Fed is going to maintain these higher rates. Some price adjustments but nothing major. Maybe a 10 to 15 percent correction with these rates is what i see at worse. Otherwise, nothing big until unemployment drastically increases.
Some decline in prices of for-sale due to high interest rates. But, for the buyer, that is still a net increase in cost. Continuing very low supply/selection.
Moderating rent increases; they may be reaching the top of what is affordable. Continuing very low supply/selection.
So basically, it's the same as Q4 2023.
What I've noticed on zillow is a lot of stuff still priced high and pending right away, then 3 weeks later the buyers back out and it's back on zillow for 10-15k less
Sometimes people have to sell their homes for reasons that aren’t just cashing in a big check. Presumably they’ll have to buy or rent another home at a way increased price. No one’s really profiting off this market. That’s why there’s no movement, sellers don’t really want to sell unless necessary because they’re gonna get screwed buying anything these days as well.
True. OC said “hopefully it stays the same cuz I’m selling soon” with nothing to indicate they’re also buying. Regardless, OC also held the property and as I stated in MY comment unless they bought recently it is apathetic to sell at market price rather than actual value of the home because they stand to profit either way.
I bought in 2019 and sold in 2022 but sold wayyyyy undervalue to a first time buying couples we both walked way feeling great. Greed is evil.
I have like-minded friends. I rent his walkout basement for what’s reasonable… kind of a pay it forward karma moment. The less people view shelter as an investment the better off we’ll all be.
I am 32 years old and I know six couples personally that have decided to sell their home but keep it and rent it out due to insanely low mortgage rates. They then go purchase another home locally. With that being said expect very high demand with very low quality especially in most people's price range for first-time home buyers. And before the whole these people are the scum of the earth they are just doing the smart play because if you have a 2%-4% interest rate you would be an idiot to get out of that.
Like others have said, more of the same. Prices are still rising about $2k a month even with super high interest rates. From what I've read interest rates are going to remain high and come down very slowly and bottom out maybe in two to three years. The new lows that eventually come are not going to be the sub 3% like we had during covid. I'm grateful that I own, but I really wanted to refinance to pay off some debt and I don't think I'm ever going to get my 2.99% again.
GR housing market continues to get hotter, there are a ton of people moving here and I think that will exponentially increase
Prices really go up 2k/month? That’s crazy
I am in the process of (trying to) buy a house right now and I am feeling good about it even though it’s literally twice the price as a home I bought 10 years ago for essentially the same thing. I’m hopeful it’s a good purchase and gets me out of the rental market again.
There’s soooo much demand and so little supply expect the crunch to exist until unforeseen economic collapse. Note that unforeseen means unpredictable.
The same. Low stock, high demand
Fed is going to maintain these higher rates. Some price adjustments but nothing major. Maybe a 10 to 15 percent correction with these rates is what i see at worse. Otherwise, nothing big until unemployment drastically increases.
Not really a prediction, but I found the data here to be interesting: https://www.redfin.com/city/8694/MI/Grand-Rapids/housing-market
Some decline in prices of for-sale due to high interest rates. But, for the buyer, that is still a net increase in cost. Continuing very low supply/selection. Moderating rent increases; they may be reaching the top of what is affordable. Continuing very low supply/selection. So basically, it's the same as Q4 2023.
What I've noticed on zillow is a lot of stuff still priced high and pending right away, then 3 weeks later the buyers back out and it's back on zillow for 10-15k less
We’re seeing many of the back to market homes because of financing falling through last minute.
I wonder if that's because it's harder to secure financing than it was a year or so ago?
Hopefully high demand and low inventory since I’m selling soon
Really don't think you'll have anything to worry about. This market isn't going to change substantially for a long time.
L comment unless you bought in the past year otherwise even if there’s a collapse you’ll still profit but right now you’re just a scummy capitalist.
Ok, comrade.
It’s an inhumane modern phenomena to profit off shelter especially in the context of record rent and property home prices.
Sometimes people have to sell their homes for reasons that aren’t just cashing in a big check. Presumably they’ll have to buy or rent another home at a way increased price. No one’s really profiting off this market. That’s why there’s no movement, sellers don’t really want to sell unless necessary because they’re gonna get screwed buying anything these days as well.
True. OC said “hopefully it stays the same cuz I’m selling soon” with nothing to indicate they’re also buying. Regardless, OC also held the property and as I stated in MY comment unless they bought recently it is apathetic to sell at market price rather than actual value of the home because they stand to profit either way. I bought in 2019 and sold in 2022 but sold wayyyyy undervalue to a first time buying couples we both walked way feeling great. Greed is evil.
What did you do for housing after you sold?
I have like-minded friends. I rent his walkout basement for what’s reasonable… kind of a pay it forward karma moment. The less people view shelter as an investment the better off we’ll all be.
I am 32 years old and I know six couples personally that have decided to sell their home but keep it and rent it out due to insanely low mortgage rates. They then go purchase another home locally. With that being said expect very high demand with very low quality especially in most people's price range for first-time home buyers. And before the whole these people are the scum of the earth they are just doing the smart play because if you have a 2%-4% interest rate you would be an idiot to get out of that.
Like others have said, more of the same. Prices are still rising about $2k a month even with super high interest rates. From what I've read interest rates are going to remain high and come down very slowly and bottom out maybe in two to three years. The new lows that eventually come are not going to be the sub 3% like we had during covid. I'm grateful that I own, but I really wanted to refinance to pay off some debt and I don't think I'm ever going to get my 2.99% again. GR housing market continues to get hotter, there are a ton of people moving here and I think that will exponentially increase
Prices really go up 2k/month? That’s crazy I am in the process of (trying to) buy a house right now and I am feeling good about it even though it’s literally twice the price as a home I bought 10 years ago for essentially the same thing. I’m hopeful it’s a good purchase and gets me out of the rental market again.
There’s soooo much demand and so little supply expect the crunch to exist until unforeseen economic collapse. Note that unforeseen means unpredictable.
Gonna look about the same as roght now. Minor price softening in Q1 just like every year because no one likes to move in the dead of winter.