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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Sales of existing homes fall for 11th consecutive month
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Poster Handle
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Mithradates |
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Post Content
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...house prices went up, not down. you're welcome.  Quoting: Anonymous Coward 85143370 Right, this fact is contrary to the GLP notion that there will be some crazy crash in prices. But, there's no inventory, inflation affects almost all assets, new build is greater than the mean average of a house in the USA, and many buyers are still paying cash. My market is extremely busy, in the off season. 4 buyers to 1 house. There’s plenty of overpriced houses on the market, a house is worth what someone will pay, not what inventory says. The bubble popped, why deny reality. The people who were willing to pay $10,000 a month mortgage for a starter home, are all idiots dying from the vaxx. Well of course- it's worth what someone will pay (edit: and an appraiser, if applicable). But when you have demand that exceeds supply...I don't need to explain the most basic economic concept. But if there are four buyers and one house, uh yes the inventory does dictate price. I don't live or work in a market where someone pays $10,000 for any mortgage, let alone a starter home (of course, that's approx $3.5 million so not sure what world you live in). Building a 1,500 sq ft home in my market is going to cost over $300,000 right now, before you consider other factors (will it need well/septic, etc). And your average house of that size goes for about $200,000. And there are more buyers than supply. So tell me again what reality I'm denying? New Ford plant coming on line here so the market is still rolling.
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