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Homebuyers continue to drop out of the Market

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
  1. Homebuyers continue to drop out of housing market amid ...

    www.msn.com › en-us › money
    "Homebuyers qualify for a mortgage based on their income, but with prices rising 20% or higher, it is simply pricing them out of the market." Only 32% of consumers believe it's a good time to buy a...

  1. Homebuyers continue to drop out of housing market amid ...

    www.mynbc5.com › article › many-homebuyers-are
    Jul 12, 2021 · The housing market was on fire this spring, leaving many would-be buyers burned out. Low mortgage rates have been fueling demand, but there's also been a record-low inventory of available properties.
  2. It's so hard to get a house right now, people are giving up ...

    www.cnn.com › 2021/07/12 › homes
    2 days ago · "Homebuyers qualify for a mortgage based on their income, but with prices rising 20% or higher, it is simply pricing them out of the market." Only 32% of consumers believe it's a good time to buy a...
  3. Pending home sales sink as the housing market falls back to ...

    www.marketwatch.com › story › pending-home-sales
 
Last edited:

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Not down here. Record building permits, DOM is 2!
 

Mark K

Elite Member
Joined
Jan 27, 2004
Professional Status
Certified Residential Appraiser
State
Indiana
In this area, the avg time on the market (time, not days) has increased drastically from 24 to 48 hours.

Watch out...the sky is falling.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
In CA its slowing but it has mostly been refinances anyway and those are also slowing . In general in High Cost areas we have reached a breaking point where many are simply priced out.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Some buyers have dropped out as prices reach a tipping point making buying unattractive - I do see some longer marketing times and price reductions. But overall, desirable properties are selling in a short marketing time, there are still bidding wars etc Recently see investors buying to rent the property out. Idk how that will work out for them with a meager cash flow and huge RE taxes adding to cost. The wildcard in all this is the overall sticker shock RE taxes add..., buyers get a low interest rate but fail to realize after they purchase their monthly costs can rise 20% or more with taxes raised from the low amount they saw prior owner had. I see close to 40% of houses showing delinquent taxes on public records during research of a subject or a comp. The price acceleration is doubling and tripling RE taxes. BTW FL is a no state income tax , but the money has to come from somewhere. .
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The national trend according to Redfin is about 103% sale price to list
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
Every market is different. I work in a luxury market that that wealthy NY'ers are fleeing to, and many buyers don't need to worry about qualifying for a mortgage in the first place. Many simply by cash because it's an incentive for the seller to accept their offer, and then they can do a refi once title passes. Inventory is very low for anything worth buying, combined with huge demand. Other high-end markets are similar.

For other market segments, it's problematic. Average home prices in my county are floating around $500K, meaning someone has to drop $100K for a downpayment on a conventional mortgage, then pay $1,000/month plus just for real estate taxes.
 

Charles West

Junior Member
Joined
Sep 14, 2004
Professional Status
Certified Residential Appraiser
State
California
It's going to be interesting or appalling, depending on your station, as to what happens when this giant increase in the money supply filters down through the economy. CA is easily 10 years behind in keeping up with demand for housing and coupled with the restrictions out here that hinders construction this is not going to end gracefully.
 
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