#home prices

[tesserox]

Update!!

Thank you everyone for the support you've shown. We're 1k in and there are no words to express my gratitude. Every little bit helps and we're trying really hard to shore up as much as we can for our down payment. If you can share our go fund me info with anyone and everyone, that will only help. We truly appreciate any amount of support you can give. Thank you so much.

[gabe-sanders]

2023 Year End Price Forecasts

[m-o-p-e]

According to the St. Louis Fed, there are nearly 15 million vacant housing units in the U.S. as of Q3 2024.

That doesn't mean a house on the market. The definition is:

A housing unit is vacant if no one is living in it at the time of the interview, unless its occupants are only temporarily absent. In addition, a vacant unit may be one which is entirely occupied by persons who have a usual residence elsewhere. New units not yet occupied are classified as vacant housing units if construction has reached a point where all exterior windows and doors are installed and final usable floors are in place. Vacant units are excluded if they are exposed to the elements, that is, if the roof, walls, windows, or doors no longer protect the interior from the elements, or if there is positive evidence (such as a sign on the house or block) that the unit is to be demolished or is condemned. Also excluded are quarters being used entirely for nonresidential purposes, such as a store or an office, or quarters used for the storage of business supplies or inventory, machinery, or agricultural products. Vacant sleeping rooms in lodging houses, transient accommodations, barracks, and other quarters not defined as housing units are not included in the statistics.

END

As of January 2023, "The Department of Housing and Urban Development (HUD) counted 653,104 homeless Americans in its annual point-in-time report, which measures homelessness across the US on a single night each winter. That’s a 12.1% increase from the same report in 2022."

As of February 2024, "Nearly 327,000 people in the United States experiencing homelessness lived in shelters, a small proportion (0.1%) of the U.S. population from 2018 to 2022 but higher than from 2013 to 2017, according to American Community Survey (ACS) 5-year estimates released in a working paper today.

"The 2013-2017 ACS, the previous 5-year ACS with no overlapping years, showed there were approximately 267,000 people (0.08% of the U.S. population) in shelters during that period."

As op says, the problem is not supply.

ok realizing this needs to be said because not everyone knows:

building affordable housing is a red herring. a scam. a multilevel marketing scheme.

there is far more housing than there are people. you would think housing is expensive because the supply is too low and the demand too high. we’re taught to believe in the ‘law of supply and demand’ but that’s invariably a gross simplification.

real estate is always a great investment because land is a fundamentally finite resource, and fundamentally necessary for life. most investments tend to fluctuate, to increase and decline in value, but real estate almost always increases, and often at far higher rates than ‘the market’ at large offers.

so what does this mean? it means that there are many times more vacant homes than there are homeless people. it means buying a home and renting it for more than the mortgage while the equity only grows is an incredible investment. heck buying a home and not renting it is still a great investment. SO no matter how many homes you build, ‘affordable’ or not, they will be bought up and hoarded by the rich and housing will remain unaffordable for everyone else.

[rozecrest]

there are 66 days left to fulfill the last 11% of the municipality of gaza's life-saving campaign!

we have been gifted additional time to see this through!

water is life. infrastructure must be rebuilt. approximately $111,335 are left to reach this goal.

donate here! every dollar gets us closer!

if you have a clean and consistent water source that is a privilege. it always has been in this world. here is a chance to give that back to a place in dire need. take it! this goal can and must be filled!

[indizombie]

America’s home prices have reached new record highs for 15 straight months. That’s great news if you own a home — and not so great if you don’t, especially with mortgage rates remaining stubbornly high, just below 7%. That’s why a record low 2.5% of homes switched owners this year, the lowest in 30 years, according to Redfin. Rent isn’t offering much relief: About half of American renters shelled out more than 30% of their income on rent in 2023. Households that spend more than 30% of their income on rent, mortgage payments or other housing costs are considered “cost-burdened” by the US Department of Housing and Urban Development. The housing affordability crisis has helped exacerbate America’s wealth gap, leaving people who are forced to move or don’t own a home in a financial bind. But many people who are hardly poor are also struggling to get by, largely because of how much it costs to live in a home: A fifth of US households that earn more than $150,000 a year are living paycheck to paycheck, according to a Bank of America survey.

