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Get my pies
outta the oven!

Picture of PASig
posted
I have been seeing houses around here sitting and not getting a "SOLD" sign on them in a few days or less like it's been for a while.

Is this the beginning of the end of the housing boom? Of course this is highly localized so what I'm seeing may not be the case where you live.



Zerohedge: US New Home Sales Crashed In March


 
Posts: 35153 | Location: Pennsylvania | Registered: November 12, 2007Reply With QuoteReport This Post
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Picture of Shaql
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Not in my neighborhood.





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Posts: 6915 | Location: Atlanta | Registered: April 23, 2006Reply With QuoteReport This Post
Fighting the good fight
Picture of RogueJSK
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quote:
Originally posted by PASig:
I have been seeing houses around here sitting and not getting a "SOLD" sign on them in a few days or less like it's been for a while.


I've noticed the same. There are several houses near me who have had For Sale signs up for a couple weeks, with multiple open houses, but no contracts pending. Including my neighbor.

For the past 2 years, those would have been gobbled up within the first day or so of being on the market.

In fact, my neighbor's house that's now for sale sold like that just last year. Now they're trying to flip it less than a year later for a $60k profit. Seems like they missed their window...
 
Posts: 33443 | Location: Northwest Arkansas | Registered: January 06, 2008Reply With QuoteReport This Post
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Picture of P250UA5
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Interest rates making a jump didn't help.

Our house has been on the market for about 3 weeks (2.5 weeks longer than the most recent 3-4 sales)

23 showings & 2 open houses & we just got our first offer last night.
Had we listed a week earlier, we likely would've sold a lot quicker. We listed the same week interest rates topped 5%




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Posts: 16279 | Location: Spring, TX | Registered: July 11, 2011Reply With QuoteReport This Post
Alienator
Picture of SIG4EVA
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It just means that inventory is starting to catch up to demand. Combine that with interest rates that tripled in the last 2 months, its pretty much expected.


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Posts: 7203 | Location: NC | Registered: March 16, 2012Reply With QuoteReport This Post
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I've seen a few that have been absurdly priced, even in this market, sit for a long time, but most stuff around me is still going fast (like less than 24 hours).


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Posts: 758 | Location: Raleigh, NC | Registered: May 15, 2015Reply With QuoteReport This Post
Drill Here, Drill Now
Picture of tatortodd
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The last few years the for sale sign was going in the ground with "sold" already on it.

Recently, I've been seeing for rent and for sale signs stay up many, many weeks.



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DISCLAIMER: These are the author's own personal views and do not represent the views of the author's employer.
 
Posts: 23946 | Location: Northern Suburbs of Houston | Registered: November 14, 2005Reply With QuoteReport This Post
Raptorman
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They tripled in cost in just a few months because the investment groups were paying absurd cash offers.


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Posts: 34568 | Location: North, GA | Registered: October 09, 2002Reply With QuoteReport This Post
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Picture of NavyGuy
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They are still selling pretty quickly in our neighborhood if they are priced right and have the amenities people are looking for. Redfin says 14 days to sale on average, with houses bringing on average 6% over asking price. I can see this waning as interest rates climb.



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Posts: 11524 | Location: Fort Worth, Texas | Registered: February 07, 2007Reply With QuoteReport This Post
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Still selling quickly here.

Two existing homes in my neighborhood (no new construction in neighborhood) sold recently in less than two days on the market, one for $75K over asking price and the other for $100K over asking.
 
Posts: 1185 | Location: Texas | Registered: February 20, 2018Reply With QuoteReport This Post
Enjoy Computer Living
Picture of LoungeChair
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Not around here. My friend just closed the sale of his house within one week of listing for $600K over asking.
The current situation is absolutely nuts.


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Posts: 677 | Registered: October 07, 2012Reply With QuoteReport This Post
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Picture of bigdeal
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quote:
Originally posted by P250UA5:
Interest rates making a jump didn't help.
That's only a piece of it. Everything is converging to bring this to an end. Inflation, shortages, increasing fuel costs, increasing interest rates, a new domestic or international crisis daily, people are getting very uncomfortable and see bad times coming. The only thing still propping most of this up is government's out of control spending, which coincidentally is also making inflation and the economy worse. This was always going to reach an end, but government has made and continues to make things far worse when that end eventually arrives.


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Posts: 33845 | Location: Orlando, FL | Registered: April 30, 2006Reply With QuoteReport This Post
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Not here in BHM. If a house stays on the market for 48 hours its either way overpriced or needs a lot of work.
 
Posts: 606 | Location: Helena, AL | Registered: July 15, 2008Reply With QuoteReport This Post
St. Vitus
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Not in my neighborhood, they go fast.
 
Posts: 5369 | Location: basement | Registered: April 06, 2007Reply With QuoteReport This Post
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Our house is getting listed next week, hoping we haven’t missed anything…
 
Posts: 765 | Location: Athol, ID | Registered: October 07, 2011Reply With QuoteReport This Post
His Royal Hiney
Picture of Rey HRH
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PASig, more importantly, how do you rate zerohedge as a financial news source? How long have you been reading them?

That chart looks national rather than local.



"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
 
Posts: 20258 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011Reply With QuoteReport This Post
Get my pies
outta the oven!

Picture of PASig
posted Hide Post
quote:
Originally posted by Rey HRH:
PASig, more importantly, how do you rate zerohedge as a financial news source? How long have you been reading them?

That chart looks national rather than local.


Why am I being cross examined here?

Yes, that’s why the article said “US” and not “local”


 
Posts: 35153 | Location: Pennsylvania | Registered: November 12, 2007Reply With QuoteReport This Post
His Royal Hiney
Picture of Rey HRH
posted Hide Post
quote:
Originally posted by PASig:
quote:
Originally posted by Rey HRH:
PASig, more importantly, how do you rate zerohedge as a financial news source? How long have you been reading them?

That chart looks national rather than local.


Why am I being cross examined here?

Yes, that’s why the article said “US” and not “local”


I am questioning you because I'm interested in accessing credible sources of financial news. I assumed you have some familiarity with zerohedge and didn't come across it googling for a housing chart, did you?

The reason I am interested is because I decided I'm quitting my money manager and just do broad market index funds and avoid the management fees. It wasn't wasn't personal about you.



"It did not really matter what we expected from life, but rather what life expected from us. We needed to stop asking about the meaning of life, and instead to think of ourselves as those who were being questioned by life – daily and hourly. Our answer must consist not in talk and meditation, but in right action and in right conduct. Life ultimately means taking the responsibility to find the right answer to its problems and to fulfill the tasks which it constantly sets for each individual." Viktor Frankl, Man's Search for Meaning, 1946.
 
Posts: 20258 | Location: The Free State of Arizona - Ditat Deus | Registered: March 24, 2011Reply With QuoteReport This Post
semi-reformed sailor
Picture of MikeinNC
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5 for sale w/I a mile of me. They’ve been on the market for over a month.

Couple of months ago, the sign would have been taken down the next day. Everything was selling for crazy prices.

Two months ago my commie neighbors house sold for 100,000 over what they paid for .

So, yeah, I think that bubble is about to pop.



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Posts: 11568 | Location: Temple, Texas! | Registered: October 07, 2006Reply With QuoteReport This Post
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posted Hide Post
We'll see if Rosenberg is right this time.

https://www.marketwatch.com/st...osenberg-11647438915
 
Posts: 3285 | Registered: August 19, 2001Reply With QuoteReport This Post
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