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I see your frustration, but shouldn't the home owner have the opportunity to sell to the highest bidder?
Not always, I sold my rental property (after 15 years), to the middle bidder, not the highest. I looked at the people and their situations. I told the investment buyer that offered cash to get lost.
Thread from over a year ago but we purchased in the upstate last Dec and the house we purchased was on the market for 24 hours we found it , inspected and closed within 2 weeks FROM Fl without ever seeing it in person so.......
That is what I am hoping for. It was astonishing to see a double wide on .50 acres of land offered for sale at $250k. That would have been a $60k listing just 48 months ago. Or the uncleared acre listings for land for 20k? There is really something odd going on. I get that the greater Metro area is booming. But Eutawville, Holly Hill, Eloree ? So odd to me.
It's been over a year. Someone else brought this thread back to life, you're still renting in Summerville I assume. The recession you were hoping for(!) hasn't happened. I don't know why you were hoping for hundreds of thousands of people to be put out of work, to lose their income and their homes, just so you could afford your little slice of heaven.
Anyone who hopes for a recession has obviously never lived through a recession.
Fed will likely raise rates one more time this year. Probably not a recession but it’s definitely going to hurt home sales, and could lead to lower prices.
Fed will likely raise rates one more time this year. Probably not a recession but it’s definitely going to hurt home sales, and could lead to lower prices.
...unfortunately high interest rates are actually driving prices higher in the segment I'm looking for in Summerville (55+ communities).
People close to retirement are making it like bandit on their cash, CDs and MMFs and very few buy with mortgages (at least large ones).
There are certain segments that are experiencing a mini bubble.
Not always, I sold my rental property (after 15 years), to the middle bidder, not the highest. I looked at the people and their situations. I told the investment buyer that offered cash to get lost.
In my last home sale, I sold to the middle buyer as it seemed the "cleanest" of the 3. He was a being relocted by Boeing.
...unfortunately high interest rates are actually driving prices higher in the segment I'm looking for in Summerville (55+ communities).
People close to retirement are making it like bandit on their cash, CDs and MMFs and very few buy with mortgages (at least large ones).
There are certain segments that are experiencing a mini bubble.
I agree. And, and I also believe higher interest rates won't effect younger buyers moving to the Charleston area from other areas, cities, and states with a lot of money. So, it's not just people close to retirement that can afford to pay higher home prices without mortgages or with minimal mortgages. And, I also believe that the higher interest rates won't effect some home prices either. Some will remain steady or increase based upon location, amenities, etc - especially if they are waterfront properties.
I agree. And, and I also believe higher interest rates won't effect younger buyers moving to the Charleston area from other areas, cities, and states with a lot of money. So, it's not just people close to retirement that can afford to pay higher home prices without mortgages or with minimal mortgages. And, I also believe that the higher interest rates won't effect some home prices either. Some will remain steady or increase based upon location, amenities, etc - especially if they are waterfront properties.
High interest rates affect everyone in a roundabout way. Current mortgage holders who have ~3% rate are reluctant to sell and with good reason in most cases. No one wants to trade their mortgage for one that's twice as high, so many folks are staying put who would be otherwise upsizing/downsizing or moving for any other non-essential reason. This results in fewer houses coming to the market, which results in a higher demand/supply ratio, which results in higher prices. Yes, folks who are paying cash don't have to consider the current mortgage rate but they still are faced with the higher prices. That said, It's definitely true that those hardest hit are homebuyers wanting to put a minimum down and of course this means many young, first time homebuyers.
It's interesting to note that the average mortgage rate over the past 50 years is 7.74%. The highest year on average was 1981 when the average hit 16.63%. Can you imagine that?
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