Central Florida still appears to be a pretty hot market. I bought my house new in 1999 for $76,000 dollars. I am now being told I could sell it without putting on the market for $225,00 to $250,000, that's insane. Most reel estate agents have buyers waiting for homes to become available.

I live South West of Disney and they are clearing out old orange groves and tree/pine straw farms as fast as they can.
The county I live in when we first moved here was just around 450,000 people in 1999. As of 2021 estimates it should put us some ware around 750,000 plus people.
My guess by the end of this year we should be close to the 800,000 mark.

One of the things I have noticed around where I live is builders are building multi story apartments and they are filling fast.
In some areas the price of housing is out of reach for the average family working in the hospitality industry.

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.

https://www.reuters.com/world/...uary-nar-2022-03-18/

U.S. home sales tumble; higher prices, mortgage rates eroding affordability

Existing home sales fall 7.2% in February
Median house price rises 15% to $357,300 from year ago
Housing inventory drops 15.5% to 870,000 from year ago

WASHINGTON, March 18 (Reuters) - U.S. home sales fell by the most in a year in February as a perennial shortage of houses and double-digit price growth continued to squeeze first-time buyers out of the market.

With mortgage rates rising above 4% for the first time in nearly three years, sales are likely to slow this year, though that would do little to curb house price inflation. Contracts to buy previously owned houses, a leading indicator of home sales, fell for three straight months through January.

Market is still hot here in the outskirts of Portland as people seek to escape the city. Our house gets listed tomorrow. The last house with our same floor plan sold last week for $50k over asking. On the market for 5 days.

We expect to have bids this weekend.

Tony.

quote:

Originally posted by benny6:
Market is still hot here in the outskirts of Portland as people seek to escape the city. Our house gets listed tomorrow. The last house with our same floor plan sold last week for $50k over asking. On the market for 5 days.

We expect to have bids this weekend.

Tony.

Good luck, I hope it sells fast for you.

Not in Orlando. We sold our house 6 weeks ago. That house, next door to us, back in November our elderly neighbor passed away. Her house is a 1950's block home, 1,600 or so sq ft on a double lot. She was a hoarder, with dozens of birds and a half dozen dogs. When I would get within 10 ft of her front door the smell was overwhelming.

It hit the market this week. It sold immediately for $450,000. Keep in mind, this home is a tear down. The value is in the land. Or $225,000 per lot.

The bottom end of the market drives the rest of the market. Most of the entry level homes are highly leveraged 30 year loans on property at tremendously inflated prices.
The payment on those is mostly interest, so when the rate goes up a half a point, the payment goes up much more than many people think. I other words when a loan is 5%, a .5% rate increase is a 10% rise in the payment, not a .5% rise. A 2% rise in rate, what many predict for the year, is a 20% rise in payment.
I know, that should be simple math but math seems to be a poorly understood concept to many in this market.
Some parts of the country haven't seen much change but once the momentum changes, watch out.