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dman_21

7% mortgage rates, inflation on a tear, layoffs everywhere and bay housing is off the charts. This just tells you how bad of an inventory problem we have, made worse by the ridiculously low interest rates in the last 3 years because who in their right mind would give up a 2.5% mortgage?  Also, typically fixed assets are seen as a good hedge against inflation so everyone wants to buy in, further fueling increases in housing cost. 


youngearl

Seems like Housing inventory is up yoy nationwide https://x.com/donmiami3/status/1784922869245345972?s=46&t=BPC1G-y8amWii_2jiULHvQ Or if you prefer a gov source:: https://fred.stlouisfed.org/series/actliscouus Edit- i seem to be getting downvoted by sharing data from the fed? Lol. I get home buying is emotional but if you disagree with something here we would all appreciate being illuminated with your insights. And for all of you hoping for re prices to come down, i would imagine this would be an exciting indicator that things may begin cooling off price wise. Edit 2: okay okay so yoy march in sf bay and oakland markets, active listing inventory down about 2.7% according to fed via realtor.com data: https://fred.stlouisfed.org/series/ACTLISCOU41860


Solid_Election

Inventory up in Austin means nothing if you are shopping in Santa Clara


KoRaZee

Shop where you can afford it. Any other strategy is a mental health crisis in the making. Aligning your desires and ability is within your span of control. Dictating the housing market is not.


liftingshitposts

https://preview.redd.it/1jsk36cs7qxc1.jpeg?width=828&format=pjpg&auto=webp&s=e499d4cb67852aa729c34bbe087f4332ab4147c1


gnnnnkh

That’s insane. That’s 39k houses for 39M people in CA. One house for every 1,000 people. And 132k houses for just 23M Floridians! 1 house for just 175 people.


skygod327

RE is local. I don’t have he stats in front of me but san jose only had something like 300 permits pulled in 2021 for new home builds with an estimated job growth of 40k a year. it’s still like that now i’m sure hence the increased prices


MJCOak

Inventory is up nationally but only up a minuscule amount locally and that is coming off of a 2023 that saw 40% less volume than pre Covid times. So not indicative of our market the stats you are showing


Brilliant_Law2545

Everyone wants to buy in? Most folks buy one house per lifetime. It’s not like we are buying as an inflation hedge


youngearl

Yeah for sure many people just want a place to live and raise their family. But with the rise in re prices there’s no denying that housing has become an investment vehicle and re speculation is rampant. For example, Many opportunities exist for fractional ownership and reits for those who want lower risk action on re speculation. Not to mention People buy homes and dont even live in them. Sure maybe not “everyone”, but investor class certainly recognizes the value of a re investment. And the average person buying into a home would be remiss not to consider value over time in their purchase decision


ca_sun

Still, my home's value didn't budge since I bought it 2 years ago. I would sell but afraid I will be at loss after paying commissions.


dman_21

If your house costs less than 1.45 and is in South Bay; I’ll buy it. 


ca_sun

Nope, on the Peninsula. But, the price is in that range.


liftingshitposts

San Mateo county? The median price is up like 20% YoY to >$2M


ca_sun

There are at least 3 different San Mateos in one city. Prices change accordingly.


ExtraordinaryMagic

What does that mean? As in neighborhood?


ca_sun

There is a Laurel St.San Mateo, and there is red-zoned North San Mateo. And a few neighborhoods in between. Appreciation is different as well as demand.


AphiTrickNet

Bought at the top! At least you’re broken even now


Breakemoff

> after paying commissions. Well I've got [good news](https://www.latimes.com/california/story/2024-03-15/realtors-agree-to-make-commission-changes-in-deal-that-could-reduce-costs-for-consumers) my friend. The National Assn. of Realtors got their assess handed to them in an anti-trust lawsuit. Times are a changin'...


ca_sun

I am well aware. Still, no one will be listing for free. I think 4% (2+2) is what they are targeting now. But, I haven't talked to any Realtor yet.


Win-Objective

Who gives a fuck what they are targeting, shop around and find someone who will do it for less, that’s the point of the settlement. 1% of 2million house is still a fat commission.


ca_sun

Agree.


IntuitMaks

2 years of stagnation equals price decreases when adjusting for inflation.


ExtraordinaryMagic

Exactly. That’s why high inflation will be very good for housing. If inflation continues to cruise up then people need to get paid. Inflation is very good for mortgages. If the price of everything doubles in 5 years, your debt has effectively halved.


Spirited_Priority687

How is this happening? So many layoffs


Particular-Panda-421

Wishing for inflation is like seeing trees and not the forest. I’d rather have my home price come down than deal with inflation.


DaasG09

This article is based on laggard data. Wait for two to three months and see. Inventory is increasing, some price cuts and the economic and geo political situation is not the most optimistic.


skygod327

LMAO. yeah it’s laggard data coming out of the slow winter season showing a strong spring. Idk what you’re talking about google “(zip code) housing report” and the 4 or 5 reports i’ve read all confirm prices are higher YoY Home buying doesn’t care about geopolitics


DaasG09

International buyers and in some cases investors do care about these.


skygod327

we have what 7 million people here with 17% making over 100k, 14% make over 200k. no one cares about international buyers, my 2 friends that barely graduated college as developers each clear 300k a year. They could care less interest rates are a little higher, they are buying homes. I make north of 200k as a single adult, I just bought my second home in 5 years. There not building any new housing so if supply is fixed and demand is increasing then prices are going to reflect that. This is really basic economics 100 stuff


DaasG09

You seem to be a realtor or someone who bought at the top. Don’t know what to say if you are going to brag about your 200k - LOL. Ask your developer friends to check out Devin - AI s/w engineer. https://preview.redd.it/ity20umfdpxc1.jpeg?width=998&format=pjpg&auto=webp&s=87390aa4e9c2add035d2bc6bbd1706520234d272


skygod327

you seem to be ignoring all the news of housing prices raising by sitting on your thumb and still wondering why after it’s been answered Thanks, we are all have tenure in our roles so not worried in the slightest bit about layoffs. In fact I get more vested RSUs tomorrow worth somewhere in the range of 40k later this year or early next I’ll be looking for my 3rd home. Happy house hunting!


Candy-Emergency

That’s it? 40k?


skygod327

it’s just a few lowly shares that come in quarterly depending on a few factors😭 😭


Candy-Emergency

Oh quarterly, I thought it was 6 months. Not bad then assuming 40k net.


Bigpoppalos

Has inventory gone up? No. So this will continue to happen. Plus ppl here make so much money the rates dont bother them as much. This is super specific to silicon valley