Buyers Are Pulling Out, FEAR and PANIC Set In January 14, 2023 Ben Jones Uncategorized AustinBritish ColumbiaGreater TorontoHousing bubbleMississaugaSilicon ValleyVancouverShare ThisTweetSharePlus oneShareEmail Related Posts They Might Find Themselves In A Position Where They Can’t Make The Repayments A report from The New Daily in Australia. "Property prices have fallen on a week-to-week… Paying The Price For That Long-Term Period Of Accommodative Lending A weekend topic starting with Bankrate. "'Effectively, increased mortgage rates reduce conventional buyers’ buying power… There Is No Such Thing As Magic In Finance It's Friday desk clearing time for this blogger. "'It was becoming clear the economic boom… This Post Has 10 Comments From the first 3 minute video: Central Texas Market Update – January 2023 | Austin Texas Real Estate Craig Smyser Jan 12, 2023 This video will look at the December stats, but the 2022 recap is coming soon. The stats I’m providing are resale homes only in Travis and Williamson Counties. The stats I’ve cited are resale homes only in Travis and Williamson County classified as single family residential, condominium, or townhouse. This is different than the stats released by the Austin Board of Realtors which include all types of homes and also include Hays, Bastrop, and Caldwell Counties. Plus, their numbers include any new construction homes listed in the MLS. In December, 1,136 resale homes closed in Travis & Williamson Counties which was down 51% from December 2022. The median price in December decreased year-over-year by 3.6% to $473,405. It also marks an 21% decline from the peak median price of $600,000 that we hit in May. In real estate, the primary way we measure home values is with the median price. However, there are other numbers worth examining. The average price of a home decreased by 3.9% year-over-year to $604,311. That‘s down 18% from the peak in May. The average price per square foot decreased by 6.1% to $292, and is down 20% from the May high-level mark. The number of available homes in December was 4,106, up 184% from last December. During December, 950 new listings hit the market which is down 28% from last year. The average sales price to list price ratio was 96.5%. For homes that closed in December, the average days on market was 61, up from 22 last year. The December sales ranged from a low of $150,000 to a high of $11,000,000. I don’t expect the trajectory of prices to change in the next couple of months. Interest rates have come down a bit off their highs, currently sitting around 6.5%, but are still higher than just about anyone predicted a year ago. While the mid-term and long-term looks great for Austin housing, the short-term is where the rough patch lies. While I read and hear people waiting for a foreclosure crisis, I do not expect that to happen. Foreclosures in the area remain very low. Further, the Austin area is actually the #1 housing market when looking at equity-rich homes. A house is considered equity rich if the loan balance is less than half the value of home. At the end of October, 72% of the houses with mortgages in the area were equity rich. With that amount of equity in the area, if someone gets behind on their payments, they should be able to sell their house and avoid foreclosure. The second 12 minute video: YEAR OF THE BUYER 2023!!! Silicon Valley Living Streamed live on Jan 12, 2023 Is this going to be the year buyers finally get a little revenge on the decades-long Sellers’ Market? What numbers are coming up that show a hint that it’s true? Will it affect Silicon Valley Home Owners? The third 6:44 video: Prices Drop 9.2% in December 2022 | January 2023 Canadian Housing Market Update Sonia Gill – Your GTA Real Estate Resource Jan 12, 2023 MISSISSAUGA Toronto Home Buyers Are Pulling Out Of The Market. Toronto Real Estate Market Crashes FEAR and PANIC Set In As Toronto Housing Prices Drop and number of houses sold dropping amid rising interest rates The fourth 10:17 video: Some Vancouver Homes are already $500,000 LESS Than 2023 BC Assessment Value.