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

[PaPaG]

Ok but what kind of jobs are being laid off?

Low, Medium and High level jobs according to the companies actually stating this info.

 

[c_land]

You can trade house price futures now on the CME, there's like 0 volume so you can be the market maker

https://www.cmegroup.com/markets/real-estate/residential/SandP-case-shiller-price-index.html

 

[PaPaG]

This AM, home builder sentiment falls for 8 months straight, major builders such as KB CEO says we are NOW in a housing recession and it is going to get worse. Bad news for home sales, slowly catching up to the fed increases, interest rates, and slowing market, soon to get worse according to the major builders in the US. Lets see what happens now that the idiots in Washington have passed the largest tax bill in history helping destroy the middle class...ONLY an idiot would think PORK FILLED BILL is good for the US citizen.

 

[Havasu blue label]

It’s as bad as 07

 

[NicPaus]

It’s as bad as 07

But nothing like 2008-10.

 

[MSum661]

This AM, home builder sentiment falls for 8 months straight, major builders such as KB CEO says we are NOW in a housing recession and it is going to get worse. Bad news for home sales, slowly catching up to the fed increases, interest rates, and slowing market, soon to get worse according to the major builders in the US. Lets see what happens now that the idiots in Washington have passed the largest tax bill in history helping destroy the middle class...ONLY an idiot would think PORK FILLED BILL is good for the US citizen.

We're just getting warmed up.

This morning NY Fed's Empire State Mfg. Survey unexpectedly crashed from 11.1 in July to -31.3 in Aug.
Expectations were for a decline to 5.
This is the 2nd biggest monthly drop on record and to one of the lowest levels ever.

 

[Havasu blue label]

No 07 not 08

 

[COCA COLA COWBOY]

It's still pretty tough right now. Seller's are willing to sell for the top pricing of January to March, but of course sellers want the today pricing which is showing a huge increase in inventory. Pending on the area, you can see about 1 in 6 homes are priced according to the market and those will sell. Some are following the market down with small price reductions which is the "what not to do."

On the buyer's side, I am seeing lots of cancelled escrows. The buyer's that have been looking for a while are avoiding the purchase whereas the new to the market buyers are following through. Lower price points or the multi-million arena are getting more interest where the upper middle class are not so aggressive.

I will say, pool home are getting the most interest due to the weather. If it has a pool you have a good chance of commanding your price.

Interest rates have gone down dramatically, but of course we are not seeing 2.5% and may never will again. I have seen upper 4's and low 5% regularly though.

If you buying for the long term, you will always be fine. If you are buying for 1-3 years, it may be best to wait.

I had a real estate economist state that Summer of 2023 will be the next Best Buy Time, but we shall see.

 

[Cdog]

So I did an open house from 9:30-12 on Saturday and had 7 groups come through. Not under contract yet but a couple from Yorba Linda are very interested and will be viewing it again this coming weekend. They're still negotiating with the new employer on moving expenses.

There's an opportunity in a certain part of town right now for rentals and small homes due to employment. LMK if you're interested...

Bottom line is there's still demand in Phoenix.......

 

[Sportin' Wood]

I had a real estate economist state that Summer of 2023 will be the next Best Buy Time, but we shall see.

I tend to agree. Hope to pick up another house in Flathead next Summer. I suspect if the STR market cools off, there might be some decent inventory.

 

[LargeOrangeFont]

I tend to agree. Hope to pick up another house in Flathead next Summer. I suspect if the STR market cools off, there might be some decent inventory.

At this point I agree as well. That could change in a few more months though.

 

[Sportin' Wood]

At this point I agree as well. That could change in a few more months though.

Under current conditions, things can swing drastically multiple times. No telling what would happen; if I knew, I would be shopping for a Sunsation.

 

[rivermobster]

If you did your whole house up in grey with white quartz countertops...

And it's just sitting on the market...

Just rent that bitch out...

Grey is the new hunny oak of cabinets!

 

[bowtiejunkie]

My mom put a house on the market 8/15/22 Bakersfield on Friday 8/15. Got a full price offer, but 50% of closing costs. Another potential buyer was shown house on Saturday afternoon, but no offer.

Mom counter to a higher sale price equal to the expected 50% of closing costs and maintained covering the 50% closing costs. Buyer accepted. It’s in escrow, so hopefully it goes smoothly. This is just under $400k. Mom wanted it gone before next payment. Supposedly it’s a 15 day close.

Oh, oak cabinets and Corian countertops with gray walls and carpet. Lol

 

[DRYHEAT]

Can I stop holding my hat yet? My arms are getting tired.

