Home buying thread

Jysin said:

Housing is (and always has been) quite regional. FL / TX have some distressed areas with 30%+ price cuts already and inventories hitting much higher than pre-covid levels. Some of the NE, however, is still low inventory and short listing periods. I can see if we hit recession / layoffs in the next 6-12mo, those FL / TX areas will have deeper cuts.

Anecdotally, the area I have been looking in FL has over 35% of the listings with price cuts. Some in my budget that I have been tracking cut by 15%+ and still considered stale listings with 90+ days on market.

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Gravel said:

Huh, went to check Zillow and sure enough almost everything here has either had a price cut, or been sitting on the market for well over a month. Only ones that aren't are, oddly, the new homes in our neighborhood that aren't finished yet that all have price increases.

That said, everything is still priced significantly higher than what we bought at 3 years ago. Interest rates are a real bitch.

And that's really what people should be timing the housing market with, is interest rate cuts. Although, I also doubt prices fall much with that, but your payments certainly might?

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