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May 27 - Home Listings Suddenly Jump As Sellers Try to Fomo In



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 1 month ago '21        #1
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mypostmakesense  topics gone triple plat - Number 1 spot x18
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May 27 - Home Listings Suddenly Jump As Sellers Try to Fomo In
 

 
•The supply of homes for sale jumped 9% last week compared with the same week one year ago, according to Realtor.com.

•Real estate brokerage Redfin also reported that new listings rose nearly twice as fast in the four weeks ended May 15 as they did during the same period a year ago.

•Pending home sales, a measure of signed contracts on existing homes, dropped nearly 4% in April, month to month and were down just over 9% from April 2021, according to the National a*sociation of Realtors.

Sharply higher mortgage rates have caused a sudden pullback in home sales, and now sellers are rushing to get in before the red-hot market cools off dramatically.

The supply of homes for sale jumped 9% last week compared with the same period a year ago, according to Realtor.com. That is the biggest annual gain the company has recorded since it began tracking the metric in 2017.

Real estate brokerage Redfin also reported that new listings rose nearly twice as fast in the four weeks ended May 15 as they did during the same period a year ago.

"Rising mortgage rates have caused the housing market to shift, and now home sellers are in a hurry to find a buyer before demand weakens further," said Redfin Chief Economist Daryl Fairweather.

Sellers clearly see the market softening. Pending home sales, a measure of signed contracts on existing homes, dropped nearly 4% in April from March. They were down just over 9% from April 2021, according to the National a*sociation of Realtors. This index measures signed contracts on existing homes, not closings, so it is perhaps the most timely indicator of how buyers are reacting to higher mortgage rates. It marks the sixth straight month of sales declines and the slowest pace in nearly a decade.

April sales of newly built homes, also measured by signed contracts, dropped a much wider-than-expected 16% compared with March, according to the U.S. Census.

Sales are slowing because mortgage rates have risen sharply since the start of the year, with the biggest gains in April and early May. The average rate on the 30-year fixed mortgage started the year close to 3% and is now well over 5%.

"We used to get 10 to 15 offers on most houses," said Lindsay Katz, a real estate broker at Redfin in the Los Angeles area. "Now I'm seeing between two and six offers on a house, a good house."


Katz worked with Alexandra Stocker and her husband to sell their home. The Stockers were already worried that the red-hot housing market was suddenly chilling.

"We talked about that a lot. Like, are we making mistake here? Are we missing the boat? Is everything going to crash in the next three months and we're going to kick ourselves for not selling our house earlier this year?" said Alexandra Stocker.

While home prices rose steadily during the first two years of the Covid pandemic, falling mortgage rates largely offset those increases.

For example: In May 2019, a buyer purchasing a $300,000 home with a 20% down payment and a 30-year fixed mortgage would get an average interest rate of around 4.33%. The monthly payment of principal and interest would be $1,192. In 2020, that same house was 5% more expensive, but mortgage rates fell to 3.41%, so the monthly payment actually dropped to $1,119.

By 2021, the monthly payment was only up about $100. This month, with prices rising another 21%, and mortgage rates surging to around 5.5%, the monthly payment hit $1,991 – almost $800 a month more than it was in 2019.

While home sellers were in the driver's seat barely six months ago, they are now seeing far less competition from buyers. A demand index from Redfin, which measures requests for home tours and other homebuying services, was down 8% year over year during the week ended May 15. This was the largest decline since April 2020, when the pandemic paused most homebuying activity.

"I met with sellers in February who are going to sell in June, and it's a very different conversation in February than it will be in June because the market has completely changed," said Katz.

The Stockers are thrilled they listed their home when they did. They are moving out of California and building a home in Washington state.

"We joke we might be getting out of here, you know, just at the right time," said Alexandra Stocker. "I wouldn't want to wait any longer."

Correction: April sales of newly built homes, also measured by signed contracts, dropped a much wider-than-expected 16% compared with March, according to the U.S. Census. An earlier version misstated a month.


