ID housing nose dive

[Bobby V]

An hour north of Eagle and your roads are frozen for several months, right?

He gets some snow. Not sure about frozen roads. I know he has a 4wd. Maybe? Ill ask tomorrow.

 

[LargeOrangeFont]

I don't think I've ever met a realtor that didn't say "This is the perfect time to buy" under all conditions and circumstances.

It’a true. It’s the perfect time for them, if you buy.

 

[Bobby V]

I don't think I've ever met a realtor that didn't say "This is the perfect time to buy" under all conditions and circumstances.

Next door neighbors house just listed for 1.5M. Open house on Sat and Sun. Their showing the house right now. The other houses in the neighborhood never made it past the first coupe showings.

 

[Danger Dave]

An hour north of Eagle and your roads are frozen for several months, right?

All of Idaho is frozen for several months every year. It's different months every year too.

 

[Dan Lorenze]

I might be mistaken, and please correct me if I am wrong, but wasn’t it you who said you’d never feel the need to explain my CA license plates to a bunch of texas roughnecks?
lol

My buddy didn't explain anything, as he shouldn't have to. Nice spin tho.. Proves my point exactly! Have you been holding on to that one for a while? Lol

 

[Bpracing1127]

All of Idaho is frozen for several months every year. It's different months every year too.

According to my SIL that’s not true and it barely snows in southern ID

 

[buck35]

A good friend of mine always dreamed about building a house in Prescott. He and his wife went out there a year ago to talked to contractors to build them a house. He said the moment they found out he was from CA they lost interest and wouldn't deal with him. Mind you, my buddy and wife are ultra conservative..Oh well...

A Californian is a Californian is a Californian... !ol.

 

[petie6464]

60-100k reduction isn't "Free falling" when the prices are up 100%

It is a catchy tag line tho. .

 

[was thatguy]

My buddy didn't explain anything, as he shouldn't have to. Nice spin tho.. Proves my point exactly! Have you been holding on to that one for a while? Lol

Not at all, just saw a little irony was all.
Nice spin though!

 

[Vib]

For us at the RV park this is good in one way as we are getting ready to get bids on a small barndo. Maybe we can even get contractors to call back now

On the downside, over fathers day weekend we saw a 60% no show rate even though they had prepaid reservations.

Inflationary costs are hitting some folks hard already

 

[Tom Slick]

60-100k reduction isn't "Free falling" when the prices are up 100%

It is a catchy tag line tho. .

When just 30 days ago homes were receiving multiple offers and selling for over ask and now homes are seeing $100k price drop 30 days later, I’d say that a pretty significant turn in the market. Let’s see if the trend pulls back. My guess is it will continue.

 

[FreeBird236]

For us at the RV park this is good in one way as we are getting ready to get bids on a small barndo. Maybe we can even get contractors to call back now

On the downside, over fathers day weekend we saw a 60% no show rate even though they had prepaid reservations.

Inflationary costs are hitting some folks hard already

We're starting to see lighter traffic in town, especially weekdays.

 

[was thatguy]

When just 30 days ago homes were receiving multiple offers and selling for over ask and now homes are seeing $100k price drop 30 days later, I’d say that a pretty significant turn in the market. Let’s see if the trend pulls back. My guess is it will continue.

Works for me.
They just made me sign a year lease, but fortunately it only came with a $100 a month increase. (6 months would have been $200 a month more) or I had 30 days to vacate.
I figured since I can’t afford to buy right now, nor would I if I could, I’d give it a year to collapse and maybe it’ll work out in my favor to buy in a year. If not here then probably Missouri.

I’ve been real lucky as far as rent. Even with the $100 increase it’s FAR below current value for my little rented abode. 3 years now.
In hind site of course it was a HUGE mistake to not buy 3 years ago, but it’s a mistake I won’t make again, or make worse by buying now.

 

[OldSchoolBoats]

These threads are getting ridiculous @RiverDave

Every......single......day it is another, the sky is falling....let's argue about house prices, my neighbor is over leveraged, toys will be on sale soon......etc.....thread.

Sure is a drag. Send them to their own section.

 

[was thatguy]

These threads are getting ridiculous @RiverDave

Every......single......day it is another, the sky is falling....let's argue about house prices, my neighbor is over leveraged, toys will be on sale soon......etc.....thread.

Sure is a drag. Send them to their own section.

They have a section for that?

 

[OldSchoolBoats]

They have a section for that?

No but they should!!

