yup, like zillow's ibuying business but that's all they do. they're allegedly slightly better at it than zillow were (their offers on my place are always lower than zillow's), but it's hard to do in a reversing market.
― π ππ’π¨ (caek), Wednesday, 27 July 2022 18:47 (one year ago) link
(1/6) U.S home prices fell 4.1% ($17,603) year over year in April. Thatβs the biggest dollar drop and the largest percentage decline since January 2012.In pandemic boomtowns and pricey coastal markets, home prices are falling even further. #housingmarket— Redfin (@Redfin) May 22, 2023
― π ππ’π¨ (caek), Monday, 22 May 2023 18:37 (ten months ago) link
Hell yeah hook me up
― G. DβArcy Cheesewright (silby), Tuesday, 23 May 2023 00:08 (ten months ago) link
you love to see it
― budo jeru, Tuesday, 23 May 2023 00:11 (ten months ago) link
Unfortunately interest rates aren't cooperating
― she works hard for the monkey (Ye Mad Puffin), Tuesday, 23 May 2023 00:26 (ten months ago) link
Interest rates going up are the reason prices are going down. It's the monthly payment that determines yes/no on buying a house, unless you have a big wad of cash.
― nickn, Tuesday, 23 May 2023 00:50 (ten months ago) link
Prcey coastal markets soon to be nestling in the actual ocean could be one reason for the fall there
― purveyors of landfill zeuhl (Matt #2), Tuesday, 23 May 2023 02:02 (ten months ago) link
thing is that interest rates change, the price you paid for the house never does, so long term you could argue that lower price + higher rates might be better than if higher price + low rates were about the same monthly payment
― Blues Guitar Solo Heatmap (Free Download) (upper mississippi sh@kedown), Tuesday, 23 May 2023 03:13 (ten months ago) link
what's wild is the *average rate* since 1971 is 7.75%
from the late 70s through early 80s they were just through the roof
― mh, Tuesday, 23 May 2023 20:43 (ten months ago) link
Yeah but much lower prices
― a (waterface), Tuesday, 23 May 2023 23:15 (ten months ago) link
Yeah the monthly payments as a percentage of income was lower or the same despite the high rates
― Tracer Hand, Wednesday, 24 May 2023 06:50 (ten months ago) link
β purveyors of landfill zeuhl (Matt #2), Monday, May 22, 2023 7:02 PM (yesterday)
it's more along the lines of remote work means people can move to cheaper areas and have bigger houses for less money ... also crime + homelessness. at least as far as the west coast of the US is concerned
― sarahell, Wednesday, 24 May 2023 07:06 (ten months ago) link
I've read that one reason housing prices haven't gone down despite the rise in interest rates is that the recession hasn't started yet - people aren't losing their jobs and being forced to sell their houses in firesales like in 2008. so, it's good because people with houses are keeping their jobs and not getting evicted by the banks, but it's bad because people who don't have houses yet all of a sudden are finding it much more expensive to buy
― ιΎ, Wednesday, 24 May 2023 17:34 (ten months ago) link
people also refinanced their already smaller mortgages at very low rates, making the threshold for firesale higher even in a recession.
― Enumerated funks of Walsh, Joe. (Sufjan Grafton), Wednesday, 24 May 2023 17:55 (ten months ago) link
In the US there is a multi-factor thing which is rather all intertwined. COVID created two years of very accelerated volume in house purchases. It would make sense that the market would be slower after those years. Then there is the fact that a very large number of home owners are locked in at extremely low rates which will also further reduce the willingness to sell / move.
So you have really low inventory which is basically holding prices up a lot, sometimes creating bidding wars even though interest rates have increased so much. The conforming mortgage level has basically increased 50% over the course of three years (from around $500k to $740k now).
It is a very unusual dynamic.
― horizontal, Thursday, 25 May 2023 17:52 (ten months ago) link
there's also stuff like aging baby boomers wanting to grow old at home, the increased ease in short-term rentals, and maybe(?) fewer traditional single family homes being built (there definitely wasn't as much construction during the height of covid), but people still want that? just spitballing
― sarahell, Thursday, 25 May 2023 20:18 (ten months ago) link
im not a fan to be honest. I mean it'll be nice getting some of the money back we put in, assuming I dont die first, but this being stuck in one place is the pits
― But who are we doing it versus? (sunny successor), Friday, 26 May 2023 18:23 (ten months ago) link
Sometimes i daydream about a natural disaster that flattens our house when none of us are home and somehow all the animals are safe. oh the freedom.
