Mortgage rates

[Concrete Helmet]

See here's the thing....as much and it's historical, as rates have gone up prices are still holding.....I think it's a great time to buy because when the rates fall it's going to be like when you push a beachball under the water and then let it go....boing! will go the prices probably up another 10-20%.....there are still bidding wars in Florida as a close friend of mine just found out trying to buy a 3/2 1600sqft home here in C.Florida

As I like to say....Don't wait to buy Real Estate.....Buy Real Estate and wait...

Besides you can always refi.....I can help...

 

[Detroitgator]

See here's the thing....as much and it's historical, as rates have gone up prices are still holding.....I think it's a great time to buy because when the rates fall it's going to be like when you push a beachball under the water and then let it go....boing! will go the prices probably up another 10-20%.....there are still bidding wars in Florida as a close friend of mine just found out trying to buy a 3/2 1600sqft home here in C.Florida

As I like to say....Don't wait to buy Real Estate.....Buy Real Estate and wait...

Besides you can always refi.....I can help...

I was talking something similar with Son #2 the other day... even with where interest rates are still lower now than they were 20 years ago (i.e., "normal," and historic lows at that) when the rush to zero started.

 

[GatorCatsi]

 

[Concrete Helmet]

The Beachball is fixing to go boiiiinngg, at least here in Florida. We've actually been experiencing above 50% cash purchases for the last 3 years and it seems to be continuing....at least until rates do this....
.

MSN

www.msn.com

Jobless claims way up this week at the beginning of summer tells the real story.....Jerome is only going to be able to hold out so long.

MSN

www.msn.com

 

[FireFoley]

I featured this one on May 3rd, post #1011, Purchased May 2022 for 925K, 100K above asking. Originally listed for 1.2 M in May 2023 before dropping the price multiple times to 1.05 M before delisting. Returns on June 1 for 950K and already a drop to 930K. I am waiting for it to have a 6 handle before I entertain, LOL.

23300 Boca Chica Cir, Boca Raton, FL 33433 | realtor.com®

See photos and price history of this 3 bed, 2 bath, 2,078 Sq. Ft. recently sold home located at 23300 Boca Chica Cir, Boca Raton, FL 33433 that was sold on 08/11/2023 for $930000.

www.realtor.com

 

[Concrete Helmet]

Home Prices Push Higher Amid Increasing Buyer Competition, Zillow Says

 

[GatorCatsi]

Starwood Looks to Sell 2,000 Rental Homes

Starwood Capital Group’s real estate investment trust is selling some of the homes back to Pretium Partners.

therealdeal.com

 

[Concrete Helmet]

Starwood Looks to Sell 2,000 Rental Homes

Starwood Capital Group’s real estate investment trust is selling some of the homes back to Pretium Partners.

therealdeal.com

Sternlicht called the move “bordering on idiotic.”




I am shocked that Barry is dumping now knowing that the FED policy is always based on lagging data BUT my opinion on that is based that he waited until 2021 buy make such a large grab......to me that seems almost like waiting until now to buy AMD or NVIDIA....

Based on the geographics of the situation I'll bet Barry regrets this move come 2024-2026....Most who qualify are still giving their left testicle and first born to get into a house right now knowing they'll refi in the next 2 years...when rates subside I see a 20-25% increase in prices,,,,,but what do I know....

 

[GatorCatsi]

Sternlicht called the move “bordering on idiotic.”




I am shocked that Barry is dumping now knowing that the FED policy is always based on lagging data BUT my opinion on that is based that he waited until 2021 buy make such a large grab......to me that seems almost like waiting until now to buy AMD or NVIDIA....

Based on the geographics of the situation I'll bet Barry regrets this move come 2024-2026....Most who qualify are still giving their left testicle and first born to get into a house right now knowing they'll refi in the next 2 years...when rates subside I see a 20-25% increase in prices,,,,,but what do I know....

He's angling for one of them there bailouts.

 

[Concrete Helmet]

He's angling for one of them there bailouts.

Like I said what do I know....

