The housing market just slid into a full-blown correction
- Thread starter OfTheCross
- Start date
I haven't seen the data but i have seen prices on these home apps being slashed in addition to homes being on the market longer. The prices seems to be going lower but these intrest rates are too high.
I know 4 people that are backing away from the market for a bit. Which can be good or bad. I suspect the home prices will be going down just a bit but I expect the interest rate is going to get worse.
rightfultoefinger
All Star
If your expect huge price drops forget about it. If you’re looking to buy, buy before the interest rates go even higher and you can afford even less. Don’t even think about a 2008 type crash.
I noticed 2 townhomes in my neighbourhood drop their prices from 829k to 819k and the other 1360000 to 1330000 but all the single family homes have yet to drop and go pending within a week.
I noticed 2 townhomes in my neighbourhood drop their prices from 829k to 819k and the other 1360000 to 1330000 but all the single family homes have yet to drop and go pending within a week.
I don’t think it’s fair to compare home sales to anything that happened in 2020/2021. Those were anomaly years. Rates were incredibly low and there was plenty of inventory. Now, there’s hardly any inventory which is why you see home prices where they are. And homes are sitting that long, at least in my market. Average DOM is 13 days. I bought in July of 2019. Home had sat on the market for 2 years. They started at $640k. By the time we bought, it was $500k and I offered $475k and got it. Now my house is worth $660k. Refi’d last year into a 2.625% rate. Now rates are back to pre 2008 crash numbers. Which at the time was low. When I first bought in 2006 my rate was 6%. People will still buy with higher rates. I wouldn’t say that it’s too high, it’s just people don’t remember what it was like prior to the last 15 years.
I’m a residential lender and people are still trying to buy. Maybe not as many but still plenty. Back before the crash people were getting approved so long as they had a pulse. Now we want your first born.
I’m a residential lender and people are still trying to buy. Maybe not as many but still plenty. Back before the crash people were getting approved so long as they had a pulse. Now we want your first born.
null
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a 1970's type crash?
Kenny West
Veteran
Mortgage demand hits 22-year low as loan applications continue to drop
Mortgage applications are at the lowest they have been in the last 22 years, as inflation continues to rattle the housing market.
www.foxbusiness.com
"Demand will never go down brehs" Boy those realtors blow smoke to yall like used car salesmen
Looking to buy a house at the median-price level in the Miami metro area? Here’s the financial checklist:
▪ Median price of a single-family home: $589,000.
▪ Salary needed to qualify for a conventional mortgage with a 20% down payment: $131,714.
▪ Salary needed with the mortgage and a 10% down payment: $152,788.
Read more at: https://www.miamiherald.com/news/business/real-estate-news/article264628341.html#storylink=cpy
▪ Median price of a single-family home: $589,000.
▪ Salary needed to qualify for a conventional mortgage with a 20% down payment: $131,714.
▪ Salary needed with the mortgage and a 10% down payment: $152,788.
Read more at: https://www.miamiherald.com/news/business/real-estate-news/article264628341.html#storylink=cpy
REdefinition
Superstar
Prices still high AF and so are interest rates...a double whammy. When is this "correction" supposed to kick in exactly?
Houses in my search list are cutting prices up to 15%. And the new houses are being posted at way more reasonable rates. Someone just sold 10 acres for $180k. In comparison about 3-5 miles away some covid era lots same size are still listed a little under $400k
This is all rural property right outside the city.
dora_da_destroyer
Master Baker
this...what i'm seeing is now instead of 25% of HH being able to buy out here only 15% can...values haven't dropped, inventory is lower, rates are higher. buying is permanently out of reach for so many people
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Reality
Make your own luck.
1st half of next year. This is going to take some time. Layoffs have only really started recently, so it's going to take some time for unemployment to tick up & put pressure on people with mortgages...starting with those people who have ARMs and then on to everyone else.
It's just going to take some time.
ADevilYouKhow
Rhyme Reason
op is a notorious shyt poster
It’s regional I guess, we’re sitting price drops in KCop is a notorious shyt poster