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Most Online39,925 Dec 30th, 2023
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Re: Mortgage Demands Drop
[Re: Zipster]
#14426158
07/21/22 02:08 PM
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Joined: Nov 2009
Posts: 39,372
Dan90210 ☮
Jr Deputy Dan
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Jr Deputy Dan
Joined: Nov 2009
Posts: 39,372 |
I posted on this weeks ago. Foreclosures are already ticking up. Its not the increase in rates Dan, its inflation. People bought at the height of the market and took on the very max they could afford. Now they can't make ends meet cause everything costs more. It is going to get worse unfortunately. Lay offs are just getting started. Wait until this fall when everything pops. Got it. That makes sense. I was not looking at that angle. So folks maxed out what they could spend on the house. Like pushed it on what they could swing monthly. And now that energy across the board has doubled if not tripled, grocery's must be up 40% from what I see, cars and trucks are more expensive than ever, etc. etc. Now what they could just squeeze by on... they cannot squeeze by on. When I bought my current house in 2010 they told me I qualified at that time for up to 225K. I told my realtor lets look in the 150-175k range. I paid 158k for my house. Was a very intentional play to avoid the above.
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Re: Mortgage Demands Drop
[Re: Spiderman]
#14426159
07/21/22 02:12 PM
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Joined: Jan 2021
Posts: 6,163
Rescue Fire
TFF Celebrity
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TFF Celebrity
Joined: Jan 2021
Posts: 6,163 |
Buy the dip, sell the rip. It’s that simple.
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Re: Mortgage Demands Drop
[Re: Spiderman]
#14426160
07/21/22 02:12 PM
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Joined: Jan 2021
Posts: 6,163
Rescue Fire
TFF Celebrity
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TFF Celebrity
Joined: Jan 2021
Posts: 6,163 |
And always negotiate from a position of power.
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Re: Mortgage Demands Drop
[Re: Spiderman]
#14426163
07/21/22 02:15 PM
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Joined: Aug 2001
Posts: 11,622
Razorback
TFF Guru
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TFF Guru
Joined: Aug 2001
Posts: 11,622 |
My wife and I are paying $500 per month more for gas than 18 months ago. We're also paying hundreds more for everything else. How much disposable income does the average family have? Surely adding hundreds of dollars more per month in expenses is decimating millions' ability to pay monthly bills, much less take care of unexpected expenses.
Dominoes will fall.
Let's go Brandon!
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Re: Mortgage Demands Drop
[Re: Rescue Fire]
#14426175
07/21/22 02:27 PM
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Joined: Jan 2018
Posts: 4,942
Notaguide
TFF Team Angler
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TFF Team Angler
Joined: Jan 2018
Posts: 4,942 |
And always negotiate from a position of power. Like, on top?
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Re: Mortgage Demands Drop
[Re: Rescue Fire]
#14426206
07/21/22 02:46 PM
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Joined: May 2002
Posts: 82,700
Bob Davis
Bunkeroid Bob
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Bunkeroid Bob
Joined: May 2002
Posts: 82,700 |
And always negotiate from a position of power. Yes and remember, "The Lord loves a workin' man and don't trust whitey".
Foxtrot Juliet Bravo
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Re: Mortgage Demands Drop
[Re: Spiderman]
#14426265
07/21/22 03:45 PM
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Joined: Jan 2005
Posts: 12,905
DI
TFF Guru
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TFF Guru
Joined: Jan 2005
Posts: 12,905 |
We have see 75% drop in sales from May to July in our development. Time to buckle up and get ready for that 08’ ride, it’s coming.
