026 — or later.

The bank said home prices will stay high and go even higher. The housing shortage will persist. And mortgage rates may not fall much — even if the Federal Reserve finally delivers long-delayed interest rate cuts.”

 

[SOCALCRICKETT]

It may not be the norm, but it is the right one. NEVER touch the equity in a home unless it is for more real estate. I have had rentals in the past and 3 at one time. I know it is a wise investment strategy, but it wasn't for me. I was too frugal to pay a management company and I didn't have the heart that is takes sometimes when owning rentals.

With that said we will most likely rent our new house to snowbirds during the winter through a management company. We love our winter park and the amount we can make from snowbirds is pretty good.

I'm right there with you, I thought about renting my temecula house and buying smaller in havasu. After going back and forth the wife and I decided that we would rather cash out and buy a larger "forever home" in havasu. I'm glad we went this way, ill make money back in other investments. If all goes well we will close escrow in 2 weeks

 

[Havoc Powesports]

I have never tried to sell high and buy low with a house. We always just buy what we like and the price is the price. Well now that we have sold our TN place (suppose to close the 21st) we find ourselves in the position to sell high buy low. Prices seam to be falling in Sarasota. Maybe only a little, but it seams they have over built. With a ton of people moving to FL the builders went crazy. Now with the new hot spot to move to (the Carolinas) there is a lot of inventory. We will probably look to buy next spring, so hopefully they continue to down a little.

The model we will buy is great and meets our needs, but the next one up we really like is a touch out of our price range. We would need a mortgage, which we do not want.

Prices are dropping in Sarasota. (realtor there @ Living Vogue) Time on market is getting longer as well. Lot of builders sellers offering buy downs as well. Tampa, Cape Coral usually start fisrts, and they have been coming down real good in Cape Coral, Then it trickles into Sarasota Bradenton.

 

[Orange Juice]

I'm right there with you, I thought about renting my temecula house and buying smaller in havasu. After going back and forth the wife and I decided that we would rather cash out and buy a larger "forever home" in havasu. I'm glad we went this way, ill make money back in other investments. If all goes well we will close escrow in 2 weeks

There is nothing wrong with Arizona, except for 3 months of never ending heat in the summer.

the summers in the desert are about 10-15 degrees warmer now than they were. But the other 9 months are kick ass.

We bought a cabin after the 2008 melt down. Flagstaff, in a golf coarse community. Built in 2007, 1535sf with a big one car garage to store the rangers/toys, on a 6500 lot.

Today it took us 1hr and 39 minutes to get there. I left about 112F in Phoenix, and I arrived its 72F w/ lite rain. We will sleep with the windows open, and temps approaching 60F. We keep it heated in the winter, and set it at 45F, and it runs on 100gallon propane heater. It costs about 600-700 a year to keep the tank from going empty. We don’t use it from end of September to mid April,

It’s kind of like having a home in palms spring for the winter, and a cabin in big bear for the summer.

 

[SOCALCRICKETT]

There is nothing wrong with Arizona, except for 3 months of never ending heat in the summer.

the summers in the desert are about 10-15 degrees warmer now than they were. But the other 9 months are kick ass.

We bought a cabin after the 2008 melt down. Flagstaff, in a golf coarse community. Built in 2007, 1535sf with a big one car garage to store the rangers/toys, on a 6500 lot.

Today it took us 1hr and 39 minutes to get there. I left about 112F in Phoenix, and I arrived its 72F w/ lite rain. We will sleep with the windows open, and temps approaching 60F. We keep it heated in the winter, and set it at 45F, and it runs on 100gallon propane heater. It costs about 600-700 a year to keep the tank from going empty. We don’t use it from end of September to mid April,

It’s kind of like having a home in palms spring for the winter, and a cabin in big bear for the summer.

I'm fortunate that my parents are going to move to their havasu fulltime, sell their house in temecula and buy a cabin out by Williams to use as a get away when it gets balls hot

 

[rivrrts429]

My home in Phoenix took a $15k jump in June. I’ve been waiting for Armageddon.
Last years income was double what I was pulling in in 2018


Where is all this doom and gloom?

I don’t disagree with you but we can bump a few RDP threads from 2005 and there were similar posts.

I’m virtually debt free at the moment. I’ll prey on the weak if it goes kaboom in the next month or the next ten years

DISCLAIMER: I’m not wishing bad on anybody. It’s humor/satire… sorta lol

 

[CarolynandBob]

We put a low ball offer on a place in a new community and the builder agreed to it. Put the offer in yesterday morning after my wife and I agreeing that we should just buy what we want and not worry about it. Decided lets just throw this number at them and see what they say. They called back last night accepting. Said they wanted to hit the quarterly goal. Weather that is true of not I do not know. It is an all cash buy and should close in 10 days.

Thanks for all the advise.

 

[zhandfull]

We put a low ball offer on a place in a new community and the builder agreed to it. Put the offer in yesterday morning after my wife and I agreeing that we should just buy what we want and not worry about it. Decided lets just throw this number at them and see what they say. They called back last night accepting. Said they wanted to hit the quarterly goal. Weather that is true of not I do not know. It is an all cash buy and should close in 10 days.

Thanks for all the advise.

They would have had multiple offers two years ago.

Buyers market today in a lot of areas. Make those disrespectful offers. Seller can only say no.

 

[CarolynandBob]

Thanks great information!

Just got my insurance quote. $2000 a year for home owners insurance including hurricane and wind coverage. I do not need flood as we are not in a flood zone. House is 5.5 miles from the beach which is closer than we thought we would buy, but the wife is happy.

 

[boatpi]

OC’s price gains for homes leads the nation, with surge in luxury

Typical OC house rises 10.5% in a year, driven by a 12.3% jump in the luxury segment of the market.

therealdeal.com

Just ONE house in HB listed under 1 Mil. https://www.redfin.com/city/9164/CA...lADDtbolw9cusKaL60r6_Lo_2cGMv32saAkXmEALw_wcB