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Post by bluemingidiot on Jul 12, 2022 4:59:15 GMT
Homebuyers are canceling deals at the highest rate since the start of the pandemic.
The average rate on the 30-year fixed mortgage started this year around 3% and then began rising steadily. It briefly shot above 6% in mid-June before settling in a narrow range around 5.75% now.
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Post by Woodpecker on Jul 12, 2022 13:50:34 GMT
Not a time to be buying or selling a house...when the pandemic hit we had 76 houses for sale in our Village, now there are 21 left. Most all are very expensive, very and with the mortgage rate so high I think those houses will be for sale for a long time!
But then again I think about one of the mini mcmansions across the street from our home, the man who built the first one lives there with his family. He bought and knocked down another old house right next door and its now a mini mcmansion he owns. He gets $4500.00 per month for rent!!!! Who can or would do that?
The family has been there probably over a year or more and the first time I saw the wife or anyone in the family was this past Sunday. I was watering the sun porch side which faces the house they rent. She yelled over.."Hello, how long have you lived there," I told her since 1983...she said oh you own it ...I love your house! Now my home is 102 years old, has lots of charm and character....and the renter likes my house, but is renting a huge house for so much money...it's just crazy.
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backwoodsman
Full Member
Not quite at the ends of the earth, but you can see it from here.
Posts: 102
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Post by backwoodsman on Jul 12, 2022 17:52:19 GMT
My area has seen a huge influx of people the last couple years, with so many doing anything they can do to get out of socialist paradises like California, Oregon and Washington. Registered voters in the precinct are up over 30% in 2 years. Real estate sale prices have been anywhere from not far above reasonable to crazy high. Most of the houses & land still for sale, it's obvious the sellers don't really want to sell, but would be happy to sell at their asking prices, which are deep into "crazy high" territory, some 3x or more of the value 2 years ago. I've heard the market has been softening a bit this year.
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