Quote:
Originally Posted by Randall55
Reducing the price is possible with an owner who bought before the post covid surge. They will still see substantial profit. Considering closing costs, those who bought after covid cannot reduce the price unless they are willing to lose money or break even. IMO, if you do not plan on living in your home until you die, this is a terrible time to buy.
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That is a tough scenario. IMHO many homes south of 44 are within this purchasing window. I think the days of the quick money are over for those who were building on view lots and reselling them 2 years later? Square footage prices will obviously zero out at about 190-200 a square foot on basic spec home construction. “View lots” should be right at about 225-230 a square. Then again age, location, pools etc will change those means.
The Fed has some concerned with their lending rate and its impact on treasuries and for good reason. Buyers aren’t willing to accept the 7 point charge yet. The savvy know mortgage applications have dropped like a rock. Yes, some pay cash for homes, but that could be contingent on selling a home elsewhere.
If you were to buy now, it could be considered “pound foolish”. The bottom isn’t here yet and the market isn’t changing overnight. Waiting on the sidelines as a spectator is the safest route. I still think end of summer 2024 will be the best bottom to purchase?