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[quote=deadzone][quote=XBoxBoy][quote=deadzone]30 year fixed over 5% today according to Mortgage News Daily.[/quote]

When the pandemic first hit I thought, “Boy, that will clobber the housing market.” After all, the economy was likely to go into recession, and people would become cautious. No way people would start buying houses like crazy. Of course, I was about as wrong as I could be.

A year ago, when interest rates started rising, I thought, “Boy, if interest rates get to 5%, that will cause the housing market to slam on the brakes. People won’t be able to afford these crazy prices with 5% loans.” Yet here we are with a housing market that is still rocking. Inventory in the area I watch (La Jolla) has dropped in the last couple of weeks from its already incredibly low level. So it seems I was wrong about 5% interest rates slowing the market.

Now I don’t know what to think. It seems hard to imagine that the pace of price increases will continue. But I’ve thought that for a long time and prices just keep going up at an astounding rate. Inflation will help justify some of the increases, but until inventory increases a lot I doubt we see price drops. Then again, I’ve been wrong before, maybe I am again.[/quote]

Prices went up during Covid primarily because the Fed printed over 4 trillion dollars and doubled their balance sheet in less than 2 years. If the Fed follows through with their threats to tighten, prices have nowhere to go but down.[/quote]

Darn I missed the bonfire where they torched that 4 trillion

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People want to buy houses and there are enough sufficiently motivated to do so around here to at least keep things close to where they are for the foreseeable future. There are plenty of adjustable loan products that were unnecessary with rates at 3 and lower. Those products will come back into mainstream favor just you wait. Just you wait

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As if cheerleaders have any impact on the outcome of any game lol

Of course you were cheerleading! Don’t be silly

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[quote=deadzone][quote=sdrealtor]Z up 10%+ today[/quote]

Well, still down about 75% from its peak. Trend is pretty clear. These rapidly rising interest rates will destroy Zillow and all the ibuyers.[/quote]

Zillow is a marketing company. They make money selling advertising and leads. The tougher the market gets the more willing naive realtors are to spend even more on worthless advertising and leads. They are still 25% above pre pandemic and ibuying misadventure

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Hooray!! Now what?

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I used to say 2/3 of what you are buying is what you are standing on not standing in. Now I’d say 70-80% is the land value depending upon the property

As for the specific question you asked there is a lot of nuance involved and no simple answers. Having done this a couple decades I can look at two houses and comps and put a number on what I think any given house is worth above or below average market value at the time but that comes with experience. Generally I advocate buying the best lot/location you can get because that can’t be changed and it’s where most of the value is. Plus you’ll stay longer and enjoy more a property on a good lot in a good location

I think all four matter and if you are able get the best you can. Buying here is all about compromises and even people spending millions rarely get everything they want. Figure out what is most important and try to focus on that. With inventory as tight as it is that’s a tall order right now

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Complete fixer of a house listed in MM a few days ago. Offer deadline is today. Offers need to be all cash. They are over 20 offers already

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You might get in under but some will defintely go well over $2M when all is said and done. They are building a modern day country club community in the middle of the SD tech center. Brilliant!

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Z up 10%+ today

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What he said

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We don’t really care as we are in great shape. You only care about being proven right and thinking you so smart. We’d rather be dummies and make money

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[quote=deadzone]But seriously there are many signs that the stock market may be on the verge of a major crash. So if you insist on buying equities today, recommend you stick with high value (low PE) stock funds at least, not tech heavy or high PE stuff.[/quote]

NFLX on 3/8 $345
NFLX on 4/4 $395

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He did it!

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[quote=profhoff]OK, piggs. Are your minds officially blown yet? This C’bad big bomber just closed for $1m over list. Yup. ONE MILLION DOLLARS over list.

https://www.zillow.com/homedetails/3554-Camino-Arena-Carlsbad-CA-92009/16730132_zpid/%5B/quote%5D

It’s not the first. The one story in ER did also. This one was exceptionally upgraded. As big a story $1m over list is, I think the bigger story is $4m for a tract home albeit an over the top one in the best neighborhood of its kind here

If you missed it the bidding war on the $7m Gascony house is right up there also

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[quote=an][quote=deadzone]Don’t bookmark, Buy some HB stocks, it’s a no brainer, they may never be this cheap again.[/quote]
Done, got myself Jan 2024 NAIL call.[/quote]

Im in also! BTW aimloan has 30 year at 4.375% with a 1/4 point rebate. Rates down this week a tad

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