Any real estate people here?

mustang190

interesting article. You think it’s happening here in Florida? I know that affordable housing here is getting scarce and prices are getting ridiculous. 
https://www.cnbc.com/2018/07/24/southern-california-home-sales-crash-a-warning-sign-to-the-nation.html

lakeman

I tend to agree, we are looking more like 2005-6-7, The auto industry appears to be doing the same sales/leases programs as they did before 2008.  There will be a correction, DANG hope it is not as bad as 2008.  Maybe the banks will step up and do the right thing for a change.

cadman

That is not a crash in home sales in California. I read the article. The prices did not fall, but are increasing. The number of sales fell due to a lack of inventory to sell. 
How is that a crash?

pottydoc

Plenty of affordable housing in Central Florida. Much of it can be bought for payments cheaper than the rent would be on a comparable house. 

mustang190

cadman said:

That is not a crash in home sales in California. I read the article. The prices did not fall, but are increasing. The number of sales fell due to a lack of inventory to sell. 
How is that a crash?

Then what is it? 
You also need to understand that a 1/2 million dollar home in California is not much of a home. 

Jack Hexter

Please explain to me where are the service workers going to live in the Keys. 

Soda Popinski

Jack Hexter said:

Please explain to me where are the service workers going to live in the Keys. 

7 to a shack packed in on couches.    

mplspug

cadman said:

That is not a crash in home sales in California. I read the article. The prices did not fall, but are increasing. The number of sales fell due to a lack of inventory to sell. 
How is that a crash?

Sounds like a sellers market to me

Soda Popinski

mplspug said:

cadman said:

That is not a crash in home sales in California. I read the article. The prices did not fall, but are increasing. The number of sales fell due to a lack of inventory to sell. 
How is that a crash?

Sounds like a sellers market to me

I will not have an agent when I sell my home in the next 2-3 years.   In this market?  No way.  I'll list it myself, and if someone wants to look at it, fine, bring a letter of prequalification with you and we'll talk about a viewing.  Too many lookie lous and when you have an agent they will show the house to anyone and everyone who wants to peek in your drawers.   

We tried back in 2002 and the agent was a moron.   People wanting to have us pay closing costs and hold some 3rd party lien bullcrap, people offering 40% less than what we were asking.  We fired her after 3 months and sold the house ourselves and that's the plan for this next go round.   No way i'm giving 15k to someone for walking strangers around for an hour.  

Cyclist

Several friends have sold houses in Gville in the last several months. All before a week was up and a couple sold in hours. Hours.....that's crazy, and it was priced above neighborhood average.

Soda Popinski

It's a crazy market right now.   I'd love to put the house on the market right now but i think i'd sell it in a few weeks and we're not ready yet.  Plus I hate moving.    Gainesville doesn't surprise me at all  it's beautiful there. 

Big Battery

Soda Popinski said:

It's a crazy market right now.   I'd love to put the house on the market right now but i think i'd sell it in a few weeks and we're not ready yet.  Plus I hate moving.    Gainesville doesn't surprise me at all  it's beautiful there. 

I just sold mine and will be waiting for the inevitable crash to buy back in.

Soda Popinski

Smart.  It might take a couple years for the correction.   Usually when i want to buy the market is strong and when I want to sell the market is weak, that's how it goes.   So figure 2020 right after my son graduates high school for a dip in the market.  

Big Battery

cadman said:

That is not a crash in home sales in California. I read the article. The prices did not fall, but are increasing. The number of sales fell due to a lack of inventory to sell. 
How is that a crash?

Statistically speaking I would guess.  Home sales in CA are linked to Chinese money and China has clamped down on capital flight lately so there is that. It has been a decade since the last crash, that is a pretty long time without a housing correction.

Cyclist

The correction already happened. What is going on now is not a build up to a crash, for MANY reasons.

Big Battery

Cyclist said:

The correction already happened. What is going on now is not a build up to a crash, for MANY reasons.

How so?

Btw, the next generation of buyers have no money as they have spent it all on smart phones, craft beer and avocado toast.  we are approaching "No-money-down" loanville... that is the warning sign IMHO.

Soda Popinski

Big Battery said:

Cyclist said:

The correction already happened. What is going on now is not a build up to a crash, for MANY reasons.

How so?

Btw, the next generation of buyers have no money as they have spent it all on smart phones, craft beer and avocado toast.  we are approaching "No-money-down" loanville... that is the warning sign IMHO.

The next generation didn't buy any of those things their parents did.   

Cyclist

Big Battery said:

Cyclist said:

The correction already happened. What is going on now is not a build up to a crash, for MANY reasons.

How so?

Btw, the next generation of buyers have no money as they have spent it all on smart phones, craft beer and avocado toast.  we are approaching "No-money-down" loanville... that is the warning sign IMHO.

The correction started in 2008.

https://www.npr.org/2018/05/11/610315734/rising-home-prices-lead-to-worries-of-another-housing-market-bubble

mustang190

Cyclist said:

Big Battery said:

Cyclist said:

The correction already happened. What is going on now is not a build up to a crash, for MANY reasons.

How so?

Btw, the next generation of buyers have no money as they have spent it all on smart phones, craft beer and avocado toast.  we are approaching "No-money-down" loanville... that is the warning sign IMHO.

The correction started in 2008.

https://www.npr.org/2018/05/11/610315734/rising-home-prices-lead-to-worries-of-another-housing-market-bubble

That graph is from the Census bureau almost ten years ago. 

Big Battery

The correction also ended then too... and then the stabilized and then the slow rise back up and has excellerated in the last couple years. If you think it isnt at a peak or close to it then you should go and buy something.

mustang190

I guess it depends on what market your in? Home prices here are going thru the roof. And what are you buying for 400k+?
 

Cyclist

mustang190 said:

Cyclist said:

Big Battery said:

Cyclist said:

The correction already happened. What is going on now is not a build up to a crash, for MANY reasons.

How so?

Btw, the next generation of buyers have no money as they have spent it all on smart phones, craft beer and avocado toast.  we are approaching "No-money-down" loanville... that is the warning sign IMHO.

The correction started in 2008.

https://www.npr.org/2018/05/11/610315734/rising-home-prices-lead-to-worries-of-another-housing-market-bubble

That graph is from the Census bureau almost ten years ago. 

And it shows the correction nicely.

Fish Haid

Cyclist said:

Several friends have sold houses in Gville in the last several months. All before a week was up and a couple sold in hours. Hours.....that's crazy, and it was priced above neighborhood average.

Housing market is hot in Gainesville ever since it became a sanctuary city. 

wahoowacker01

Madison Ms prices are jumping also. In the last few months I have averaged 2 letters a week from people wanting to buy my house. Probably low ballers but who knows?
its certainly a sellers market here.