 

[Xring01]

These threads are getting ridiculous @RiverDave

Every......single......day it is another, the sky is falling....let's argue about house prices, my neighbor is over leveraged, toys will be on sale soon......etc.....thread.

Sure is a drag. Send them to their own section.

OMG… You cracked me up…

I really and truly hope you see the irony of what you posted, especially considering your signature about refinancing.

THATS FUNNY… HAHAHAHAHAHAHA… I am literally laughing right now… Thanks I needed that.

 

[OldSchoolBoats]

OMG… You cracked me up…

I really and truly hope you see the irony of what you posted, especially considering your signature about refinancing.

THATS FUNNY… HAHAHAHAHAHAHA… I am literally laughing right now… Thanks I needed that.

What does my signature have to do with anything? I don't get it.

 

[endobear]

Wife's best friend is a realtor in Washington DC. Has been killing it for the last 2 years. 1-2 homes per month.
She says sales have dropped off completely in the last 2 weeks for her.

 

[petie6464]

When just 30 days ago homes were receiving multiple offers and selling for over ask and now homes are seeing $100k price drop 30 days later, I’d say that a pretty significant turn in the market. Let’s see if the trend pulls back. My guess is it

I believe what you are seeing right now is a knee-jerk reaction that's been played out hundreds of time in the RE market. It will cool just as the feds have it planed via rate increases. In two years it will be long cooled and back ticking up, probably sooner as the panic button seller's sell through and others realize it's not the end of the world again.

 

[DRYHEAT]

According to my SIL that’s not true and it barely snows in southern ID

 

[Xring01]

What does my signature have to do with anything? I don't get it.

Really, are you a stand up comedian, you are really and truly cracking me up right now. Seriously, I am laughing out loud here…

Please, give me another one… Your making my day here.

 

[HNL2LHC]

Is that a summer video?

 

[DRYHEAT]

Is that a summer video?

Last December if “yore” talking about the video I posted

 

[OldSchoolBoats]

Really, are you a stand up comedian, you are really and truly cracking me up right now. Seriously, I am laughing out loud here…

Please, give me another one… Your making my day here.

Sorry man I really don't have a clue what you are trying to say. Glad you are laughing, it adds years to your life.

 

[Xring01]

OK… I really didnt want to have to spell this out…

You dont want to hear/read threads about housing market decline, or toy sales, or the sky is falling…
BECAUSE YOUR IN THE MORTAGE INDUSTRY/REFI…. Which is how alot of people buy such things.

Thats the irony, your complaining about the news/facts of markets is contracting and dont want to hear it. So if you close your eyes is not happening… Really… but thats how you make a living… ?????

I can keep going, but its probably best if I just leave it alone right here.

 

[FCT]

This is fake news. I haven’t heard one realtor or loan guy say it’s turning.
Everything is fine.

Exactly. Great time to buy! Get in before the lock!

 

[Sportin' Wood]

These threads are getting ridiculous @RiverDave

Every......single......day it is another, the sky is falling....let's argue about house prices, my neighbor is over leveraged, toys will be on sale soon......etc.....thread.

Sure is a drag. Send them to their own section.

These are one of the main reasons I spend time here. It is a great leading indicator.

 

[OldSchoolBoats]

OK… I really didnt want to have to spell this out…

You dont want to hear/read threads about housing market decline, or toy sales, or the sky is falling…
BECAUSE YOUR IN THE MORTAGE INDUSTRY/REFI…. Which is how alot of people buy such things.

Thats the irony, your complaining about the news/facts of markets is contracting and dont want to hear it. So if you close your eyes is not happening… Really… but thats how you make a living… ?????

I can keep going, but its probably best if I just leave it alone right here.

SOOOOOO basically you were being an asshole with your original comment? Noted.

Maybe you have been absent for the past year or so but these threads are like a god damn broken record on this site. I am not closing my eyes or complaining about the markets at all!! In fact, I probably listen to more financial podcasts then most people on this site, so I am VERY in tune with what is going on in the world. Yeah, my business is down big time and I am sure there are some people on here that are cheering that....................maybe you are one of them??

Good thing is that I saw this downturn in the mortgage business coming back in November, so we took a large chunk of the money we made over the past 2.5 years and invested in another business that my wife will run to make up for the decline in mortgage income.

It just gets fucking OLD seeing the same shit get regurgitated every single day with a different title............that is ALL I WAS SAYING.

 

[Englewood]

This is fake news. I haven’t heard one realtor or loan guy say it’s turning.
Everything is fine.

