Anyone else dead slow the last two weeks?

[J Grant]

I was busy for about 7 weeks , and then it dropped off to nothing. As in , no orders in two weeks, a record lull. Wonder if anyone else is experiencing it- could be a fluke -

 

[Terrel L. Shields]

I didn't get anything for 3 weeks but now have several- just completed one. And seeing a lot of inquiries about lakeside properties. I have a big outdoor sports store to do next week. Will be an all-day singing and dinner on the grounds type assignment. There are actually two separate stores to value.

 

[J Grant]

I didn't get anything for 3 weeks but now have several- just completed one. And seeing a lot of inquiries about lakeside properties. I have a big outdoor sports store to do next week. Will be an all-day singing and dinner on the grounds type assignment. There are actually two separate stores to value.

Good to hear! Of course, the residential mortgage lending pipeline is different - herd mentality - the economy is volatile, interest rates are meh, and prices are still high relative to affordability. I got one order for a complex property yesterday but it was cancelled a minute later, which rarely happens - to be continued -

 

[MTalacko]

I was the exact opposite…only a handful orders for the first couple weeks of March but have been completely swamped over the past 2 weeks. I’m sure it’s just a fluke…hang in there!

 

[Airstream]

Rates have dropped to about 6.7%. That is not enough for a refinance boom. It might free up the purchases. Anything above 7% is a killer. I think the FED is the key. If we can get rates to low 6 or high 5’s that will spur activity. People might even think about selling again. The real estate market is just locked up. When rates were kept artificially low for so long it wasn’t healthy in the long run. But people need to understand those days are long gone. The FED needs to get on the stick and do 3 rate cuts this year. There is no reason to have rates in the 4.2 to 4.5 range. Not when EU is at 2.5. We need to see the FED rate at about 3.5. Not too low because I think that is unhealthy. But low enough to unlock the real estate market.

 

[Joe Flacco]

It is still super busy. Turned one in yesterday. Have 5 more due over the next two weeks so far for May.

 

[J Grant]

Rates have dropped to about 6.7%. That is not enough for a refinance boom. It might free up the purchases. Anything above 7% is a killer. I think the FED is the key. If we can get rates to low 6 or high 5’s that will spur activity. People might even think about selling again. The real estate market is just locked up. When rates were kept artificially low for so long it wasn’t healthy in the long run. But people need to understand those days are long gone. The FED needs to get on the stick and do 3 rate cuts this year. There is no reason to have rates in the 4.2 to 4.5 range. Not when EU is at 2.5. We need to see the FED rate at about 3.5. Not too low because I think that is unhealthy. But low enough to unlock the real estate market.

I do not think the FED rate being below 4% is likely for years, as long as those making the decision remain independent. We will be lucky if they go below 5%- or even bewlo 65%.

A lower rate would help enormously of course. But the high carrying costs now of insurance, RE taxes, and maintenance of aging property, combined with prices, are a deterrent. Prices would have to drop by 20% or more , which would stimulate buying, but cause a lot of pain and loss of equity for property owners.

Prices rose so high in the last 4-5 years, in part due to low interest rates and other factors, that a much larger portion of sales now in my area are to LLC and investor buyers, with the owner occupancy buyer unable to compete with their cash and purchasing power.

Thatnks to FHA coming lender direct when the old Round Robin panel was scrapped , price rose ( what a surprise ) and FHA becme the new playground for property flippers -

 

[Airstream]

I do not think the FED rate being below 4% is likely for years, as long as those making the decision remain independent. We will be lucky if they go below 5%- or even bewlo 65%.

A lower rate would help enormously of course. But the high carrying costs now of insurance, RE taxes, and maintenance of aging property, combined with prices, are a deterrent. Prices would have to drop by 20% or more , which would stimulate buying, but cause a lot of pain and loss of equity for property owners.

Prices rose so high in the last 4-5 years, in part due to low interest rates and other factors, that a much larger portion of sales now in my area are to LLC and investor buyers, with the owner occupancy buyer unable to compete with their cash and purchasing power.

Thatnks to FHA coming lender direct when the old Round Robin panel was scrapped , price rose ( what a surprise ) and FHA becme the new playground for property flippers -

You may be right. But the FED is always too slow. It was too slow to raise the rates. It is too slow to lower the rates. Even the Canadian rates are at 2.75. And Canadian inflation is 2.3%. The EU rate is 2.5 and their inflation rate is 2.25. It makes no sense for us to have rates as high as they are. Our inflation rate is 2.4 year over year. I don't think the real estate market will unlock until we see interest rates at around 6 or less. My guess when Powell gets out rates will go down.

 

[Tim Hicks (Texas)]

Busier than a one armed paper hanger.

 

[glenn walker]

Busier than a one armed paper hanger.

So you have one ..lol