― But who are we doing it versus? (sunny successor), Friday, 26 May 2023 18:54 (ten months ago) link
https://www.homedepot.com/p/Getaway-Pad-540-sq-ft-1-Bed-and-Roof-Deck-Tiny-Home-Steel-Frame-Building-Kit-ADU-Cabin-Guest-house-GPRD540/320746688
― π ππ’π¨ (caek), Thursday, 1 June 2023 03:42 (nine months ago) link
So we've circled back to the Sears catalog.
― pplains, Thursday, 1 June 2023 13:44 (nine months ago) link
Replacement cost seems reasonable. State Farm might even insure it.
― Enumerated funks of Walsh, Joe. (Sufjan Grafton), Thursday, 1 June 2023 14:34 (nine months ago) link
Not gonna lie, I was thinking this in March when the tornado was going through town and we were in the bedroom closet. "Just leave the safe and my rum collection and take everything else, c'mon Mr. Tough Storm"
― The Terroir of Tiny Town (WmC), Thursday, 1 June 2023 15:01 (nine months ago) link
home insurance? what's that?
https://www.nytimes.com/2023/05/31/climate/climate-change-insurance-wildfires-california.html
― ιΎ, Thursday, 1 June 2023 15:35 (nine months ago) link
β But who are we doing it versus? (sunny successor), Friday, May 26, 2023 1:23 PM (six days ago) bookmarkflaglink
β But who are we doing it versus? (sunny successor), Friday, May 26, 2023 1:54 PM (six days ago) bookmarkflaglink
really hard to feel sympathetic tbh
― budo jeru, Thursday, 1 June 2023 15:46 (nine months ago) link
state farm is our home insurer in CA. we're going to rent our place out (joining the landlord class), so i called our agent there to switch it to landlord insurance last month and they said "no, we're not doing any new policies insuring residential structures in CA, can't tell you why, but you'll see in a couple of weeks". haha.
― π ππ’π¨ (caek), Thursday, 1 June 2023 16:58 (nine months ago) link
what do they know?!
― mh, Sunday, 4 June 2023 15:31 (nine months ago) link
caek - you would probably want to contact CA Fair Plan - I mean, if you want to make sure you have insurance and the regular companies are denying you?
― sarahell, Sunday, 4 June 2023 16:57 (nine months ago) link
fire insurance is earthquake insurance now
― Enumerated funks of Walsh, Joe. (Sufjan Grafton), Sunday, 4 June 2023 17:21 (nine months ago) link
(Though of course you won't even get a mortgage without fire insurance)
I've read that one reason housing prices haven't gone down despite the rise in interest rates is that the recession hasn't started yet - people aren't losing their jobs and being forced to sell their houses in firesales like in 2008. so, it's good because people with houses are keeping their jobs and not getting evicted by the banks, but it's bad because people who don't have houses yet all of a sudden are finding it much more expensive to buyβ ιΎ, Wednesday, May 24, 2023 1:34 PM (one week ago) bookmarkflaglinkSo you have really low inventory which is basically holding prices up a lot, sometimes creating bidding wars even though interest rates have increased so much. The conforming mortgage level has basically increased 50% over the course of three years (from around $500k to $740k now).It is a very unusual dynamic.β horizontal, Thursday, May 25, 2023 1:52 PM (one week ago) bookmarkflaglink
β ιΎ, Wednesday, May 24, 2023 1:34 PM (one week ago) bookmarkflaglink
β horizontal, Thursday, May 25, 2023 1:52 PM (one week ago) bookmarkflaglink
right. there's this sense that prices should be down (via 7% mortgage rates), but apparent prices (well, zestimates) are being held up by a lack of homes on the market (i.e. comps). could change
What happens in Vegas doesn't always stay in Vegas. https://t.co/gZHRbsNxV9— Aaron Layman (@dfwaaronlayman) June 5, 2023
― π ππ’π¨ (caek), Monday, 5 June 2023 18:38 (nine months ago) link
it's probably Henderson and not actually Vegas but ...
― sarahell, Monday, 5 June 2023 19:15 (nine months ago) link
If you bought a home anytime between 2010 and now, mortgage rates are meaningfully higher than whatever rate you have on your current home, so moving means paying more for the same amount of house (often hundreds or even thousands of dollars per month), even after you account for whatever equity you have accumulated from your own home's rising price. There are certain buying years in the past decade or so where your mortgage interest rate is likely half of current rates. So there's not a lot of incentive to sell your home as long as you can afford your payment. And there aren't a lot of current homeowners with ARMs or subprime mortgages that legit can't afford their homes. Hence low inventory.
