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Sellers Are Having A Tough Time Accepting The New Prices

This Post Has 11 Comments
  1. From the first 5 minute video:

    Sellers see May values buyers see housing crash. Interest rates rising
    Joshua Neitz, Realtor
    Nov 10, 2022
    In November the housing market is in a difficult battle. Buyer think the housing market is crashing like 2008 because the fed keeps aggressively interest rates. This is pushing mortgage rates over 7%. Buyers can no longer afford housing and it is not affordable housing now throughout the country. Sellers are having a tough time accepting the new prices. Some places in the country like St. Petersburg and Tampa in Florida have not had that big of a decrease here in Tampa Bay. The housing market in other parts of the country like Las Vegas, Utah, Colorado have started to see a big decline. The housing crash has started in these places. But it is not like the housing crash of 2008 that was because of real estate and mortgages. Most people have nice equity in their homes and don’t have adjustable rate mortgages. Plus over 75% of homeowners with mortgage have mortgages under 4%. So I don’t see a housing crash in a lot of areas of the country. For now in this quickly shifting real estate market we must really analyze the our hyperlocal market and manage expectations. Listing Agent Tampa Bay and St. Petersburg, Florida.

    The second 7 minute video:

    Sacramento / Stockton Real Estate Report for 11/10/2022
    Nov 10, 2022
    The Sacramento / Stockton area real estate market once again is experiencing mortgage rates above 7.0%. However, with median home sales prices falling $80,000 in the past 7 months, home buyers are not seeing a huge jump in their payment. The housing inventory continues to remain high, which is giving buyers more choices and some bargaining power. Be cautious of the “buy now refinance later” mentality, it doesn’t always work out!

    The third 10 minute video:

    Austin Home Prices Down 15 Percent in 5 Months
    Living In Cedar Park & Leander Texas
    Nov 10, 2022
    Austin Home Prices Have Fallen 15 Percent In The Last 5 Months. Since the peak of May 2022 the median sale price is down $82,635. What does that mean for buyers and sellers? Serving all the North Austin area including Round Rock TX, Georgetown TX, and Liberty Hill TX.

    The fourth 8:32 video:

    How Much Have Prices Dropped By In Mississauga? Watch Before Buying or Selling.
    Honest real estate talk
    Nov 11, 2022
    Mississauga real estate update for October 2022. See how much Mississauga real estate market has been affected by the interest rate hike by Bank of Canada. See prices for detached homes in Mississauga to condos in Mississauga

    1. Plus over 75% of homeowners with mortgage have mortgages under 4%. So I don’t see a housing crash

      Irrelevant. That allowed you to overpay when you bought. The next guy has no such luxury.

  2. More Arizona job cuts for iBuyers amid cooling housing market
    The Business Journals|21 hours ago
    Buyers keep lowering home prices in metro #Phoenix as they try to offload their inventory. $OPAD $Z $OPEN $RDFN

    Beazer Homes USA slows construction 50%, executives see further decline
    The Business Journals|14 hours ago
    An Atlanta-based homebuilder has dramatically slowed construction in response to falling buyer demand. Beazer Homes USA Inc. (NYSE: BZH) cut housing starts by 50% year over year during the three months ending on Sept.

    Carew Tower hotel faces foreclosure
    WCPO Cincinnati|20 hours ago
    Three months after selling the office and retail portions of Carew Tower, investor Greg Power could lose the building’s historic hotel property.

    Bankruptcy auction set for 17 Miami properties
    The Business Journals|16 hours ago
    A group of 17 commercial and vacant properties in the Little Haiti neighborhood of Miami is slated for auction through U.S. Bankruptcy Court. The real estate portfolio fell into trouble in October when Chemtov Mortgage Group Corp.

    Property downturn hits UK housebuilders as sales plummet
    The Financial Times|22 hours ago
    Plummeting demand for new homes and the rising risk of mortgage defaults has caused UK housebuilders to pull back from new projects, putting government targets for new housing at risk. Redrow on Friday became the latest large builder to warn of a sharp contraction in sales

    Flyhomes does another round of layoffs as slowing housing market hurts real estate tech companies
    GeekWire on|15 hours ago
    Seattle real estate startup Flyhomes is laying off employees for the second time in five months. “Building the world’s best home buying and selling experience can only happen if we…

    Impac faced $13M loss in Q3, slashed 47% of jobs year over year
    HousingWire|13 hours ago
    Impac had another loss in the Q3 of 2022, leading it to adopt a defensive, risk-off posture as it navigates one of the most challenging markets in decades.

    Bankrupt Voyager Digital Looks for New Buyer After FTX Goes Under
    Wall Street Journal|11 hours ago
    FTX won a bankruptcy auction in September to buy Voyager’s assets out of chapter 11 before collapsing into bankruptcy itself.

  3. Miami-Dade County and the Miami Heat are ending their arena naming rights deal with bankrupt cryptocurrency firm FTX.

    The county, which owns the arena, signed a 19-year, $135 million deal for the bayfront Heat homecourt’s name in 2021. After an initial balloon payment of $14 million, FTX was scheduled to make a $5.5 million payment in January.

    The arena will still technically be referred to as FTX Arena for Saturday’s game between the Heat and Charlotte Hornets, but signage and the name will soon come down.

    “The reports about FTX and its affiliates are extremely disappointing,” the county and team said in a joint statement. “Miami-Dade County and the Miami HEAT are immediately taking action to terminate our business relationships with FTX. We will be working together to find a new naming rights partner for the arena.”

    FTX, a cryptocurrency exchange, filed for Chapter 11 bankruptcy protection Friday after a steep fall in crypto prices left the company unable to cover accounts as customers rushed to withdraw funds.

    The deal in Miami was one of a number of sports marketing deals FTX had signed over the past few years, including sponsorship deals with the Golden State Warriors and Washington Wizards. Among top athletes who had FTX deals included Tampa Bay Buccaneers quarterback Tom Brady, Warriors guard Stephen Curry and tennis star Naomi Osaka.

    FTX also entered into a deal with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball, whose umpires wear the company’s logo. Earlier Friday, Mercedes said it would immediately remove FTX logos from its Formula One cars.

    1. “The Heat’s home was known as American Airlines Arena from its opening in 1999 until last season.”

      American Airlines interest payments now exceed their revenue.

      1. American Airlines interest payments now exceed their revenue

        from their 3Q 2022 Statement:

        Total operating revenues: $13.462 billion
        Net interest expense: $499 million
        Net income: $483 million

      2. Okay, replace revenue with net income. They have a new CEO to straighten things out, but the outgoing CEO is still on the board if I recall correctly.

  4. Less than a year after it acquired an office building near Farragut Square, Beacon Capital Partners has decided to sell it for a $1M loss.

    The Boston-based real estate investment firm sold 1735 K St. NW for $15.5M to Bernstein Management Co., according to the D.C. recorder of deeds.

    Beacon acquired the 97K SF, midblock property on Dec. 16 from the Financial Industry Regulatory Authority for $16.5M. At the time, the property served as FINRA’s headquarters, but the regulator announced plans in October to move to 1700 K St., less than a block away.

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