2008 all over again. Same thing happened last time. Prices went through the roof, inventory shot up and stayed on the market longer and longer and finally the entire thing came down.

visit this link https://www.cnbc.com/2022 .. ot-market.html
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 1 month ago '18        #2
DUCEDUCE  topics gone triple plat - Number 1 spot x2
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Bubble is going to deflate not pop, I am pretty sure we end up in pre covid prices in a year or two.
+30   

 1 month ago '04        #3
young_fletch 
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Home price won't go down overall on paper. Instead of a 10% increase, we'll see a 2-4% increase in value but when adjusted with high inflation will properly equal a decrease of about 4%. So don't expect a lower down payment. There's still a housing shortage and too many investors. Its too easy to invest into cheaper markets. I'm NYC and I own property in Philly. Im planning to get more.
+19   

 1 month ago '21        #4
mypostmakesense  topics gone triple plat - Number 1 spot x18 OP
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 young_fletch said
Home price won't go down overall on paper. Instead of a 10% increase, we'll see a 2-4% increase in value but when adjusted with high inflation will properly equal a decrease of about 4%. So don't expect a lower down payment. There's still a housing shortage and too many investors. Its too easy to invest into cheaper markets. I'm NYC and I own property in Philly. Im planning to get more.
Housing shortage is a myth. There are more than enough houses available.
+28   

 1 month ago '05        #5
bklyn 
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I was trying to sell a property, but since the fed raised interest rates, havent had many offers. Also saw a few homes in the same neighborhood go up for sale too. Probably will have to just keep it.
+5   

 1 month ago '18        #6
LuxuriousGreen  topics gone triple plat - Number 1 spot x3
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+4   

 1 month ago '11        #7
UziMane  topics gone triple plat - Number 1 spot x11
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Should I wait to move. Me and the girl looking to upgrade our home for multiple reasons.

We owe right under $100k on our current house and by what our house is going for in my area I can see us making $60-$80k for and towards the next house. I just don’t know to much about moving when the market is the way it is
+3   

 1 month ago '17        #8
Lazy  topics gone triple plat - Number 1 spot x2
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 UziMane said
Should I wait to move. Me and the girl looking to upgrade our home for multiple reasons.

We owe right under $100k on our current house and by what our house is going for in my area I can see us making $60-$80k for and towards the next house. I just donít know to much about moving when the market is the way it is
No

Interest rates will only rise

The only people that should wait are investors

If youíre buying a place to live the best time to buy is now
+11   

 1 month ago '18        #9
BrooklynDamien  topics gone triple plat - Number 1 spot x2
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Was looking at 10 year interest rates. They were up since the covid recovery. We should get a little dip right now and then rates look like they will double it took them 2 years to get to this level from the covid bottom though. Who knows how long the dip will last before it heads back on up
+3   

 1 month ago '21        #10
Tlatoani  topics gone triple plat - Number 1 spot x1
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My wife are 0/3 on buying a home at the moment. Very discouraging.
+16   

 1 month ago '15        #11
AmillionMo  topics gone triple plat - Number 1 spot x3
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 Tlatoani said
My wife are 0/3 on buying a home at the moment. Very discouraging.
I think me and my wife missed out on like 5 before we got ours. I'm happy with what we got.it was actually the best 1!
+10   

 1 month ago '21        #12
Tlatoani  topics gone triple plat - Number 1 spot x1
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 AmillionMo said
I think me and my wife missed out on like 5 before we got ours. I'm happy with what we got.it was actually the best 1!
I needed to read that.
+17   

 1 month ago '16        #13
actionjaxon2517 
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 AmillionMo said
I think me and my wife missed out on like 5 before we got ours. I'm happy with what we got.it was actually the best 1!
I got the same story bro. In a neighborhood now where the cops come quick with no sirens lol
+11   

 1 month ago '16        #14
actionjaxon2517 
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 UziMane said
Should I wait to move. Me and the girl looking to upgrade our home for multiple reasons.