David Goldman, ‘What just happened? It was the economy, stupid‘, CNN

[texasfsboguy]

Are you looking to sell your home quickly and for the highest possible price? Strategic pricing strategies can be the key to maximizing your home’s selling potential. By carefully setting the right price, you can attract more potential buyers, generate competition, and ultimately secure a better deal.

In today’s competitive real estate market, it’s essential to make your home stand out from the crowd. Finding the sweet spot between being affordable and realizing its full value is crucial. With strategic pricing strategies, you can position your home as an attractive option for buyers, enticing them to make strong offers.

But how do you determine the optimal price for your property? It’s not just a matter of picking a number randomly or basing it solely on what you think your home is worth.  Click here for the rest of the article

[everything-real-estate]

Navigating the Complex Landscape of the 2024 Housing Market

Understanding Market Trends for 2024 As a homeowner or potential buyer, understanding the market trends in the 2024 housing landscape is crucial for making informed decisions. Currently, the market presents a multifaceted scenario featuring projected increases in home prices, fluctuating mortgage rates, and persistent inventory challenges. Let’s dive into these aspects to give you a comprehensive…

[tesserox]

Help Support Us Trying to Get Our First House

getting a house is like a daydream for most millenials. we aren't going to get this. hell no.

But sometimes you get a little lucky and the stars start to align and you think, yeah, this'll be okay. We CAN DO THIS.

and then you get scared that you can't

If you can help us, thank you. If you can't, I get it. We just need a little bit of help to see this through to the end.

[kmrealtygroup]

Your Equity Could Make a Move Possible | KM Realty Group LLC

Many homeowners looking to sell feel like they’re stuck between a rock and a hard place right now. Today’s mortgage rates are higher than the one they currently have on their home, and that’s making it harder to want to sell and make a move. Maybe you’re in the same boat.

But what if there was a way to offset these higher borrowing costs? There is. And the money you need probably already exists in your current home in the form of equity.

What Is Equity?

Think of equity as a simple math equation. Freddie Mac explains:

“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”

Your equity grows as you pay down your loan over time and as home prices climb. And thanks to the rapid home price appreciation we saw in recent years, you probably have a whole lot more of it than you realize.

The latest from the Census and ATTOM shows more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity (shown in blue in the chart below):

That means the majority of homeowners have a game-changing amount of equity right now.

How Your Equity Can Help Fuel Your Move

After you sell your house, that equity can help you move without worrying as much about today’s mortgage rates. As Danielle Hale, Chief Economist for Realtor.com says:

“a consideration today’s homeowners should review is what their home equity picture looks like. with the typical home listing price up 40% from just five years ago, many home sellers are sitting on a healthy equity cushion. this means they are likely to walk away from a home sale with proceeds that they can use to offset the amount of borrowing needed for their next home purchase.”

To give you some examples, here are a few ways you can use equity to buy your next home:

Be an all-cash buyer: If you’ve been living in your current home for a long time, you might have enough equity to buy your next home without having to take out a loan. If that’s the case, you won’t need to borrow any money or worry about mortgage rates.

Make a larger down payment: Your equity could also be used toward your next down payment. It might even be enough to let you put a larger amount down, so you won’t have to borrow as much at today’s rates.

The First Step: Determine How Much Equity You Have in Your Home

Want to find out how much equity you have? To do that, you’ll need two things:

The current mortgage balance on your home

The current value of your home

You can probably find the mortgage balance on your monthly mortgage statement. To understand the current market value of your house, you can pay hundreds of dollars for an appraisal, or you can contact a local real estate agent who will be able to present to you, at no charge, a professional equity assessment report (PEAR).

Once you’ve connected with a trusted local agent and run the numbers, you’re one step closer to making a move you may not have thought was realistic — all thanks to your equity.

Bottom Line

If you want to find out how much equity you have and talk more about how it can make your next move possible, let’s connect with real estate experts in Chicago, Illinois.