[Vancouver Real Estate] John Pinton- Vancouver Realtor Premiered Jan 12, 2023 Some Vancouver Homes are already $500,000 LESS Than 2023 BC Assessment Value What is your home actually worth in 2023? After researching recent sales across the Lower Mainland from December 2022 it is apparent that the sale prices DO NOT match 2023 assessment value for many properties…and in some cases even the 2022 assessments. Some home values are $500,000 lower for some homes already. The fifth 10:41 video: Canadian Bank Regulator (OSFI) Makes Changes In 2023 What Does It Mean For Housing? – Finance Friday Team Sessa Real Estate Jan 13, 2023 Anthony Venuto InTouch Mortgage Solutions Big Banks Set Aside Billions as They Brace for a Downturn The New York Times|13 hours ago The country’s largest lenders increased their reserves to protect against deteriorating economic conditions this year, after reporting resilient profits for the end of last year. Marianne Simmons, a self-professed “Tesla fan girl,” bought her second electric vehicle from the company in September: a white, high-performance Model Y costing more than $77,000. Then the company slashed prices on Thursday and she realized she could have bought the same car today for $13,000 less. “I feel like I got duped. I feel like I got taken advantage of as a consumer,” said Simmons, 32, a web designer in Naples, Fla. “Right off the bat, I’m out $13,306. It’s such a large reduction that it’s going to affect a lot of people who just bought a vehicle.” That’s the reality facing owners of Tesla vehicles after the company cut the price of its cars as much as 20%, part of a push from Chief Executive Elon Musk to increase sales volume in the face of weakening demand. For existing customers, the resale value of the cars they own will take a hit along with the drop in prices of new models. “For any existing owner it’s a kick to the teeth,” said Ivan Drury, director of insights for research website Edmunds.com. “Anyone who bought a Tesla recently will feel an immediate impact and wish they leased it.” In fairness, Simmons and other Tesla fans aren’t the only car buyers who will see their resale values fall. Used-model pricing fell 15% in December, while new ones hit a record average of nearly $50,000, according to researcher Cox Automotive. Tesla’s price cuts have been the biggest among new-car sellers. Its more expensive models took the biggest hit. Model Y base prices are down 20% to start at $53,000; the performance edition of the car that Simmons bought is down 19%. The larger Model S sedan’s Plaid edition was cut 14%. https://www.latimes.com/business/autos/story/2023-01-13/i-feel-duped-tesla-price-drop-angers-current-owners Tesla Owners Not Happy About Price Cuts: ‘Sobbing In The Fetal Position’ Forbes|16 hours ago USS having MYP owner here,” says a recent Model Y Performance purchaser in a Reddit threat, who’s also bemoaning the fact that Tesla recently removed ultrasonic sensors (USS) in favor of vision-driven proximity alerts. t’s going to affect a lot of people who just bought a vehicle. Don’t be silly. It doesn’t in reality affect you at all. It affects tomorrow’s buyers. Next time check with the future before you make any decisions. “I feel like I got duped. I feel like I got taken advantage of as a consumer,” said Simmons, 32, a web designer in Naples, Fla. Just wait until her investment properties tank. Don’t forget the tax credits you could have gotten, Marianne! Keller Mortgage sheds more personnel National Mortgage News|22 hours ago The majority of the positions impacted at the lending arm of real estate firm Keller Williams were related to loan processing, according to a company spokesperson. The median price in December decreased year-over-year by 3.6% to $473,405. It also marks an 21% decline from the peak median price of $600,000 that we hit in May. Y/O/Y comps are going to be getting really interesting come spring. I am guessing we will see some 40% declines in the US. 𝗗𝗲𝗻𝘃𝗲𝗿, 𝗖𝗢 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟮𝟰% 𝗬𝗢𝗬 𝗔𝘀 𝗘𝘅𝗰𝗲𝘀𝘀, 𝗘𝗺𝗽𝘁𝘆 𝗔𝗻𝗱 𝗗𝗲𝗳𝗮𝘂𝗹𝘁𝗲𝗱 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 𝗦𝗼𝗮𝗿𝘀 https://www.movoto.com/denver-co/market-trends/ 𝘈𝘴 𝘰𝘯𝘦 𝘋𝘦𝘯𝘷𝘦𝘳 𝘣𝘳𝘰𝘬𝘦𝘳 𝘭𝘢𝘮𝘦𝘯𝘵𝘦𝘥, “𝘋𝘦𝘯𝘷𝘦𝘳 𝘪𝘴 𝘮𝘰𝘳𝘦 𝘭𝘪𝘬𝘦 𝘋𝘦𝘵𝘳𝘰𝘪𝘵 𝘵𝘩𝘢𝘯 𝘋𝘦𝘵𝘳𝘰𝘪𝘵 𝘦𝘷𝘦𝘳 𝘸𝘢𝘴.” Comments are closed.