We owe right under $100k on our current house and by what our house is going for in my area I can see us making $60-$80k for and towards the next house. I just donít know to much about moving when the market is the way it is
Definitely think you should wait. Markets always come back and by that time youíll be in a good position to own your second home, rent out and let the first pay for the second
+5   

 1 month ago '10        #15
lltreyll 
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I remember everybody and their brother saying how I should really consider getting into real estate a bit after covid started. And I'd always tell them the last fu*kin thing I'll do is get into real estate..I'm sure there's been several times since then that they have an even better idea why ...
+2   

 1 month ago '10        #16
stizz44  topics gone triple plat - Number 1 spot x1
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FOMO into putting your house on the market? LMAO, nah.

Alot pf people are trapped into HELOC's, lines of credit, and all that sh*t. It was gravy last year with low rates, but now that adjustable rate hit differently and people trying to eject all together.

2022 housing collapse begins.
+10   

 1 month ago '04        #17
killababi 
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 UziMane said
Should I wait to move. Me and the girl looking to upgrade our home for multiple reasons.

We owe right under $100k on our current house and by what our house is going for in my area I can see us making $60-$80k for and towards the next house. I just donít know to much about moving when the market is the way it is
If u sell, buy a crib for close to your profit margin. Put a few bucks in it and stash the rest. Make your mtg lower if you can, stash some bread, and prepare to do the same thing again.

Never sell, make money, then all the money you made is lost or your bills are higher and your income is parallel
+7   

 1 month ago '06        #18
imthatinfamous  topics gone triple plat - Number 1 spot x1
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 UziMane said
Should I wait to move. Me and the girl looking to upgrade our home for multiple reasons.

We owe right under $100k on our current house and by what our house is going for in my area I can see us making $60-$80k for and towards the next house. I just donít know to much about moving when the market is the way it is
In my area, the market was sp crazy, no one was entertaining offers pending the sale of primary residence. Thankfully one of my rental units was empty and I moved into that. Took me 18 months to finally buy a house. It all depends how the market is in the area you plan on moving to in addition to all the macro factors.
+1   

 1 month ago '19        #19
Megaman 
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 mypostmakesense said
Housing shortage is a myth. There are more than enough houses available.
actually, it's location dependent.

NYC, parts of NC and Florida all have shortages because demand outweighs actual housing stock.

when you make uneducated blanket statement's like that it's difficult to take anything you say seriously.
+3   

 1 month ago '21        #20
Losantana16x4  topics gone triple plat - Number 1 spot x7
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Diamond hands. The way rent is, values will increase. Getting all my coins. Then build
+1   

 1 month ago '13        #21
North!!!  topics gone triple plat - Number 1 spot x12
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Lol it may be fun to be a buyers agent again

Happy my listing went under contract as fast as it did

2 houses on that same block went up for sale shortly after

Think them sh*ts still available
+1   

 1 month ago '11        #22
Suppafresh 
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It won’t be a mortgage or housing crash. The homes will settle out. Folks aren’t in horrible loans or over their head. No ARM loans are anything. Folks got in at 2.25-4.00 on loans. That’s damn good so all you will see is a settle price and small increases in value.
+4   

 1 month ago '11        #23
Suppafresh 
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 stizz44 said
FOMO into putting your house on the market? LMAO, nah.

Alot pf people are trapped into HELOC's, lines of credit, and all that sh*t. It was gravy last year with low rates, but now that adjustable rate hit differently and people trying to eject all together.

2022 housing collapse begins.
Ainít no adjustable rate and itís also capped on high it can swing as well.

 1 month ago '13        #24
kromw2 
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Can some give me some advice on house buying. I know this time isn’t the best time because it’s all too expensive but a recession is coming . So we’ll want to be prepared

 1 month ago '10        #25
stizz44  topics gone triple plat - Number 1 spot x1
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 Suppafresh said
Ainít no adjustable rate and itís also capped on high it can swing as well.


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