 

[attitude]

What would be the proper procedure here. Tighten my belt or hold onto my hat?

 

[rickym20]

Going through some probate stuff with our Family. Listed my fathers house in California for sale finally on Friday. They did open house over the weekend. Got a full price offer but 15k credit for point buy down. Supposedly 4 showings today , so we will see.

 

[hallett21]

This AM, home builder sentiment falls for 8 months straight, major builders such as KB CEO says we are NOW in a housing recession and it is going to get worse. Bad news for home sales, slowly catching up to the fed increases, interest rates, and slowing market, soon to get worse according to the major builders in the US. Lets see what happens now that the idiots in Washington have passed the largest tax bill in history helping destroy the middle class...ONLY an idiot would think PORK FILLED BILL is good for the US citizen.

So honestly what does this do to existing real estate? KB is saying that supply will be going down.

New construction costs are through the roof and I don’t see how you can build anywhere in the US for less than $250 a ft. In So Cal the number is closer to $350-400.

However you can remodel for the above numbers or less. So the way I’m reading it, is it’s not profitable to build new spec homes aka tract homes. Multi million spec homes are still being built.

I do think land will get cheaper and will be a profitable play in the next 5-10 years.

I still am not seeing a circumstance where you should wait on purchasing a quality property. When you factor in write offs, locked in interest rates, money lost to rent etc.

 

[PaPaG]

So honestly what does this do to existing estate? KB is saying that supply will be going down.

New construction costs are through the roof and I don’t see how you can build anywhere in the US for less than $250 a ft. In So Cal the number is closer to $350-400.

However you can remodel for the above numbers or less. So the way I’m reading it, is it’s not profitable to build new spec homes aka tract homes. Multi million spec homes are still being built.

I do think land will get cheaper and will be a profitable play in the next 5-10 years.

I still am not seeing a circumstance where you should wait on purchasing a quality property. When you factor in write offs, locked in interest rates, money lost to rent etc.

The CEO of KB said everyone in his industry including all the builders, then there was a market trend report that stated that there is a 30% increase in homes on the market that are taking much longer to get offers and at a lower asking with only 1-2 offers on desired area homes and single offers taking longer on the average home. Fear is that when the fed increases again in September as they should the housing market will slow once again and they think once the sales catch up to the interest rate increases there will be a correction, corrections are typically 20% from current prices. I hope the market does not drop that much but I have to follow the data.

 

[PaPaG]

What would be the proper procedure here. Tighten my belt or hold onto my hat?

View attachment 1146362

I would say Hat since that is the key buzz word of this thread

 

[Havasu blue label]

Those multi million dollar homes where already in the books it takes a year to get a permit

 

[hallett21]

Those multi million dollar homes where already in the books it takes a year to get a permit

But I don’t really see them slowing. If you’re pulling a permit today are you really gonna wait? 2 million dollar build or 2.3 million my guess is you are moving forward.

 

[MSum661]

California Foreclosures 60 DMA update:

Foreclosures have jumped again from 15,819 to 16,711

- Active Homes for sale jumped from 34,685 to 40,059

- Total Active Residential Inventory has jumped from 50,504 to 56,770

- Recently Sold Homes fell 19,599 from 445,362 to 425,763. (6 months total sales)

 

[badgas]

This is still going ?

Some of yall need a hobby, Eeyore is your Spirit animal.

You could name a good death metal band after this thread

Doom Porn

Fail Lust

Gloom whore


Feel free to keep adding names

 

[DWC]

This is still going ?

Some of yall need a hobby, Eeyore is your Spirit animal.

You could name a good death metal band after this thread

Doom Porn

Fail Lust

Gloom whore


Feel free to keep adding names

No kidding.

 

[HNL2LHC]

This is still going ?

Some of yall need a hobby, Eeyore is your Spirit animal.

You could name a good death metal band after this thread

Doom Porn

Fail Lust

Gloom whore


Feel free to keep adding names

Bands that are fitting too???

Hat Makes The Man

 

[rivermobster]

Bands that are fitting too???

Hat Makes The Man

I'm thinking this song nails it...

 

[bentprops]

But nothing like 2008-10.

Not yet! Lets see what happens 8/20/22-10/20/22

 

[FishSniper]

This is still going ?

Some of yall need a hobby, Eeyore is your Spirit animal.

You could name a good death metal band after this thread

Doom Porn

Fail Lust

Gloom whore


Feel free to keep adding names

Hit the nail on the head. Some people need some better hobbies or things to do with their time.

 

[hallett21]

Not yet! Lets see what happens 8/20/22-10/20/22

Another 60 to 90 days lol

 

[LargeOrangeFont]

Another 60 to 90 days lol

2 weeks to flatten the curve!

