Home Forums Hunting & Shooting Hunter's Campfire New mortgage

None of the markets I track in VA and WV have softened.

Hell... a lot in Brandywine WV (almost zero appeal) just sold at $30k/acre... in my mind it was worth $5k maybe... Some idiot with Montana tags on a late model F350 and mag wheels.

Who the fugg knows anymore...

I sure as chit do not see this economic game of musical chairs ending well.

Market around here has slowed somewhat this summer, but many houses are still selling above asking. Expected to stay strong through the year regardless of interest rates. I'd love to sell my house in this market but can't afford the asking prices of what I'd replace it with.

Where are you looking? NWA is booming and prices are ridiculous. Too damn many people from California and Arizona moving into the neighborhoods offering well above asking.

Couple of suggestions if you’re not in a bind to move. Get on the realtor.com app. Start filtering according to what you want and want to spend. When you pull up a particular property scroll down to valuations. In the areas I’m looking the trend lines for three outfits doing the numbers are trending down. The big bump up for preferred areas started in 2020 and has continued until a couple months ago. Looking in my crystal ball I see a tumble coming. YMMV. Unfortunately as mentioned above interest rates are increasing. Fed will most likely bump up this month and more before year’s end. With the amount of cash you’re holding you may not need a mortgage by the fall. We’re looking as well but have all our belongings in storage and can’t wait as long as I would prefer. I just can’t see existing housing prices increasing. Valuations just got stupid for a while. Time to reverse.

I have a cousin that is a home builder in C. AR, and he tells me it’s hot as ever. He’s starting a new subdivision next month and will probably have most lots sold in the first month he expects. As mentioned every market is different, but if you are in NW AR, I don’t see it slowing down anytime soon.

I've never downloaded the Realtor.Com app but I use their website often.

I get a better idea of what's going on in the areas I keep an eye on by viewing 'recently sold' properties and what they actually sold for.

Posted asking prices are all over the board and often just a pipe dream of a figure.

The homes that sold and closed brings things much more into reality. Kinda let's me know how much I should be offering.

After I select my area of interest I find those numbers on the Realtor.Com main page from their drop down menu to the left of their title.




Clicking on that gives me the option to choose 'recently sold' view.




Now you're looking at the real facts about prices in your area.

Best of luck, hope you find what you're searching for and don't sweat the interest rates, you can always refinance later if a better deal comes along.

A neighbor down the road a bit listed their place for $1.2MM last weekend. It sold a few days ago at asking price with cash. Folks retiring from Chicago apparently.

My job is in Altus so I am looking from about London to the east to Alma to the west. Possibly down to Paris or Charleston. Hoping to have a commute of not more than about 30 minutes.

JeffA, thanks for that tip. I didn't know about that. I look on Zillow and Realtor.com daily to see if there might be new Listings of interest but will now also be checking that sold for price info.

Fixed rate, whatever ya do.

OK. I'd think that area would be pretty soft as not a lot of growth. Are there many new builds or is it mostly older homes?
Lived in Ozark and enjoyed that community, but it's been awhile since I was there.

Mortgage broker.

With what you said, you can get some pretty sweet terms.

Look into local mortgage brokers. Ask your friends and business associates who they used as a mortgage broker. And do your due diligence.

Best options are available through mortgage brokers. Shop around because costs and terms vary quite a bit. Do not just go to your bank.

With 80% I'd find a lot to buy, then build, doing as much work as you can, subbing the stuff you can't out... no mortgage.

Kent

Not seeing the market drop as much as it should over the last year or two. Plateau or more realistic prices, yes. Waiting for another 2008? I don’t see it.
Banks are more cautious lending home loans, more $ down and tight credit check/assets, they are making sure people have skin in the game .
People also want out of big cities and move into smaller, safer towns. With so many that can work from home/zoom, the prices will stay up.

That sort of thing will always happen, just as some price drops in the neighborhood of 100k on an 899k listed property will happen. More often though, the decreases are running around 50K.

We are currently selling our rental home to generate some cash. Our primary home should net us a nice bundle once everyone is paid off at closing. Combining those funds with freed up cash in savings will bring us to a possible $890K down payment. We are seeing 30 year rates of around 6.5%, but would shop a 15 yr mortgage looking to pay down any extra debt quickly. We are going in with a strong credit rating, a strong cash position, 22 yr employment history, and a pissed off attitude about sh*thole Washington state.

Some say that there is a shortage of single family homes driving the market. One thing is certain...the mid 2023 crash which some expected did not materialize.

There aren't many new builds in my area. I will try to find a good mortgage broker.

It's a lot about region.

Some areas shift with the economy faster than others.

I too have a neighbor that listed his waterfront home recently.
This is his listing

As you can see in the data in the listing he went to market at $1.5M on 04/18/2023.

18 months ago this home would have sold inside of two weeks at asking price or above.
With no bites he dropped the price to $1,397,900 on 05/07/2023 in attempt to find his market.

Not getting any hits he again lowered his asking price to $1,345,000 on 05/24/2023.

He's fishing for the sweet spot with his asking price, and I'm sure there is a potential buyer or two watching to see how low he's willing to go. If nothing happens at his current price he'll likely pull the listing and wait it out like many are doing right now.

NW Montana is following a similar trend, homes aren't selling as quickly as they were over the last couple years and those that have sold have been selling at 15 to 20% less.

Not as many new listings today as we had been seeing due to this trend, those that can are just waiting out this dip in prices before they list.

I know investors that would typically have two or three homes listed that today have none on the market, they are sitting on them.

But they are buying the deals that come along listed by those that are forced to sell.

Around here the supply is limited which is keeping prices up. They are not crazy high, just firm. Houses in the "sweet spot" of $250,000 or less are very limited. Folks locked into ultra low mortgage rates can't afford to move.

Best thing IMO to do is start making phone calls to banks, loan companies, and credit unions you can join and discuss what you want.
It is all about two things, interest rates and closing costs.

Bank loans are horrible.

IMHO find a title company (or their lawyer) and get a quote from who they recommend as NOT being a brokedick dumbass bank underwriter.

Title people know how to get chit CLOSED with the least amount of bullchit drama.