"We've got an acute shortage of supply on the market for sale at the same time that record low mortgage rates are driving the appetite to buy by millennials and Gen-Xers," said Frank Nothaft, chief economist at CoreLogic.
"The housing market is more competitive than we've ever seen it, but a couple indicators are causing us to ask whether we're nearing a peak in terms of how fast demand and prices can grow," said Daryl Fairweather, Redfin's chief economist. "Sellers' asking prices may be starting to flatten in what so far appears to follow a typical seasonal pattern."
As mortgage rates rise, which they are slowly doing now, and buyers hit an affordability wall, Nothaft said he expects to see annual home price gains nationally cool to the 3% range. But all real estate is local. Many of those are in the west, where Californians have flocked during the recent exodus. Those include Boise City, Idaho, where prices are up 26% annually, according to Black Knight. Spokane, Washington ; Ogden, Utah and Phoenix, Arizona follow.
Good grief feed on peoples fear much?
PipsToDollars Whenever media says “A crash is coming.” That means it’s not.
What crash? The appraisal will determine how much the home is worth (over asking or not) If buyer wants to buy a home with negative equity they will know this upfront
How is there always a shortage of homes? Where are these people living now?
What’s the answer?
Because ppl are tired of the rising cost. They’re over valuing these homes because of low interest rates
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Fascinating how history continuously repeats itself. Everything from politics with southern states wanting to succeed again, to the housing and stock market bubbles. If only people studied/learned from history this country could significantly eliminate many of its problems.
House two doors down street went up for sale two days ago. 4 cars out front as sign was placed in yard. Has sale pending sign just put in place this morning (2 days)
This time it won't be the mortgage company's fault
unfortunately i'd be half forced to buy a house in a couple of months
Just wait until the eviction moratoriums come to an end and the fed suddenly rises interest rates due to impending inflation. Why anybody would willingly buy an overpriced home under these conditions is beyond me
Ok
It's not. There are major Exodus' out of Democrat run cities. Texas, Florida, and Indiana can't keep up with demand. I can't keep up with requests for custom home designs. The material suppliers can't keep up with demand, and the skilled labor prices go up as tradesmen retire.
The housing market today time is a radically different environment than 2008. Current home owners had to go through extensive credit checks or paid cash for their home. Foreclosures from 2008 was subprime where credit scores were practically ignored.
thanks to FED and pumpers form CNBC, all assets are in the bubble
When businesses call it quits on buildings and building owners transition their lots into residential units. My thoughts at least.
Landlord just told me he is selling (no places to even rent these days) A 1 studio bedroom,1 bath, no tub, no closets, cute renovated cabin on 4 acres of hilly woods(cannot subdivide) in rural MD, $445,000! Get out of town! Last summer he offered it to me for $380k & I smh then