Completely false. Go look at threads from last fall and into early this year.

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May 27, 2022
7:52:32am

Iman23 All-American

Completely false. Go look at threads from last fall and into early this year.

Goodness, look at threads from 4 weeks ago.

“Utah is bulletproof”
“Californians just keep coming”
“No inventory” (my personal favorite)
“Pent up demand”
“So many people trying to get housing in Utah”

Now everyone is saying what was obvious 6 months ago and six weeks ago…that crazy market was nowhere close to sustainable. Many People made ridiculously bad decisions…and it’s moving quickly into a tailspin.

It’s just starting but look out.

This message has been modified

Originally posted on May 27, 2022 at 7:52:32am

Message modified by Iman23 on May 27, 2022 at 7:53:51am

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Iman23

Bio page: Iman23
Joined: Jan 18, 2008
Last login: Apr 27, 2024
Total posts: 42,534 (2,708 FO)

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Messages

Author

Time

Listings way up in Utah and Idaho

byukarl

5/27/22 6:52am

Yep. This is accurate.

DavisCoCoug

5/27/22 6:56am

Many are still in denial.

rad dawg

5/27/22 6:57am

It's just a gully;)

Shore10

5/27/22 6:59am

I think people are accepting the higher prices and exploring side hustles.

Shore10

5/27/22 7:02am

Buyer demand nationwide is shrinking

byukarl

5/27/22 7:08am

Not sure listings are going to skyrocket. Who wants to trade a 2.7% rate for a 5.7%?

CrimWalCoug

5/27/22 7:30am

Jobs drying up and hiring freezes increasing across the board.

rad dawg

5/27/22 7:43am

There are some data points that indicate we may be past that stage already.

rad dawg

5/27/22 7:34am

The reality is very few people actually have “side hustles.” You’re spot on.

Mjolnir

5/27/22 7:38am

Wow. That's not good

TNT

5/27/22 7:54am

Just wait till prices start falling. CB assured me it will just be a “leveling

Iman23

5/27/22 7:07am

Haha...yep...CB experts telling anyone

byukarl

5/27/22 7:10am

Is it that or more people move during summer?

Skeeziks

5/27/22 7:07am

More people do move during the summer but there is definitely FOMO going on

5/27/22 7:57am

That's my guess. Kids are getting out of school.

Shore10

5/27/22 11:56am

May is the traditional month for all the summer moves to hit the market

Nat Gas Man

5/27/22 12:00pm

You aren’t getting the same price when interest rates have doubled. The market

Pepe

5/27/22 7:07am

QT starts next week. Rates are only going higher. Markets will continue to

Backcountry

5/27/22 7:08am

“Odds of that happening are slim.” Actually odds of that happening are nil.

5/27/22 7:21am

We sold our house this last month in UT & bought another in Texas. It’s funny to

WDaddy

5/27/22 7:21am

was that your own savvyness to offer that much lower or did a realtor suggest it

CrashMcLarson

5/27/22 8:33am

His own savvyness. A realtor wouldn’t suggest such a thing.

RdF3

5/27/22 8:41am

That was our own savvyness. Our realtor wanted to go $100k less but since we

WDaddy

5/27/22 9:13am

Probably made a killing selling your Mapleton home though. Micromarket in that community.

5/27/22 9:25am

I love it. Bring it on. Hope all the speculators get hammered.

Backcountry

5/27/22 9:40am

All I know is that 3 years ago my house appraised for $500k. The supposed value

OldFogey

5/27/22 2:07pm

I hear you. My house appreciated $600k during the 2.5 years that I lived there.

WDaddy

5/27/22 3:34pm

Everything I’ve seen on CB is that people expected this. The opinion of a pullback in the market

Pimpin4Paradise

5/27/22 7:38am

People are in denial even in this current thread.

BikeGuy

5/27/22 7:42am

Completely false. Go look at threads from last fall and into early this year.

Iman23

5/27/22 7:52am

Rates were raised. That's the cause

Hotlanta

5/27/22 7:57am

That’s the point. It was obvious the FED had to react to inflation by raising

The_Cuss

5/27/22 8:32am

The fed is trying to create a negative wealth effect. They are literally trying

Backcountry

5/27/22 9:41am

You can say I told you so because rate increases were obviously coming.

Socrates Johnson

5/27/22 10:14am

I knew the rates were going to change

JollyGreenGiant

5/27/22 10:35am

Are you serious? So many on here have said Utah market won’t fall or correct.

The_Cuss

5/27/22 8:33am

Prices are absolutely coming down. Everybody knows that. Monthly payments however (for the majority who finance) aren’t

RdF3

5/27/22 7:44am

In my area homes are already reducing their asking prices by $10,000 to $35,000

5/27/22 7:45am

Lots of CB group thought is shaped by moderator bans on anyone that speaks up

jrifkin48

5/27/22 7:46am

It’s CBrs that think a bubble will burst

Idacoug

5/27/22 7:54am

Homes are still selling for 50-75K above listed price here in New England.

pilot17

5/27/22 8:00am

The outlier is the investors paying cash for homes.

5/27/22 8:02am

This is my big concern. Investors aren’t in it for the long haul, they’ll pull

Pepe

5/27/22 8:26am

Depends upon the type of investors. Blackrock will probably stay in the game for

Nat Gas Man

5/27/22 9:59am

Exit fees to get out of a real estate investment aren't trivial and it takes

LaserCoug

5/27/22 11:13am

Im praying this scenario plays out

Backcountry

5/27/22 10:30am

nope.. that's not correct.

byukarl

5/27/22 8:33am

We better hope there is a 10-20% correction.

rad dawg

5/27/22 8:49am

I never said it will rebound. Prices will drop but not dramatically like many

Idacoug

5/27/22 8:59am

depends on how far they jack up mortgage rates

byukarl

5/27/22 9:08am

166 price cuts yesterday in Utah, 14 price increases, been that way everyday for

cougar95

5/27/22 8:01am

Simple math. Increased interest rates decrease purchasing power.

Idacoug

5/27/22 8:18am

Demands depressed and will continue as inflation bites into budgets and incomes

byukarl

5/27/22 8:34am

How many price cuts are $100-1000 dollars?

Shore10

5/27/22 4:59pm

Spoke to a guy from Lehi who put his house up a month ago

Desert Rat

5/27/22 8:34am

Call me crazy but I kind of welcome the impending correction and could easily

GangstaLean

5/27/22 9:09am

*Demand fueled by free money/low rates. As we move forward with realistic interest rates, that demand wont be there.

vegasnative

5/27/22 12:37pm

This seems exactly like something Biden/Obama would do.

crack

5/27/22 12:38pm

I still mock the correction argument

MyTwoCents

5/27/22 9:51am

It's still early. Wait. It's coming. Rates are still heading up.

Socrates Johnson

5/27/22 10:20am

Then you have a chance to make a fortune

MyTwoCents

5/27/22 11:33am

Not quite that simple as you know. Either way, historically 30 years are CPI +4%

Socrates Johnson

5/27/22 12:28pm

Just over a year ago a mortgage broker was trying to tell me not to buy down

CougaRR4L

5/27/22 10:10am

FOMO and Summer...time to move if you have kids in school.

zonacougar

5/27/22 10:42am

Some people are going to be shocked at the price point they sell for

Nat Gas Man

5/27/22 10:46am

Invest for the long term in Real Estate and Stocks

5/27/22 11:17am

Here are some real stats for you...

TrueBlue67

5/28/22 6:24am

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