[gabe-sanders]

Home Prices After Presidential Elections

[ennovance]

Household expectations to future home price appreciation are currently at the highest level since 2007

[sucka99]

[applerealty]

…home prices are rising at over 6% per year

[gothghostiie]

thinking about something that happened to me while babysitting and I am unable to cope with it so obviously I have to make it something for yall

thinking about babysitter!reader being hired by price, you just go to check on the little one in their nursery. the baby is sleeping peacefully, you close the door - but the handle fucking breaks off. naturally you start to panic, the baby is in there all alone and you can't get in, so you call price in literal tears. telling him what happened, desperately scrambling around to look at the baby monitor. He tells you to take a breath, trying to get you to calm down, that its okay, he'll come home.

you're sat on the couch, crying in a panic while watching the blisfully unaware baby over the monitor until Price gets home. he comes in, making a beeline to the small utility room, then to the nursery. its an easy and quick fix, you definitely could have done it yourself you think as you watch over his shoulder. he opens the door quickly and sees the sleeping baby before closing the door with a chuckle and turning to you. you're still sniffling, babbling soft apologies, telling him youll understand if he doesn't pay or ever hires you again - but he shakes his head and leads you to the couch with him, sitting you down.

"sit, love. take a breath." he murmurs, vanishing to the kitchen, from where he comes back a minute later with a cup of tea that he hands you. sits down next to you, then gently pulls you into his side. "C'mere now. its alright bird, don't cry now."

[xtruss]

This Interactive Housing Market Map Shows Home Price Analysis For Over 3,000 Counties

Here are the U.S. counties where home prices are rising—and where they are falling.

— January 29, 2024 | Fast Company | By Lance Lambert

Source Map: Lance Lambert; Source: Zillow Home Value Index, without seasonal adjustment; Created with Datawrapper

Want more stories from Lance Lambert’s ResiClub in your inbox? Subscribe to the daily free ResiClub newsletter.

Following a rate shock-induced correction in the second half of 2022, U.S. home prices stabilized and began a modest ascent in early 2023. Amid lingering housing affordability challenges at levels not witnessed in four decades, average home prices in the national single-family housing market increased due to a lack of resale inventory and a shortage of distressed properties. According to the Zillow Home Value Index, U.S. home prices went up by 3.2% in the calendar year 2023, just below the historical average.

However, certain housing markets, especially in the Northeast and Midwest, experienced home price growth last year that far exceeded the label “modest” and, in some instances, bordered on outright “overheating.” Meanwhile, specific areas in Texas, Louisiana, and Mississippi continued to contend with correction-mode conditions throughout 2023.

Many of these areas in Texas, Louisiana, and Mississippi are grappling with an additional affordability shock, marked by spiking home insurance premiums, coupled with some regional economic softening. Texas has a double whammy being that it’s home to Austin, which became excessively frothy during the pandemic housing boom, as outside California money poured in. Austin was due for a correction of some sort.

While pinpointing the precise reasons for the outperformance of one market over another can be challenging in the short-term, it is probable that some divergence will persist in 2024.

Why?

Generally speaking, housing markets where inventory (i.e. active listings) has returned to pre-pandemic levels have experienced weaker home price growth over the past year. Conversely, housing markets where inventory remains far below pre-pandemic levels have, generally speaking, experienced stronger home price growth over the past year.

And in many areas where pricing experienced an elevated level of growth in 2023, such as San Diego, inventory remains exceptionally tight. Conversely, certain pockets of Texas and Louisiana still grapple with elevated inventory. Notably, inventory is showing a notable increase in some Florida housing markets, hinting at a potential softening in house price growth in those regions soon.

Home Price Shifts in America's 40 Largest Metro Area Housing Markets

Pulled from the Lance Lambert House Price Tracker:

Keep in mind that this analysis uses pricing data without seasonal adjustment. The fact we’re passing through the seasonally soft data window (August through January), coupled with mortgage rates spiking higher in fall 2023, is why most of the month-over-month figures (November 2023 to December 2023) are negative. That should flip in many markets as spring 2024 data rolls in.