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Re: Mortgage Demands Drop
[Re: Dan90210 ☮]
#14426311
07/21/22 04:16 PM
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Joined: Apr 2010
Posts: 3,467
Zipster
TFF Team Angler
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TFF Team Angler
Joined: Apr 2010
Posts: 3,467 |
I posted on this weeks ago. Foreclosures are already ticking up. Its not the increase in rates Dan, its inflation. People bought at the height of the market and took on the very max they could afford. Now they can't make ends meet cause everything costs more. It is going to get worse unfortunately. Lay offs are just getting started. Wait until this fall when everything pops. Got it. That makes sense. I was not looking at that angle. So folks maxed out what they could spend on the house. Like pushed it on what they could swing monthly. And now that energy across the board has doubled if not tripled, grocery's must be up 40% from what I see, cars and trucks are more expensive than ever, etc. etc. Now what they could just squeeze by on... they cannot squeeze by on. When I bought my current house in 2010 they told me I qualified at that time for up to 225K. I told my realtor lets look in the 150-175k range. I paid 158k for my house. Was a very intentional play to avoid the above. Yep they did the same thing to us. Qualified us for waaaaaay more than we could afford. Luckily we were smart and stayed within our budget. Some people did not have that option and had to pay for what they could get.
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Re: Mortgage Demands Drop
[Re: WAWI]
#14426320
07/21/22 04:22 PM
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Joined: Jan 2005
Posts: 14,482
jcarring99
TFF Guru
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TFF Guru
Joined: Jan 2005
Posts: 14,482 |
I posted on this weeks ago. Foreclosures are already ticking up. Its not the increase in rates Dan, its inflation. People bought at the height of the market and took on the very max they could afford. Now they can't make ends meet cause everything costs more. It is going to get worse unfortunately. Lay offs are just getting started. Wait until this fall when everything pops. That would make sense. I would imagine that's correct for people who bought last year and before. They may have been stretching their budgets due to not being able to compete with the bidding war. Maybe overpaid maxed out their debt to loan ratios. If they did that coupled with inflation I could see foreclosures coming. My understanding is that December or January is when we will start seeing more and more foreclosures. I'm not sure how that will affect the market here. We were under contract in 4 days for our house we just listed and got a very fair price for it. I'm not sure what it would look like next summer had we waited. That was the risk and why we chose to sell now. I would have been nervous holding another year. So where are you gonna live now? My house has a stupid high market estimate on it, along with all my rental properties. While I would like to pocket a million I would either have to move into one of my rentals, rent, move way out into the sticks, or over pay like crazy. I guess I could pack up and move into an rv, I'm sure that would go over well..... Ha I could live in an rv somewhere and be just fine. I'm not sure my wife holds the same view though! Ironically enough we are looking at renting the home we sold just before moving here! The irony of that situation is crazy 5 years later lol. It would be temporary like a year or so. My youngest son is a senior in high school. He may have an opportunity to play college ball somewhere. We may move near there depending on where he goes. It could be out of state somewhere. For sure we would move out of DFW somewhere even if its not that far out you know? East texas, out your way somewhere, denton county, fannin county who knows. I just know I don't want to live in the city any longer than I have to lol. I hate the city and miss the country and having some land and neighbors stacked up on top of me
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Re: Mortgage Demands Drop
[Re: Spiderman]
#14426325
07/21/22 04:27 PM
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Joined: Mar 2014
Posts: 1,220
Insurance man
Extreme Angler
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Extreme Angler
Joined: Mar 2014
Posts: 1,220 |
Am I the only one that thinks 6% commission for a realtor is crazy high. You take a 400k home and they get 24k that is crazy. I know you can negotiate it down some but still it seems way to high. Also the dang appraisal district is charging us taxes on what our home would sell for but if we sell our home we only get about 90% of the sell price price because of commissions and fees taking out of the sell. At some point we are all going to have to say enough is enough!
