Housing market / mortgages ??

JOHNDEEREGN

Moderator
Staff member
I was reading yesterday mortgages are already tougher to get, and the housing market is in the tank. Not where I live at, house prices haven't moved and are still extremely strong. I am not in this business, just curious if anyone here is?

Also, whats the housing market like where you are at? I am in the Midwest. Ty
 

Bigbirdxx

Member
My Brother in the suburbs of OKC, Oklahoma just bought a house and sold his original house within a 3 week span recently. The house he sold just went over asking price. Also good mortgage rates too.
 

Pronto

Believe nothing you hear and half of what you see.
The house next door just sold. It was on the market for about 4 days. It's about 100 years old like mine. The owner was a widow that did next to nothing to it for years. The family lives in the neighborhood and as soon as she passed they started repairs. Still needs major updates but it sold for what they asked which in my opinion was too high. The new owner seems happy with it so l guess that's all that matters.
 

KC87

Well-Known Member
construction ...booming here...property values up..sales are steady....everyone is leaving New York and coming here.... :cautious: .north FL

I hope they're all the libtards. lol
Here, rochester area, y'all usually see a lot of for sale signs out now but really not that many this year. Have heard realtors say there is a shortage of houses but who knows, many aren't but a notch above car salesmen. Run if the realtor you talk to has picture of herself looking hotter than a nun's buns in her add but when you meet that picture was from 40 years ago.
 

dynoman

Well-Known Member
Rochester also ( Penfield ) , Friends just sold their house after only a couple of days , multiple offers all above asking price . The housing market is strong around here with most houses going for asking price or more . Many are taking multiple offers up to a specific date , then taking the best offer of the bunch . We bought the house next door to us to protect ourselves from a builder coming in and dozing the old house and putting up multiple homes on the 5 1/2 acre lot . We paid asking price with no contingencies and an escalation clause to beat any offer by $1000 . The other offers were for asking price also but wanted inspections . We won , and now our son is completely remodeling ( gutted to the studs ) new everything and hopefully moving in by next year .
 

KC87

Well-Known Member
Rochester also ( Penfield ) , Friends just sold their house after only a couple of days , multiple offers all above asking price . The housing market is strong around here with most houses going for asking price or more . Many are taking multiple offers up to a specific date , then taking the best offer of the bunch . We bought the house next door to us to protect ourselves from a builder coming in and dozing the old house and putting up multiple homes on the 5 1/2 acre lot . We paid asking price with no contingencies and an escalation clause to beat any offer by $1000 . The other offers were for asking price also but wanted inspections . We won , and now our son is completely remodeling ( gutted to the studs ) new everything and hopefully moving in by next year .

Soon they'll need to change the name from Penfield to East Henrietta.
 

dynoman

Well-Known Member
I think Penfield is making the right moves to keep it from becoming overrun with cheaper housing . The town just purchased a 200+ acre abandoned golf course to create a " park " for the residents . This was done to keep developers out that wanted to build 250+ houses on the site , which would have created even more traffic problems .
 

KC87

Well-Known Member
I think Penfield is making the right moves to keep it from becoming overrun with cheaper housing . The town just purchased a 200+ acre abandoned golf course to create a " park " for the residents . This was done to keep developers out that wanted to build 250+ houses on the site , which would have created even more traffic problems .

And if they had the Grass Doctor running that course it'd be making millions instead of shutdown! :LOL:
Notice how Webster has been going downhill for sometime since allowing section 8 housing. Phillips Village, the first shit hole from the 60s.
 

grass doctor

Dream Catcher
And if they had the Grass Doctor running that course it'd be making millions instead of shutdown! :LOL:
Notice how Webster has been going downhill for sometime since allowing section 8 housing. Phillips Village, the first shit hole from the 60s.
LMAO... aint no golf course ever made millions ...they are a complete money pit .... :p ...especially if you want a nice one...damn I guess I am a glutton for punishment ...I own a TR too...:ROFLMAO::ROFLMAO:
 

Jerryl

Tall Unvaccinated Chinese Guy
The market slowed down in some areas but will recover as soon as investors confidence is regained. The low interest rates will be a big part of the recovery.

2020 is a buying year. This was predicted about a year ago.
 

JOHNDEEREGN

Moderator
Staff member
The market slowed down in some areas but will recover as soon as investors confidence is regained. The low interest rates will be a big part of the recovery.

2020 is a buying year. This was predicted about a year ago.
We are finalizing plans for our empty nester home and if interest rates stay low, we will most likely get a mortgage :eek:, unfortunately that also means the investments are in the tank too........
 

KC87

Well-Known Member
We are finalizing plans for our empty nester home and if interest rates stay low, we will most likely get a mortgage :eek:, unfortunately that also means the investments are in the tank too........

The illegal FED has no choice but to keep interest rates low. Mortgages and such are based on the 10 year treasury bond and if rates get the least bit too high the government won't be able to service the debt. Investments is sure a tough one, stawks have had the fed dump trillions into them because so many pensions, especially the sacred public ones need it high to maintain somewhat of a stabilizing force. There's really only one way out of it and that's to start all over and have a debt jubilee and a currency backed by gold and silver like the constitution says.
But the evil powers that blow will never allow it so we'll have to wait for the end times to play out. Hope you got a nice little place picked out far away from the riff raff.
 

KC87

Well-Known Member
I think Penfield is making the right moves to keep it from becoming overrun with cheaper housing . The town just purchased a 200+ acre abandoned golf course to create a " park " for the residents . This was done to keep developers out that wanted to build 250+ houses on the site , which would have created even more traffic problems .

If it hasn't changed its been for a while you need at least 2 acres to build a house east of 250 and if you have a grandfathered piece size doesn't matter for land. Although I think if you drink or play pool with someone on the zoning board you can do what you want. I'd like to know what some little pimply faced punk that lives in Irondequoit is doing on the Penfield zoning board. Lots of farmland has disappeared and 250 and 441 is a bit crazy at times. That whole corridor will probably soon be a 4 lane.
One thing for sure though, you are right about no cheaper houses being built, lol.
 

Turbo6inKY

Short Guy
Trying to get a refi in Kentucky has been interesting. About six weeks ago, rates hit 2.65% for a 15 year, so I jumped.

Between the time I sent the email and the time the agent read it, rates had moved up to 3%. The third change that day. Which was nuts. Normally they only adjust every morning. Word from my people in the banking world was when the rates dipped and a pile of people leapt in to refinance, they flooded the banks, and they started hiking rates to slow the demand down.

In any case, I'm closing May 11 on a 2.865% 15 year. Other than the rate hike in that 20 minute gap, It's gone off without a hitch.

Purchasing would be another story. I've been tracking inventory around here, and anything that's worth a shit has a contract on it in less than 24 hours. Nobody in my area is building, so inventory has been horribly constrained for awhile. But that may change in the next few months. With all the work at home, there's going to be a glut of vacant commercial property over the next 18 months as companies walk away from space as leases expire. Developers might finally turn back to modest housing. We'll see.
 
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