― longtime caller, first time listener (man alive), Monday, 5 June 2023 19:25 (nine months ago) link
well, yes. the point is inventory is rising.
― π ππ’π¨ (caek), Monday, 5 June 2023 19:52 (nine months ago) link
Hmm. Iβll look into this tomorrow. While active listings as tracked by https://t.co/tBRH4VE5ZA wonβt be a perfect match with MLS data, it (Vegas) shouldnβt be off like this. https://t.co/96ADTWjv3O— Lance Lambert (@NewsLambert) June 5, 2023
― bulb after bulb, Monday, 5 June 2023 20:07 (nine months ago) link
in one market, not nationally if you read the thread
― longtime caller, first time listener (man alive), Monday, 5 June 2023 20:08 (nine months ago) link
(even putting aside the potential data issue, xp)
― longtime caller, first time listener (man alive), Monday, 5 June 2023 20:09 (nine months ago) link
we all know inventory is low, and why it's low. you're missing the point.
― π ππ’π¨ (caek), Monday, 5 June 2023 22:41 (nine months ago) link
but if you want to write a paragraph explaining why mortgage payments go up when mortgage rates go up then far be it from me to stand in your way.
― π ππ’π¨ (caek), Monday, 5 June 2023 22:42 (nine months ago) link
new housing inventory due to suburban sprawl vs. less inventory in areas that won't/can't sprawl anymore ... is that the point?
― sarahell, Monday, 5 June 2023 23:44 (nine months ago) link
kinda doubt caek would be a fan of the development model of Henderson, NV
― sarahell, Monday, 5 June 2023 23:45 (nine months ago) link
I went to a house party in Henderson once
― mh, Tuesday, 6 June 2023 13:58 (nine months ago) link
Lee Hazlewood spent his last years in Henderson.
― Elvis Telecom, Thursday, 8 June 2023 08:24 (nine months ago) link
im not a fan to be honest. I mean it'll be nice getting some of the money back we put in, assuming I dont die first, but this being stuck in one place is the pitsβ But who are we doing it versus? (sunny successor), Friday, May 26, 2023 1:23 PM (six days ago) bookmarkflaglinkSometimes i daydream about a natural disaster that flattens our house when none of us are home and somehow all the animals are safe. oh the freedom.β But who are we doing it versus? (sunny successor), Friday, May 26, 2023 1:54 PM (six days ago) bookmarkflaglinkreally hard to feel sympathetic tbhβ budo jeru, Thursday, June 1, 2023 10:46 AM (three weeks ago) bookmarkflaglink
β budo jeru, Thursday, June 1, 2023 10:46 AM (three weeks ago) bookmarkflaglink
Eh, your sympathy wasnt exactly my goal. if i still lived in the city/country i grew up in i would never even come close to being able to afford to buy a house. Doubtful on the renting without sharing too. However, i live in one of the poorest states in the US now and housing is ridiculously cheap. So, yeah, Id prefer renting for the ability to move about.
― But who are we doing it versus? (sunny successor), Monday, 26 June 2023 19:12 (nine months ago) link
I'm now living in the model home version of my own condo, I had to put 98% of my stuff into storage but (hahaha) they let the vinyl stay because it looks cool. A giant wall of CDs however does not entice buyers I guess.
― the absence of bikes (f. hazel), Monday, 26 June 2023 19:15 (nine months ago) link
I love living in my house, but my current feeling is that I would have been fine not owning if there were stronger tenant protections and better/more rental houses available in my area.
― longtime caller, first time listener (man alive), Monday, 26 June 2023 19:29 (nine months ago) link
Out of curiosity just checked. For $1200/mo more than my current total cost, I could rent a shittier, smaller house in a worse location in my town.
― longtime caller, first time listener (man alive), Monday, 26 June 2023 19:34 (nine months ago) link
owning a house really means something different depending on where you are living and who lives with you imo
― mh, Monday, 26 June 2023 19:37 (nine months ago) link
OTM
― But who are we doing it versus? (sunny successor), Monday, 26 June 2023 20:00 (nine months ago) link
Somebody on npr just said that divorce is down because ppl can't afford to move
― pomplamoose and circumstance (Ye Mad Puffin), Monday, 26 June 2023 20:21 (nine months ago) link
Ugh
― The Triumphant Return of Bernard & Stubbs (Raymond Cummings), Monday, 26 June 2023 20:31 (nine months ago) link