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Zillows within 10% either way here. Our house sold for $10k under Zillow. House across the street just sold for the same. In smaller markets it can be extremely inaccurate because it is just an algorithm, but in hot moving markets its very close.
I'm suprised people are actually buying the new ones with the high interest rates. Though I heard that many people locked in rates on new construction months ago at 4 ish.
$300k at 5.5% is the same if a house is new or 20 years old.
What is the monthly payment difference? Just because prices are coming down doesn’t mean the mortgage is. You could be looking at an increased mortgage payment with a lower sale price because interest rates. The lower sale prices benefit the buyer hoping to have 20% down and avoid PMI.
I guess I was assuming people were about tapped out buying their 300k subdivision architectural abortion at 3% and would be overextended paying 300@ 5.5% for it......
300k was 7-8 years ago here. July 2019 our house was 480 new, hit a peak of around 750, now sliding back to 680-700.
I guess I live in a cheap place. 320 in 19' and Zillow got up to 500 now shows mid 4's. No idea how accurate that is.
I'm in the same part of the world as you are and the market is stupid here. It does seem like things are starting to sit a bit longer than normal.Local story on local real estate from 3 days ago.
Housing mindset changing in Northwest Arkansas | Arkansas Democrat Gazette
The residential real estate market shows no signs of cooling in Northwest Arkansas, where prices in the second quarter rose faster than anywhere else in the country, according to industry figures.www.arkansasonline.com
Here's the opening quote "The residential real estate market shows no signs of cooling in Northwest Arkansas, where prices in the second quarter rose faster than anywhere else in the country, according to industry figures."
FWIW, I think this is an opinion forming piece rather than a report on actual news. Nobody wants smaller spaces as alleged in that article. Smaller spaces is what fuckers can afford, so lets condition people to believe that's what they want. Here nor there, our micro economy has proven in the past to be mostly insulated from the macro economy elsewhere. The 2006 crash elsewhere was a plateau or a slightly slower increase. I can easily see the same happening again.
Unfortunately, I can see our area being the next silicone valley boom. I don't think it will be that bad, but the large developers have developed most of the cheap and profitable lots and are moving to vertical construction, so now the .25 and half acre lots are going to be exclusive no matter how shitty they were built or are considered now. How bad it gets will depend on how many people come here and right now it's a shit ton. I will be leaving in the next 10 to 15 years if that or anything close happens to this place.
No one saw clown world xl post 2019. I pulled a ton of money out of stocks expecting a down turn at any time as I was using logic and figured the economy was going to crash. No way did I expect to see record highs during and after the pandemic when people couldn't work. Housing was the same deal, my friends wife was shitting herself as she got her real estate license right before COVID, they were gearing up to hit the bread lines.I guess I live in a cheap place. 320 in 19' and Zillow got up to 500 now shows mid 4's. No idea how accurate that is.
My questioning was not targeted at the price. More the rate increases. If you were tapped out at XXX @ 3% how the hell are you still buying the place by the time it's built and they want XXX @ 5.5 %
Edit: I never thought I would have made a mistake by not buying a 600k house in 19. I didn't need one. But now I'm watching the massive appreciation everyone in that price range got and am bummed I missed out on the crazy appreciation with borrowed $$
Not surprising given the area. You're far enough outside Charlotte for housing not to be an issue.
This city has a weird housing market, it's either trailers or $500,000+ houses, not much for sale in the middle when we were looking. I have some co workers relocating for promotions to areas in Georgia and are having hard time finding a place, housing market is still pretty nuts down here it seems.
$400k house with 20% down at 5.5% is $2,100/month using $2,400 for property taxes.I guess I live in a cheap place. 320 in 19' and Zillow got up to 500 now shows mid 4's. No idea how accurate that is.
My questioning was not targeted at the price. More the rate increases. If you were tapped out at XXX @ 3% how the hell are you still buying the place by the time it's built and they want XXX @ 5.5 %
Edit: I never thought I would have made a mistake by not buying a 600k house in 19. I didn't need one. But now I'm watching the massive appreciation everyone in that price range got and am bummed I missed out on the crazy appreciation with borrowed $$
My premise was based off of all the areas where people were saying process are not dropping. Hence my use of the same number at 3 & 5.5
The same people who were buying a $500k home at 3% are NOT the ones buying them now. People have been priced out of the market, but not everyone.
Good point.
I personally believe the bidding wars is bullshit hype. Price the home low so multiple people put in offers, have them fighting and then tell your client “we have 27 offers and they’re all over asking price.” Exclude the face your priced it 30% below market value and you have stories of “oh man we got $50k over asking. Our realtor was awesome.”
When I sold my Vegas house, (too soon BTW), I hired a Redfin agent first and she wanted to list it for about $50k under what I thought it was worth, but then she offered to do it at $30k less as a compromise. That compromise hit her in the ass on the way out the door. Next agent was from...I don't remember, and she wanted to list it low as well, I stood my ground with the understanding if we had no action we could lower the price. I got a full price offer in a couple weeks. Fuck those agents, they just want to turn and burn.