Why do you have such a hard-on for Realtors?

I am in the business and it is turning. Better?

 

[Englewood]

SOOOOOO basically you were being an asshole with your original comment? Noted.

Maybe you have been absent for the past year or so but these threads are like a god damn broken record on this site. I am not closing my eyes or complaining about the markets at all!! In fact, I probably listen to more financial podcasts then most people on this site, so I am VERY in tune with what is going on in the world. Yeah, my business is down big time and I am sure there are some people on here that are cheering that....................maybe you are one of them??

Good thing is that I saw this downturn in the mortgage business coming back in November, so we took a large chunk of the money we made over the past 2.5 years and invested in another business that my wife will run to make up for the decline in mortgage income.

It just gets fucking OLD seeing the same shit get regurgitated every single day with a different title............that is ALL I WAS SAYING.

The best part is the people who think they know how things work yet still think the Prime rate is the mortgage rate.

 

[CLdrinker]

Why do you have such a hard-on for Realtors?

I am in the business and it is turning. Better?

Because so few are honest and many don’t know shit.

Even a member here said the fed rate isn’t tied to the home loan rate.

 

[bowtiejunkie]

These threads are getting ridiculous @RiverDave

Every......single......day it is another, the sky is falling....let's argue about house prices, my neighbor is over leveraged, toys will be on sale soon......etc.....thread.

Sure is a drag. Send them to their own section.

You’re literally the only person that hates these threads. I personally don’t think RD should start banning threads on the economy.

Nobody has attacked you personally, quite the opposite. Just don’t click into these threads if you hate them so much. Sure it gets old, so does everything. But, I like hearing everyone’s opinion on money, the economy, and real estate. It’s a fascinating subject.

I appreciate your input from your corner of the market. We all have different lenses, so good to see what others see through theirs.

 

[NicPaus]

Because so few are honest and many don’t know shit.

Even a member here said the fed rate isn’t tied to the home loan rate.

I get it. I deal with a lot of realtors. There are a few great ones out there. But probably 300 shitty or shady ones for each great one. Few good ones on this site.

I have dealt with a few that some day I should write a book on what Contractors have to deal with.

 

[JUSTWANNARACE]

Well every residential home builder in the PNW is pulling back. no houses, no realtors or mortgage broker.. commercial and multifamily is still moving forward..

 

[bowtiejunkie]

Because so few are honest and many don’t know shit.

Even a member here said the fed rate isn’t tied to the home loan rate.

The Federal Funds Rate is not tied directly to the 30-yr mortgage rate. It does effect short term adjustable mortgage rates. Thirty-year term rates are more tied to 10-yr treasury rates, supply/demand at lenders (for example does BofA have too much demand, not enough capacity to lend - they will hike rates, and vise versa), and inflation.

There is a strong correlation between term mortgage rates and Fed Funds Rate, but no direct tie.

 

[CLdrinker]

I get it. I deal with a lot of realtors. There are a few great ones out there. But probably 300 shitty or shady ones for each great one. Few good ones on this site.

I have dealt with a few that some day I should write a book on what Contractors have to deal with.

I’m grateful for the good ones. But when realtors are saying now is the time to buy. They are full of shit.
They are saying interest rates aren’t bad. Which they aren’t. Considering what they have been in the past.
But you don’t buy when the market just went up for the last 8yrs and now the rates just went up as well.
The only way you buy right now is if you have a large down payment and you plan to stay for a long time.

The agent that I no longer use didn’t know how to price my home or my parents rental. I pulled the comps and proved her wrong. Guess what both homes sold for allot more than she wanted to list for. Mine sold in 3 days.
Same lady is still pushing how this market was is hit and it’s time to buy. She gives zero fucks about her clients.

 

[LargeOrangeFont]

Because so few are honest and many don’t know shit.

Even a member here said the fed rate isn’t tied to the home loan rate.

They are sales people dude. Just like insurance peddlers, car salesman, etc. it is on you to decide if you want to transact.

The 2 rates aren’t directly tied together.

 

[Englewood]

Because so few are honest and many don’t know shit.

Even a member here said the fed rate isn’t tied to the home loan rate.

That was me. And it's correct.

 

[CLdrinker]

The Federal Funds Rate is not tied directly to the 30-yr mortgage rate. It does effect short term adjustable mortgage rates. Thirty-year term rates are more tied to 10-yr treasury rates, supply/demand at lenders (for example does BofA have too much demand, not enough capacity to lend - they will hike rates, and vise versa), and inflation.

