Posted on 03/26/2024 10:56:22 AM PDT by davikkm
The real estate rollercoaster is hitting some unexpected twists and turns, with February delivering a double whammy of unsettling news. Brace yourselves: layoffs have skyrocketed a jaw-dropping 410% compared to last year, hitting levels not seen since the gloomy days of 2009. And guess what? The housing market is feeling the aftershocks big time.
Picture this: home inventory levels have ballooned by 24% from this time last year, painting a landscape flooded with “For Sale” signs. But hold on, it gets wilder. The Sunbelt, known for its sunny skies and hot markets, is now facing a deluge of available properties, setting records for supply surges.
(Excerpt) Read more at citizenwatchreport.com ...
Bidenomics in action!
Let’s Go Brandon!.........................
Good news for home buyers, things are moving in their direction for the first time in a while.
Will those layoffs put us above 4% unemployment which is the standard full employment number? We’ll have to wait for the next number on that I guess.
Lucky for us the economy is cranking.......?! Oh
Good news?
Not in my neck of the Upstate NY woods.
Most of the places up for sake are not starter homes. They are overpriced and overtaxed McMansions.
The few starter homes up for sale are either reasonably priced sweat equity types or way overpriced dumps.
Very little is moving, and the few homes that do sell are going for less than the listing price.
home inventories always go up in the Spring
“Very little is moving, and the few homes that do sell are going for less than the listing price.”
I absolutely love upstate NY by the way, so beautiful! In real estate, good news for some is typically bad news for others. The complaint for some time from buyers has been high rates, low supply choices, and high prices.
The situation is starting to improve. If the houses you mention are overpriced, they won’t sell unless the sellers take a lower price. One of my favorite silly sayings from Realtors is “It’s a great time to buy or sell!” That’s a very rare state of affairs!
Real estate values go up and down just stocks, only much slower. Staying power is the key, not timing. I’ve mis-timed both stocks and real estate and had time cure the problem.
“YOY (Year over Year) the inventory of unsold homes is up 2024.
This is not a seasonal thing.”
Agreed!
Biden campaign is hiring Baghdad Bob for PR
It’s the result of money taken from us in taxes and wasted.
Unemployment is up.
Available house inventory is up YOY.
Available rental space is up.
Where did everyone go?
If I was a young person I would move into a trailer or camper, or stay with my folks and save money. I don’t know how people making average salaries can survive with today’s mortgage or monthly rent payments.
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