 

[BMF]

Homebuilders are liking today’s housing market

Builder confidence pushed into positive territory for the first time in 11 months, according to the National Association of Home Builders (NAHB)/Wells Fargo housing market index.

finance.yahoo.com

 

[Concrete Helmet]

Homebuilders are liking today’s housing market

Builder confidence pushed into positive territory for the first time in 11 months, according to the National Association of Home Builders (NAHB)/Wells Fargo housing market index.

finance.yahoo.com

If building materials keep coming down it really puts builders in an ideal spot especially in the affordable market range. Labor also seems to be topping off giving them more profit per unit where they can offer huge buydown incentives on the financing......I mean if I'm shopping for a 400K house I'm much more likely to want a brand new home with warranty than something some shyster ass investor who has Frankensteined some 50 year old POS back to being livable and without any financing incentives..

 

[Concrete Helmet]

In a little unrelated tidbit follow up on the investment house we sold last month my daughter told me she drove by a while back and when I asked her how it looked, she said she couldn't tell. The pile of sh!t stacked up in front of it in the yard was too high.....

I'll never claim to be the smartest guy in the room but considering this place was at one time 100K under water and we walked with nearly twice that much when it needed 100K in reno makes me feel like the luckiest by far

 

[FireFoley]

Homebuilders are liking today’s housing market

Builder confidence pushed into positive territory for the first time in 11 months, according to the National Association of Home Builders (NAHB)/Wells Fargo housing market index.

finance.yahoo.com

They obviously knew something and the rise in permits might help the existing home sale market if the builders can get supplies and workers. Right now it is cheaper to buy a new home than an existing home b/c 1) there are too few exisitng homes for sale and 2) No new home buyer is paying anywhere near 7% mortgage b/c the builders are all buying down mortgages for buyers to clear their inventories and get homes sold. I am wondering if more inventory will stop that incentive and let price take over and if they can build more homes maybe more existing inventory will pop up.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjg6qDNsNL_AhXltoQIHXijBKcQvOMEKAB6BAgHEAE&url=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Fus%2Fus-housing-starts-surge-13-month-high-2023-06-20%2F&usg=AOvVaw3G4OGPUrTB3ubz84ptV1SO&opi=89978449

 

[BMF]

They obviously knew something and the rise in permits might help the existing home sale market if the builders can get supplies and workers. Right now it is cheaper to buy a new home than an existing home b/c 1) there are too few exisitng homes for sale and 2) No new home buyer is paying anywhere near 7% mortgage b/c the builders are all buying down mortgages for buyers to clear their inventories and get homes sold. I am wondering if more inventory will stop that incentive and let price take over and if they can build more homes maybe more existing inventory will pop up.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjg6qDNsNL_AhXltoQIHXijBKcQvOMEKAB6BAgHEAE&url=https%3A%2F%2Fwww.reuters.com%2Fmarkets%2Fus%2Fus-housing-starts-surge-13-month-high-2023-06-20%2F&usg=AOvVaw3G4OGPUrTB3ubz84ptV1SO&opi=89978449

What's the cost to the builder to "buy down" the mortgage for a buyer? A few thousand per point? How many points down do the builders usually buy down?

 

[FireFoley]

What's the cost to the builder to "buy down" the mortgage for a buyer? A few thousand per point? How many points down do the builders usually buy down?

It probably costs them much less than it would cost you b/c many of the big builders have their own in house mortgage operations. but either way they are going to get it cheaper b/c they are doing it in bulk. I was reading the other day talking about how Mortgage rates had reached 7% give or take again. And the article said that almost no one buying a new home is paying 7 and most are not even paying in the 6's. The gist is what I have said now for 2+ years is that the monthly payment is too large at these rates and home prices. The builders buy down to where the buyer can get to a "comfortable" payment. Remember mew home buyers (99%) purchase a monthly payment, not total debt.

But to answer the question I would refer it to Crete the Swami

 

[Concrete Helmet]

The housing market is facing an inventory shortage, and the work-from-home boom makes it worse

 

[FireFoley]

I do not guess anyone can be surprised too much by this. Game the system and let the Gov't buy you a home.

'Enormously costly' business loan fraud drove inflation in home prices in certain markets, research suggests

Covid-era PPP loan fraud may have contributed to home price inflation in certain U.S. markets, research suggests.

www.cnbc.com

 

[Concrete Helmet]

MSN

 

[BMF]

I do not guess anyone can be surprised too much by this. Game the system and let the Gov't buy you a home.

'Enormously costly' business loan fraud drove inflation in home prices in certain markets, research suggests

Covid-era PPP loan fraud may have contributed to home price inflation in certain U.S. markets, research suggests.

www.cnbc.com

I'm still convinced if covid never happened we would have seen a small market crash in late 2020, into 2021....but the exact opposite happened.