When people are looking for the perfect 'forever' home that will last them for a lifetime, any additional cost isn't going to phase them - or at least it won't affect the affluent folks. Most are making it up elsewhere when they sell their previous home or rental...
https://homelightblog.wpengine.com/wp-content/uploads/2022/03/HomeLight-Buyer-Seller-Insights-2022.pdf This looks pretty normal: In an era where 50% or more of the homes for sale receive multiple offers, yet half or more of the sellers don't ask the buyers to improve...
My thoughts on commentary seen in the news today: With rates rising, and prices significantly higher, the average borrower is paying about 38% more on the monthly payment now than they would have for the same home one year ago, according to Realtor.com. JtR: This is...
Sally's former home in Los Altos closed yesterday for what seems to be the obligatory $500,000 over the list price (LP was $3,195,000): https://www.zillow.com/homedetails/1200-Brucito-Ave-Los-Altos-CA-94024/19620416_zpid/ The bump over the list price is so customary...
You can't spend too much time reading/watching the news recently without being well aware of the relatively unprecedented surge in mortgage rates seen so far in 2022. In particular, the month of March was one the worst on record with one individual week in March...
Now that we are grappling with 5% mortgage rates, people are wondering how it will affect the market. The common perception is that there will be pullback. What that means isn't defined - it's just a vague concept that the logical mind wants to believe. But logic...
From yesterday's article, which also ran in the SDUT today: “There are so many strange things going on right now,” said Edward Seiler, the associate vice president for housing economics at the Mortgage Bankers Association. It has been 40 years since rates have risen...
The mainstream media is taking their shots at explaining the current market. Here is the attempt by the NYT - link should be unlocked: [button...
Alternative headline: "Four areas so affluent that home prices and incomes are completely disconnected." Comparing the median sale price to house-buying power in all top 50 markets reveals that 4 markets are considered "overvalued". "Overvalued" is defined by a market...
Real estate practices have been evolving with the frenzy. The market used to be lively seven days a week, but that's gone away. Looking at homes during the week is futile now, because the new listings tend to hit the MLS on Thursday or Friday with NO SHOWINGS UNTIL...
