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Topic: In other news ...

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bayareabadger

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Re: In other news ...
« Reply #25340 on: July 20, 2023, 11:02:28 AM »
Quote from: Cincydawg on July 20, 2023, 10:05:32 AM
I'd say EVERY market is at risk.
Good. 
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847badgerfan

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Re: In other news ...
« Reply #25341 on: July 20, 2023, 11:38:39 AM »
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847badgerfan

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Re: In other news ...
« Reply #25342 on: July 20, 2023, 11:46:30 AM »
Quote from: Cincydawg on July 20, 2023, 10:05:32 AM
I'd say EVERY market is at risk.
Some more than others. I'm not at all concerned with the market around here.

Prices are going down in Northport and Cape Coral due to the national builders coming in with less expensive (and smaller) product, and more variety to include townhomes and condos rather than just single-family.

This is a good thing for people wanting to move here (to the tune of 1,600 per day, still).
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Cincydawg

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Re: In other news ...
« Reply #25343 on: July 20, 2023, 11:59:49 AM »
Yeah, single family here remains tight on inventory, and demand is high.  The metro is adding about 80,000 new folks a year, I don't really know where they are going except further out.  My sports lessons are in Cumming to our north 37 miles, it used to be a small country town, now it has a Costco.



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GopherRock

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Re: In other news ...
« Reply #25344 on: July 20, 2023, 12:04:10 PM »
Inventory is still very tight here in MSP, especially at the lower sizes and price points. 

There also seemed like there was a lot of resistance at $500K. Houses that were actually worth $500K sold at the price, but there were a bunch of pumped-up 350s or 400s that sat on the market for a long, long time. 
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847badgerfan

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Re: In other news ...
« Reply #25345 on: July 20, 2023, 12:14:58 PM »
Quote from: GopherRock on July 20, 2023, 12:04:10 PM
Inventory is still very tight here in MSP, especially at the lower sizes and price points.

There also seemed like there was a lot of resistance at $500K. Houses that were actually worth $500K sold at the price, but there were a bunch of pumped-up 350s or 400s that sat on the market for a long, long time.
I think we're seeing that everywhere, including around here.

Everyone thinks their home is worth more than it is. It's really only worth what people are willing to pay. Easily forgotten rule in buying/selling.
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FearlessF

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Re: In other news ...
« Reply #25346 on: July 20, 2023, 12:16:37 PM »
Quote from: 847badgerfan on July 20, 2023, 11:38:39 AM
[img width=500 height=355.98]https://i.imgur.com/gZqzfV5.png[/img]
folks moving from Phoenix to Chicago?
Good
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Cincydawg

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Re: In other news ...
« Reply #25347 on: July 20, 2023, 12:29:49 PM »
I fear lending appraisers are going along for the ride ...
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847badgerfan

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Re: In other news ...
« Reply #25348 on: July 20, 2023, 12:44:38 PM »
Quote from: FearlessF on July 20, 2023, 12:16:37 PM
folks moving from Phoenix to Chicago?
Good
Nah. Texas is moving them to Chicago. Heh.
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847badgerfan

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Re: In other news ...
« Reply #25349 on: July 20, 2023, 12:45:17 PM »
Quote from: Cincydawg on July 20, 2023, 12:29:49 PM
I fear lending appraisers are going along for the ride ...
I hear it's quite the opposite. The lenders are watching them with a microscope.
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Cincydawg

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Re: In other news ...
« Reply #25350 on: July 20, 2023, 12:50:42 PM »
My friend here who is an RE told me a few scary stories, houses getting 20 offers 20% over ask, and he warns the seller it shouldn't appraise that high, and then it does.  So, some fairly modest 60 year old ranch with 1400 sf goes on the market for $300 K and gets bid up and then appraised OK.
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Honestbuckeye

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Re: In other news ...
« Reply #25351 on: July 20, 2023, 12:53:43 PM »
Quote from: 847badgerfan on July 20, 2023, 12:45:17 PM
I hear it's quite the opposite. The lenders are watching them with a microscope.
This.  
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Honestbuckeye

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Re: In other news ...
« Reply #25352 on: July 20, 2023, 12:55:32 PM »
Quote from: Cincydawg on July 20, 2023, 12:50:42 PM
My friend here who is an RE told me a few scary stories, houses getting 20 offers 20% over ask, and he warns the seller it shouldn't appraise that high, and then it does.  So, some fairly modest 60 year old ranch with 1400 sf goes on the market for $300 K and gets bid up and then appraised OK.
Well a house is worth what someone is willing to pay for it. So- 20 offers over asking price supports a higher appraisal.   
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Cincydawg

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Re: In other news ...
« Reply #25353 on: July 20, 2023, 01:07:49 PM »
Maybe so, but it's obviously a risky proposition.  The market could turn south in a hurry, and then spiral into a real mess.  Again.
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