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

May 27, 2022
8:34:01am

Desert Rat All-American

He has already done 6 price reductions (obviously he started at the moon, but missed the boat)... Things are certainly trending back down that way.

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Desert Rat

Bio page: Desert Rat
Joined: Aug 17, 2001
Last login: Apr 27, 2024
Total posts: 9,908 (436 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

BIG XII Coug

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.

Hank Rearden

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.

Turnpike Lane

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

shokupanmanbo

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.

BIG XII Coug

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

Chazz Reinhold

5/27/22 11:17am

Here are some real stats for you...

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