Valley Real Estate

[dscher]

90%! Not saying it's not true, but that's like saying they almost have ZERO applications. These houses are still selling. Just taking longer for less.

Wells has been known to be be one of the prime lenders in the housing market for some time now... So it could very well be close to almost zero.

 

[BigRedRage]

90%! Not saying it's not true, but that's like saying they almost have ZERO applications. These houses are still selling. Just taking longer for less.

Mortgage demand is theowest it's been since before the last recession. It's legit.

 

[AZ Native]

Mortgage demand is theowest it's been since before the last recession. It's legit.

Not according to 2 friends of mine that are mortgage brokers. They are still doing well. Don't know about the K letter people.

 

[BigRedRage]

Not according to 2 friends of mine that are mortgage brokers. They are still doing well. Don't know about the K letter people.

I'm in the mortgage industry too. All the major players have cut staff. All the major player BLOW UP the leads I hard pull because they get trigger leads from it. I'm literally in the trenches. There are still home sales happening but to not see demand has massively reduced is wildly uninformed.

My house I sold early in 2021 to open door is still for sale. 8 months later. For 10% less than they bought it for. No one will bite.

Stupid high prices and 7% interest rates.

If you wouldn't refinance from your like 2-4% apr to a 7, it tells you enough.

 

[AZ Native]

Just stating what my friends in the business say.

Doesn't make me wildly uninformed, but feel free to fire away.

 

[BigRedRage]

Just stating what my friends in the business say.

Doesn't make me wildly uninformed, but feel free to fire away.

Shouldn't take things so personal. To think the industry is fine, is uninformed and that's okay. Anecdotal evidence doesn't say a lot. Neither does the word of a few sales ppl. Ask the thousands of recently unemployed mortgage people what they think is happening.

 

[BigRedRage]

I'm uninformed about a lot of things. Everyone is. It's not a bad thing. The mortgage industry is on fire, and, I'm loving it. It brings it back to a buyers market soon enough. The sellers market went way too long.

 

[AZ Native]

Shouldn't take things so personal. To think the industry is fine, is uninformed and that's okay. Anecdotal evidence doesn't say a lot. Neither does the word of a few sales ppl. Ask the thousands of recently unemployed mortgage people what they think is happening.

"Wildly uninformed" is somewhat personal. I am a Realtor and know a lot of people in the industry. I am just stating what they tell me. I will move on.

 

[BigRedRage]

"Wildly uninformed" is somewhat personal. I am a Realtor and know a lot of people in the industry. I am just stating what they tell me.

Lol

Wait

You are a realtor and stating the housing market is not a dumpster fire right now?

You guys have it worse the MLOs do.

 

[BigRedRage]

Anyway, we'll see how the housing prices do over the next 9 months.

 

[dscher]

Anyway, we'll see how the housing prices do over the next 9 months.

I'll trust you dudes. But my brother is a pretty successful former mortgage broker/loan officer in So Cal and he has been donezo for a few months now...

 

[BigRedRage]

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[BigRedRage]

I'll trust you dudes. But my brother is a pretty successful former mortgage broker/loan officer in So Cal and he has been donezo for a few months now...

There is always a cream that will be in the right place and still work out but the majority of loan officer positions have already been gutted and even the cream are feeling it. 7% rates are rough.

 

[BigRedRage]

Remember when there weren't enough homes for sale for the amount of buyers shopping?

 

[dscher]

Remember when there weren't enough homes for sale for the amount of buyers shopping?

When panic buying turns into panic selling.

 

[BigRedRage]

When panic buying turns into panic selling.

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tenor.com

 

[Absolute Zero]

I was surprised to read recently that about 35% of homes in the Valley are owned by corporations. Sounds like it has driven up rent for a lot of people. But looks like things may be changing.

Real estate investment companies selling Phoenix metro homes for $100,000 less than what they paid

Open Door has more than 1,500 Valley homes for sale, and according to Sposato, that’s a lot of money left on the table.

www.azfamily.com

The Phoenix-metro area has led the nation in home price increases for nearly 3 years in a row.

In June of 2020, Valley homes sold for an average of $368,000. In 2021, it jumped to $508,000. This past June, the average sale price totaled a whopping $591,000. However, the Phoenix real estate market is taking a drastic turn. “All of the sudden, prices went up and up and up. And then, interest rates started going up. And then, things started to slow down,” John Sposato, a real estate agent who’s been in the business for over 30 years, said.

Sposato said the slow down caught iBuyers by surprise--something that could be an advantage to you. iBuyers are popular home buying companies like Offerpad and Open Door. You’ve likely seen their TV commercials. Sposato said he believes that iBuyers like Opendoor should be concerned, saying that their business model “doesn’t work.” Sposato frequently posts on TikTok saying iBuying companies are bleeding financially. He may have a point.

I would like to be a snow bird some day. Hopefully things will get more reasonable at some point.

 

[jf-08]

I was surprised to read recently that about 35% of homes in the Valley are owned by corporations. Sounds like it has driven up rent for a lot of people. But looks like things may be changing.

Real estate investment companies selling Phoenix metro homes for $100,000 less than what they paid

Open Door has more than 1,500 Valley homes for sale, and according to Sposato, that’s a lot of money left on the table.

www.azfamily.com

I would like to be a snow bird some day. Hopefully things will get more reasonable at some point.

I hope those iBuyers all go out of business after fireselling their inventory. Maybe that'll help a housing correction for those who need to buy.

 

[Dback Jon]

I hope those iBuyers all go out of business after fireselling their inventory. Maybe that'll help a housing correction for those who need to buy.

Or rent.

Still hearing stories of long-time home renters being hit with 150% or more rent increases.

 

[jf-08]

Or rent.

Still hearing stories of long-time home renters being hit with 150% or more rent increases.

Agreed.

 

[dscher]

I hope those iBuyers all go out of business after fireselling their inventory. Maybe that'll help a housing correction for those who need to buy.

I like where you're going with this. But IMO, not a chance. BlackRock will likely get the first of the bailouts if I was to guess.

But yeah. When they liquidate at that time...the flood of homes into the market will be sooo big you'll have years and years to take your pick. IMO Even smart, younger first time homeowners will be good to go..

 

[Mainstreet]

I do not believe corporations are people, no matter what the Supreme Court says.

 

[dscher]

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[Yuma]

I'm in the mortgage industry too. All the major players have cut staff. All the major player BLOW UP the leads I hard pull because they get trigger leads from it. I'm literally in the trenches. There are still home sales happening but to not see demand has massively reduced is wildly uninformed.

My house I sold early in 2021 to open door is still for sale. 8 months later. For 10% less than they bought it for. No one will bite.

Stupid high prices and 7% interest rates.

If you wouldn't refinance from your like 2-4% apr to a 7, it tells you enough.

I would. Just because I was around when mortgage rates were in the high teens. 2 and 3 percent mortgages are unnaturally low. But everyone mentally made them the new norm. To me if I was in the market for a house, 7% is not high. But like I said, I have seen a LOT worse.

 

[BigRedRage]

I would. Just because I was around when mortgage rates were in the high teens. 2 and 3 percent mortgages are unnaturally low. But everyone mentally made them the new norm. To me if I was in the market for a house, 7% is not high. But like I said, I have seen a LOT worse.

Ok, give me a call Monday, I'll hook you up with a 7% refinance