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Old 08-11-2018, 11:18 AM
 
4,123 posts, read 4,540,526 times
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Where I'm selling the market is still hot. Where I'm buying it's stabilizing.
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Old 08-11-2018, 01:28 PM
 
4,506 posts, read 4,360,020 times
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Wash, rinse, repeat.
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Old 08-11-2018, 01:30 PM
 
4,506 posts, read 4,360,020 times
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And just like the last time, it's different this time. It's always different this time
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Old 08-11-2018, 02:05 PM
 
Location: Myrtle Creek, Oregon
11,042 posts, read 11,455,634 times
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The drop in home sales is only in the West, and the West means California, and to a lesser extent, Seattle. With rising interest rates, the percentage of people who can qualify for an average mortgage in SoCal has dropped from over 50% in 2012 to less than 30% today. Rising interest rates will leash the buying frenzy, but there is no indication that people will be forced to sell at this point. Quite the opposite. If someone was smart enough to lock in a sub-3% 30 year mortgage, they are going to dig in and hold on to the deal they have, which was the deal of a lifetime.
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Old 08-11-2018, 03:49 PM
 
2,215 posts, read 754,367 times
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Quote:
Originally Posted by MichiganGreg View Post
Five houses on our street went up for sale this month. The longest it took any of them to sell was 6 days. The shortest was 2 days. Ours goes up on the block next week...and we have already had people stop by when they saw the '(Company-X) Painting' sign on our lawn, to ask if we are going to sell. We are very rural.

Where exactly is the market starting to go south???? I sure don't see it.
Why are so many people moving out of the area? Six seems to be a lot on one rural street.
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Old 08-11-2018, 03:57 PM
 
2,215 posts, read 754,367 times
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Quote:
Originally Posted by wheelsup View Post
Sales are slowing because of a lack of inventory.
But doesn't that usually drive up prices?
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Old 08-11-2018, 04:09 PM
 
10,696 posts, read 20,119,835 times
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Quote:
Originally Posted by mlulu23 View Post
But doesn't that usually drive up prices?
Where are you seeing price declines?
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Old 08-11-2018, 04:19 PM
 
881 posts, read 461,070 times
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It's all local. My area in central Maryland will not collapse because I am right in the triangle between the nation's capitol, our state capitol, and a major port city (DC, Annapolis, Baltimore respectively). Right in the center of that triangle is a major military base (Ft. Meade) that is disproportionately staffed by officers and senior enlisted personnel, and of course the naval academy is a stone's throw away in Annapolis as well.

The rust belt will still be the rust belt. The South will still be the cheap old South. The Midwest still has plenty of room for it's cities to expand outward in all directions. The coastal port cities of NY, SF, Seattle, LA, etc. will still have tight housing markets due to not being able to expand outward anymore (they mostly haven't for decades) and the local politics seem to limit new construction of housing units which are sorely needed from a supply standpoint. It's all truly local.

Got employment? Housing in your area won't go down. Got factories or mines shutting down? Look out below! Same as it always was.
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Old 08-11-2018, 04:30 PM
 
Location: Florida
19,649 posts, read 8,216,795 times
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There is not a large inventory of affordable homes. I imagine starter homes and lower priced homes have no problem selling. The problem is many people are priced out of the market and cannot afford the larger more expensive, and possibly over-priced homes.

Wages are still somewhat stagnant, so the bubble may be in the higher priced housing market. The price of lumber is very high, so new housing will also be more expensive.

https://www.usatoday.com/story/money...ghs/678820002/
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Old 08-11-2018, 04:44 PM
 
2,215 posts, read 754,367 times
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Quote:
Originally Posted by wheelsup View Post
Where are you seeing prices decline?
That wasn't my question . The post I was responding to said that sales were slowing because of a lack of inventory. And I asked:

Originally Posted by mlulu23 View Post
But doesn't that usually drive up prices?

Where I used to live in Sequim, Wa on the Olympic Peninsula is a small area popular with retirees. The inventory was low which made the prices of what was left shoot up. People were buying houses that weren't exactly what they wanted just to live there. The market was on fire as recently as the end of 2017. Haven't paid attention to it lately though. So my question reflected my experience. My ex husband, and I sold our house in Dec 2017. We had 3 offers in one week, and it sold then. When we bought it the end of 2014 it had been on the market for over 500 days. The price went up $34,000 in that time.

From a year ago.

"Like many hot spots in Washington, Sequim is seeing a surge in housing sales leading to low inventory and an increase in prices."

Experts say Sequim housing sales soaring | Sequim Gazette


https://www.sammamishmortgage.com/wa...-explode-2018/
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