I expect it will take 8-12 months for the market to stabilize. Only idiots buying right now. But Biden is president so there's no shortage of those, and there are lots of folks who already committed to a move and it's a long process and they have to get through it. But we'll soon reach a time where very few people are voluntarily entering the market. Problem now is prices are inevitably going to come down, which means people won't be able to sell their house for their next down payment. It's gonna be a mess in the next 12-36 months IMHO

The correction is going to rape those that get by on leveraging themselves to the max.

It's kind of funny that so many have done this in our country.

Yep - I can't believe how many people bought in at these prices with no savings left to spare. But our government has taught us that financial irresponsibility will be rewarded, so you can't really blame people for it either.

Its the American way. How much down, and how much a month.

They will get bailed out by those of us who are responsible with our money.

I took one look at used boat prices and said no freaking way. I'll wait until someone who overpaid is desperate to sell.

Yup, no doubt about that. Talk radio in Austin has a weekly show called real estate zone. I listen weekly. That’s were I get my pulse of the market from. I’m in the steel business, but would love to be more in real estate.

I wouldn't necessarily call anybody buying right now an idiot. This house would have had 5 offers on it and gone for 2.3 minimum 4 months ago. I see prices getting capped. Def fewer buyers in the market place. I think its great. We were due for this.

My wife and I sold a townhome at what I feel was the perfect time , then went through a lot of down rite despicable business practices by builders in and around Wylie to find possibly our last home before the old folks home. We luckily got a lead through a builder in Rockwall to build on a great lot in a great neighborhood no escalation no BS type of stuff we saw in Wylie.
My boat will be at home for the first time since 2014 , we landed at $235 a foot which is high but even now still competitive or lower than anything we looked at initially in Wylie.

When we signed the contract interest was in the 3’s so we are taking a beating on that but so far I am not at all having second thoughts on the build.

It does suck that Rockwall taking two months to permit us cost us 2 pts.

From an inside perspective we are not seeing delinquencies tick up what most think they might be. We are seeing total mortgage origination volume drop to decades lows but it is also forcing fly by night companies out of the marker. Albeit sad to see them go and many colleagues out of work; we all knew it was coming and hoped it wasn't our company. This is very different from '08 as home supply is way down, though that could change with people selling due to unemployment and other financial situations(debt management is my concern). We are still seeing mortgage demand despite rates in the 6% range and I've even taken some bids in the 7% for low FICO borrowers.

If I remember correctly and I'm too lazy too look it up this late at night, but those who had mortgages over 4.5% were less 10% of all mortgages outstanding. I know that sounds crazy, but most people refinanced to lower rates or bought a different home and lowered their rate from years ago. The vast majority of mortgages are still at lower than current rates. This is good for servicers (remember who your mortgage company sold your loan to) and bad for the originator.

People are still buying homes despite rates being 2% higher than a year ago; that said I am seeing lower LTV loans (Loan to Value) but I also notice the front end DTI (Debt to Income) is still under 35%.Debt but higher back end (CC, Car Payments, etc) these are the wild card since they are variable which will begin to erode bank accounts due to inflation.

My resume can be acquired via DM.

Fair enough. If you sell now and buy now, then it makes sense because all you're looking at is the difference in price and there's no difference between selling a $600k home and buying a $700k home or selling a $400k home and buying a $500k home. But if you're trying to decide when to buy and pick now instead of 6-12 months from now, I have no way to explain that. Market will def be lower.