 

[PaPaG]

2 weeks to flatten the curve!

Let me guess, you are still wearing your mask lol lol lol

 

[PaPaG]

Tightening Requirements
Large landlords across the industry have increased their yield requirements for new purchases, a trend that has pushed some investors to cut buying activity by more than 50%, Bloomberg reported last month. Spruce, a technology company that manages the process of closing home sales, said that clients in the single-family rental industry canceled 40% of transactions in July — up from 8% in February.

 

[bentprops]

Basicly sept 22, fall Equinox also a Shemitah year. Im sure its WAY over your head. If you have any clue about how real estate works you understand it take a long ass time to work out. Nov 2005 peek,-2012 bottom. The only reason 12 was the bottom was the trillions they started pumping to get the bleeding to stop. Take a look at japan., 1989-?

Still falling.

 

[Sportin' Wood]

This is still going ?

Some of yall need a hobby, Eeyore is your Spirit animal.

You could name a good death metal band after this thread

Doom Porn

Fail Lust

Gloom whore


Feel free to keep adding names

Hit the nail on the head. Some people need some better hobbies or things to do with their time.

I wish I were baller enough to call this a hobby.

 

[hallett21]

Basicly sept 22, fall Equinox also a Shemitah year. Im sure its WAY over your head. If you have any clue about how real estate works you understand it take a long ass time to work out. Nov 2005 peek,-2012 bottom. The only reason 12 was the bottom was the trillions they started pumping to get the bleeding to stop. Take a look at japan., 1989-?

Still falling.

View attachment 1146496

Lane change to God bringing the real estate collapse? Now we’re talking.

 

[monkeyswrench]

I wish I were baller enough to call this a hobby.

Don't feel bad...at least you're in the game!
At this point, for me, this is just a spectator sport

 

[bentprops]

No i don't wear a mask, I wear this shirt i had made. It goes over real good at the airport.

 

[bentprops]

Lane change to God bringing the real estate collapse? Now we’re talking.

Shemitah years.
2001 911
2008 GFR
2015 large market sell off
2022 ?

 

[COCA COLA COWBOY]

Not yet! Lets see what happens 8/20/22-10/20/22

I don't think we will feel pain until after the midterms. The political forces are trying to keep this market strong to try and maintain the house. I truly don't think they can keep the house, but they are spending your money to try and prop it up until then. Personally, I'm in a holding pattern until November. I'm not spending much, trying to maintain income and hopefully looking to invest afterwards at a high level.

The stock market is definitely suspect if you really analyze the data. Very low volume yet, the numbers are increasing. Maybe I'm just a conspiracy theorist.

 

[PaPaG]

No i don't wear a mask, I wear this shirt i had made. It goes over real good at the airport.

View attachment 1146503

Was not directed at you. And that is a great shirt.

 

[bentprops]

Was not directed at you. And that is a great shirt.

I know it wasn't but it was a great plug for my shirt.

 

[LargeOrangeFont]

Let me guess, you are still wearing your mask lol lol lol

And you have taken your 18 month RE booster

 

[PaPaG]

I know it wasn't but it was a great plug for my shirt.

You should have mass produced that shirt, I bet you could have sold a crapload. I know I would have bought a few...with the way the Nazi's running the scam were I am amazed they let you get through the airport and did not make you turn the shirt inside out.

 

[PaPaG]

And you have taken your 18th 7.3 booster

YUP, and and because of the great 7.3 booster I am immune to the lefts spin on everything, also making money is a good thing..

5 - 4 - 3 - 2 - lol

 

[LargeOrangeFont]

YUP, and and because of the great 7.3 booster I am immune to the lefts spin on everything, also making money is a good thing..

If I type FACTS in caps a bunch of times, it’s like following the science right?

 

[PaPaG]

If I type FACTS in caps a bunch of times, it’s like following the science right?

You are one obsessive strange one that is for sure. FACT! But it is still fun rustling your feathers lol lol lol you are toooooooo easy.

 

[LargeOrangeFont]

You are one obsessive strange one that is for sure. FACT! But it is still fun rustling your feathers lol lol lol you are toooooooo easy.

You must teach psychology because you are demonstrating classic deflection. Well done.

There is more to life than living under dark clouds though.

 

[PaPaG]

You must teach psychology because you are demonstrating classic deflection. Well done.

There is more to life than living under dark clouds though.

LOL coming from the king of spin you are cracking me up....keep the spin up....

 

[Havasu blue label]

We have a hobby it’s called investing in real estate