Friday Update December 3, 2021
411 total single family homes on the market kind of late this Friday. I'm sure by Monday that number will be into the low 300s again like its been all week. This pace is absolutely crazy and I want to say unsustainable but we've been going at it for like 3 years now. Get into real estate. Make that easy paper, player!
November saw 1415 total sales in our local MLS. We have close to 6,000 agents in this city. I closed multiple deals, so did several of my agents. That means a lot of agents closed 0. Sink or swim season is upon us :) One of my favorite times of year!
Median price for November finished out at $450,000 showing no weakness.
No fucking weakness. Honestly that's what your agent needs to be like in this environment for you as a buyer to stand a chance. This market is brutal. It's insane. It's unfair. Whatever you want to call it, it's real and its here and I doubt its going away in a hurry.
Last week I talked about the dickhead cousin. Well yea he's here in Colorado and we don't know much about him but from what do know yada yada yada everything is scary and dangerous and you better comply or you're a selfish bastard who's out to kill everyone. Especially your own parents. That's the media spin.
How does this impact real estate? The DXY which tracks the purchasing power of the dollar as compared to a few other currencies and the yield on the 10 year rate both dropped this week. The yield on the 10 year treasury bonds finished the week at 1.356%. We were at 1.67% 10 days ago. Doesn't seem like much until you realize thats close to a 20% move down in rates. What impact do you think this has on buyer behavior? How do you think a surge in mortgage applications will impact demand and pricing? Yea.
For the last couple of weeks I haven't read enough about lumber because I've been too busy spending tens of thousands of dollars buying it for my own house. In the last 2 weeks we went from $530/thousand feet to $903/thousand feet today for the price of lumber futures. At first I was confused because there is no single market reason for this, seasonal demand is lower than summer, construction permits are relatively suppressed, no hurricanes, etc.
Then I realized its our fearless fucking leader succumbing to some form of political pressure. Someone must have wrote a fat check to the PAC. For the record I took plenty of opportunities to insult the Donald so Brandon is gonna have to get some too. This very dude just a couple months ago told us all about how part of the "rebuild better" plan is to provide more affordable housing. Affordable housing has to be a priority! Housing is a human right, gosh darnit!!!!
This fucking guy's administration went ahead and doubled the tariff on Canadian lumber imports from 9% to 18%. Mind you American sawmills are overwhelmed, don't have the staff to run at full capacity, struggling to keep up. We just need more materials brought into the country to build as much, as quickly and as cost efficiently as we can. But no, we get a tariff. So in response to Let's Go Brandon what we get in return is "fuck affordable construction and especially the lowest income classes who are hit the hardest by price increases." If you think either party cares about the poor you are delusional, share your drugs with me.
I wish I was making this up. Guys, love the people near you whether you agree on everything with them or not. Take care of those close to you and those close to them. Be charitable. Learn to get along with your community even if you think they're wrong about something.
But do not rely on these self serving, old, primarily white pricks and prickettes that pretend to represent us. Let them eat cake.