There is a strong correlation between term mortgage rates and Fed Funds Rate, but no direct tie.

Correct no direct tie. Just happens to follow each other lol

 

[LargeOrangeFont]

I’m grateful for the good ones. But when realtors are saying now is the time to buy. They are full of shit.
They are saying interest rates aren’t bad. Which they aren’t. Considering what they have been in the past.
But you don’t buy when the market just went up for the last 8yrs and now the rates just went up as well.
The only way you buy right now is if you have a large down payment and you plan to stay for a long time.

The agent that I no longer use didn’t know how to price my home or my parents rental. I pulled the comps and proved her wrong. Guess what both homes sold for allot more than she wanted to list for. Mine sold in 3 days.
Same lady is still pushing how this market was is hit and it’s time to buy. She gives zero fucks about her clients.

So it’s a good time to buy for some people in certain conditions, but it’s a bad time to buy. And you chose a crappy realtor once, so most are bad.

Noted

 

[CLdrinker]

They are sales people dude. Just like insurance peddlers, car salesman, etc. it is on you to decide if you want to transact.

The 2 rates aren’t directly tied together.

No they are not tied together in writing. But sure is odd how when the fed rate was down so we’re mortgage rates. And when the fed rate went up mortgage rates were and are right behind them. What a coincidence.

Yes they are sales people but they always say consult your real estate professional. Lol professional at what lol

 

[CLdrinker]

So it’s a good time to buy for some people in certain conditions, but it’s a bad time to buy. And you chose a crappy realtor once, so most are bad.

Noted

Yore smarter than some think.

It’s a bad time for most. Homes on the market is increasing fast in my area. Gee wonder why, they must not follow RDP where it’s always sunshine and Rainbows in real estate.

 

[Dan Lorenze]

I was in McCall Saturday looking at houses. Nice stuff hasn't crashed yet, and you're still looking at almost 3 years to get a new home built up there.

Crazy how expensive McCall is.

936 Chipmunk Ln, McCall, ID 83638 | realtor.com®

View detailed information about property 936 Chipmunk Ln, McCall, ID 83638 including listing details, property photos, school and neighborhood data, and much more.

www.realtor.com

 

[RiverDave]

These threads are getting ridiculous @RiverDave

Every......single......day it is another, the sky is falling....let's argue about house prices, my neighbor is over leveraged, toys will be on sale soon......etc.....thread.

Sure is a drag. Send them to their own section.

There has been a few threads on it for sure..

When ya break it down there’s basically three posts that are getting repeated..

1. The market will correct but it won’t drop too much.. it’s nothing like 2008

2. The market might stall for a minute but it isn’t going to see any major corrections because of inflation.

3. We’re all gonna die.. we are at the edge of the biggest financial disaster in history.. the Great Depression will be nothing compared to this.

Weirdly I could tie screen names to all three of those posts.. lol

 

[LargeOrangeFont]

No they are not tied together in writing. But sure is odd how when the fed rate was down so we’re mortgage rates. And when the fed rate went up mortgage rates were and are right behind them. What a coincidence.

Yes they are sales people but they always say consult your real estate professional. Lol professional at what lol

Well when oil is cheaper gas is cheaper… wow what a concept. Last time oil was $120 a barrel gas wasn’t $6 a gallon. The 2 are connected but not directly.

The assertion that the 2 rates are not directly tied together is 100% accurate.

Who is “they”? Those are commercials put out by realtors. Just like they (pharmaceutical companies) say “ask your doctor if this HIV medication is right for you”

Well I don’t have the HIV so I don’t need to ask.

 

[Bpracing1127]

According to Zillow a 164 properties in havasu have price reductions that are for sale lol

 

[LargeOrangeFont]

There has been a few threads on it for sure..

When ya break it down there’s basically three posts that are getting repeated..

1. The market will correct but it won’t drop too much.. it’s nothing like 2008

2. The market might stall for a minute but it isn’t going to see any major corrections because of inflation.

3. We’re all gonna die.. we are at the edge of the biggest financial disaster in history.. the Great Depression will be nothing compared to this.

Weirdly I could tie screen names to all three of those posts.. lol

You need a financial doom and gloom subforum

 

[530RL]

 

[hallett21]

According to Zillow a 164 properties in havasu have price reductions that are for sale lol

At random I clicked a few of the reduced ones. Even with the reduction the ones I clicked are asking 75-100k+ over their 2020-2021 sale price.