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1 in 7 Home buyers backed out in July

Cost of construction has gone up and income not increasing as fast.
My niece is looking to buy a new home in SoCal. She said new construction there requires solar panels. Even I don't have that in my older home.
 
So home prices are too high.
I'm noticing my subject's neighborhood may have increased since early this year. Is that a bad thing that prices have gone up?
 
As a buyer du jour this month.....the rates are not the problem, the MBs are lazy, the junk fees are unreal (2 to 3%) of a loan, escrow, appraisal (50% LTV), title this, title that, purchase transfer tax ($5000), hoa transfer fee ($3000). I can see the 1 in 7 saying, F-this.

I can remember calling my local MB when the rates dropped 2% and I'd ask about 'costs' and he would say, $2,000. Done.
 
This is not the type of story I want to read right now. Close, close, close!
 
Fernando said:
I'm noticing my subject's neighborhood may have increased since early this year.
Click to expand...
Is that a reality or an artifact of simple variability in pricing? Isn't a real problem with buyers is finding out after they make an offer that the property taxes are astronomical and property insurance is either way high or made from unobtanium.

When a buyer finds out their mortgage payment just increased by $1500 a month due to insurance and taxes being rolled into the note, then they get that deer in headlight effect.
 
I had to laugh at the article finding a silver lining in the impending decline in prices. That might be true for buyers that don't currently own a home, but those that have taken out home equity loans on post-COVID upswing in values, banks holding those loans, and the government entities that have been quite enthusiastic to ratchet up the assessed values in tandem with the higher prices might not agree. The next several years might be interesting.
 
I really can't stand the comparison of median household income with median home price or payment. It's just the media taking two easily accessible numbers and making a big deal out of a ratio that doesn't really mean anything and making stupid people think that it means everybody or the vast majority of people are having to pay this ratio for housing.

I can't stand it.
 
National :: Median Home Price - $401,667 Median Household Income - $79,537

San Jose :: Median Home Price - $1,400,000 Median Household Income - $136,299
Boston :: Median Home Price - $800,000 Median Household Income - $110,000
Austin :: Median Home Price - $435,000 Median Household Income - $91,500



Let's just think about this.

Boston has median payment-to-income ratio higher than the national average of 48%, yet it is one of the strongest markets in the country.
San Jose has a median payment-to-income ratio of almost 100%. Yet it remains a solid market.
Austin has a median payment-to-income ratio slightly lower than the national average, yet it is one of the weakest markets in the country.

It doesn't mean anything. I can't stand it.
 
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