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Re: Mortgage Demands Drop
[Re: Insurance man]
#14426329
07/21/22 04:33 PM
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Joined: Jan 2005
Posts: 14,482
jcarring99
TFF Guru
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TFF Guru
Joined: Jan 2005
Posts: 14,482 |
Am I the only one that thinks 6% commission for a realtor is crazy high. You take a 400k home and they get 24k that is crazy. I know you can negotiate it down some but still it seems way to high. Also the dang appraisal district is charging us taxes on what our home would sell for but if we sell our home we only get about 90% of the sell price price because of commissions and fees taking out of the sell. At some point we are all going to have to say enough is enough! Mine charged 4% but still on a 650k home it's still a tough pill to swallow. I know what they do is not easy. For instance the buyers agent is very good about managing the buyers in regards to the inspections and all. I'm hopeful the inspection doesn't blow things up. inspectors are the ones I don't necessarily like and I know it's not their fault per se because they have to list every little thing wrong with it, but sometimes the buyers will see it and think the home is going to implode immediately and they will back out of the deal. I had loans fall out several times because of an inspection report. So there is a real value for a Realtor for sure. i just thought a 40k commission, 20k each was a little much especially when it sold in 4 days and really didn't take a lot of effort to sell you know? On the other hand a good Realtor will in theory pay for themselves or at least that's the story
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Re: Mortgage Demands Drop
[Re: Insurance man]
#14426330
07/21/22 04:35 PM
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Joined: Nov 2012
Posts: 11,570
txmasterpo
TFF Guru
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TFF Guru
Joined: Nov 2012
Posts: 11,570 |
Am I the only one that thinks 6% commission for a realtor is crazy high. You take a 400k home and they get 24k that is crazy. I know you can negotiate it down some but still it seems way to high. Also the dang appraisal district is charging us taxes on what our home would sell for but if we sell our home we only get about 90% of the sell price price because of commissions and fees taking out of the sell. At some point we are all going to have to say enough is enough! I'm never going to use a realtor....[censored] them
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Re: Mortgage Demands Drop
[Re: Insurance man]
#14426356
07/21/22 05:03 PM
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Joined: Jan 2010
Posts: 632
OkAce
Pro Angler
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Pro Angler
Joined: Jan 2010
Posts: 632 |
Am I the only one that thinks 6% commission for a realtor is crazy high. You take a 400k home and they get 24k that is crazy. I know you can negotiate it down some but still it seems way to high. Also the dang appraisal district is charging us taxes on what our home would sell for but if we sell our home we only get about 90% of the sell price price because of commissions and fees taking out of the sell. At some point we are all going to have to say enough is enough! I feel the same way when I'm buying insurance
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Re: Mortgage Demands Drop
[Re: OkAce]
#14426411
07/21/22 05:35 PM
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Joined: Dec 2008
Posts: 16,184
grout-scout
TFF Guru
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TFF Guru
Joined: Dec 2008
Posts: 16,184 |
Am I the only one that thinks 6% commission for a realtor is crazy high. You take a 400k home and they get 24k that is crazy. I know you can negotiate it down some but still it seems way to high. Also the dang appraisal district is charging us taxes on what our home would sell for but if we sell our home we only get about 90% of the sell price price because of commissions and fees taking out of the sell. At some point we are all going to have to say enough is enough! I feel the same way when I'm buying insurance truth in both instances. The agent has to split those commissions 99% of the time, yeah some are rolling in it, but not all are. Now, I don’t know too many poor insurance agents.
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Re: Mortgage Demands Drop
[Re: txmasterpo]
#14426413
07/21/22 05:35 PM
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Joined: May 2009
Posts: 8,735
Barrett
TFF Celebrity
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TFF Celebrity
Joined: May 2009
Posts: 8,735 |
Am I the only one that thinks 6% commission for a realtor is crazy high. You take a 400k home and they get 24k that is crazy. I know you can negotiate it down some but still it seems way to high. Also the dang appraisal district is charging us taxes on what our home would sell for but if we sell our home we only get about 90% of the sell price price because of commissions and fees taking out of the sell. At some point we are all going to have to say enough is enough! I'm never going to use a realtor....[censored] them Majority are absolute idiots. IMO about 1 in 10 is worth the money. I have been a realtor for a decade next month. The barriers to entry are way too low. Our dues are way too cheap. The thing Im most excited is that all these fly by night realtors are going to go away. All the good agents I know are having record blow out years, my wife and myself included. New agents right now are lucky to pay their bills.
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