Real Estate Market

[RLUM]

Flyway what are you seeing that makes you think rates will go down in January?

My wife is a branch manager for a mortgage company and she is saying the same thing.

[Cookiemonster1]

Good to hear RLUM

[91cavgt]

We sold 750 acres in May in under 3 days and the buyer was planning to sub divide it down into 10-20 acres plots and they were working on it within 2 weeks of closing which I thought was insane. I noticed today they’ve stopped working on it and all the equipments gone so I’m thinking they’ve abandoned the plan with everything slowing down. Maybe I can buy it back again in a few months..

I was getting calls every day from random people asking to buy a certain piece of property and it’s down to 1 or 2 currently so it’s pretty obvious things are tightening up now which concerns me for the future. Time will tell I guess,,,

DR Horton has a neighborhood they have been building on to for a couple of years here. In early summer they finished building houses on one branch. The newest branch has all the roads, sidewalks, water, electricity, and sewer infrastructure in place and ready for new houses to be built. However they haven’t started building any of the 50+ houses in this new area. Only 1 house in the older area remains vacant and unsold despite having been finished 5 months ago!


Demand has most certainly dropped, but prices really haven’t followed suit.

[whitetailtrail]

1600-2000 sq ft selling for 350-400K is the norm here in Melissa. Houses are seeing extended listing times and some price drops but nothing yet that levels out affordability at current rates

[Bucknaked]

The 23ac next to me was split and sold a year or so ago, they got busy clearing it immediately, then it all stopped. Havent seen them all summer. I sent a text and told them if they decided to sell, to please contact me first. I doubt they will, but something definitely put everything on hold.

I think you may have a very good chance at it! There have been billions of **** poor real estate purchases in the last 2 yrs! They’ll be scrambling for money!

[ThisLadyHunts]

I’m very spoiled I grew up in a 7k square ft house and the houses I’ve bought since are all 2500 or so. I get we don’t have to have the space but I definitely want elbow room. I don’t have to keep up with any I just grew up with nice stuff so I’ll continue to work extra hard so I can continue to have those things.

I’m with you.

Could I SURVIVE in just over 300 sq/ft? Easily. Would I want to? No.

I, too, have worked hard to be able to afford the things I have. I’m also blessed to have many heirlooms and legacy pieces—from both sides of my family—over which I am only the steward, tasked with preserving them for future generations. These things I could never sell or let go.

I also like to host gatherings of family and friends and, one day, I hope to have grandchildren…at least ten…and I’d like to have the space for all of this.

Spoiled? No. Just blessed with an embarrassment of riches (to me).


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[CarbonFlinger]

How are prices on raw land in between Salado and Holland, TX?
We have been wanting to get out of the concrete jungle aka Round Rock. The kids are finally in college (A&M) and we just need to live near a quick route to an airport for work purposes. Leakey, TX is my option, but mama needs to be a tad bit closer to her aging mother. Looking for acreage and a nice barn dominium style setup.

[Snowflake Killa]

Been through this a few times nothing new. I think they call this a correction

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[Landrover]

Been through this a few times nothing new. I think they call this a correction

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.............great summary!

[Kong]

The 23ac next to me was split and sold a year or so ago, they got busy clearing it immediately, then it all stopped. Havent seen them all summer. I sent a text and told them if they decided to sell, to please contact me first. I doubt they will, but something definitely put everything on hold.

I bet they ran out of funds or decided it wasn’t worth the investment. I’m not a land fortune teller but I’d be willing to bet a lot of property purchased by real estate companies and individuals looking to cash in on the craze will be back on the market soon.

[Spiderpig1776]

I bet they ran out of funds or decided it wasn’t worth the investment. I’m not a land fortune teller but I’d be willing to bet a lot of property purchased by real estate companies and individuals looking to cash in on the craze will be back on the market soon.

I bet your right and I bet you could load up with a nice discount

[Snowflake Killa]

.............great summary!

[emoji1787][emoji1787]

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[CTR0022]

Remember, even during the 2008 crash, home prices didn't just fall over night. On average the market was only down 1-1.5% per month. Not much when you look at it month to month, but give it 12-18 months and you have considerable reductions. I think this time next year will be very telling.

I could be wrong. But I don't see any considerable reduction in rates anytime soon.

Also, the fed has said numerous times they want to see a 20% correction in the real estate market.

[Cookiemonster1]

2008 was a far different issue than what we are currently seeing. People were getting loans on houses that should have never been given out.

[CTR0022]

2008 was a far different issue than what we are currently seeing. People were getting loans on houses that should have never been given out.

No but this time it took people paying $100k over asking price if not more on pretty much every single property that was purchased in the past few years. Alot of people made some stupid decisions on property and significantly over paid. That will catch up to them if the economy continues to falter.