Friday Update July 29, 2022
1673 single family homes on the market tonight. A little bit more than last week. Our absorption rate since my last update is like a trickle. 40-50 houses in a week or something like that.
628 price reductions this week. Also a little bit more than last week.
For the first time in my life I lowered the listing price of a house by 75k. Still haven't sold it. Have comps like 130k over and barely any showings. Good fun!
I'm going to make this one short because I gotta get to work on my onlyfans account and my findom page. Baby's gotta eat.
Fed raised rates by .75% on Wednesday and guess what happened to mortgage rates. They went down. 10 year T notes are sitting around 2.65% where as mid June they were at like 3.5%. The damage to consumer sentiment and the market is done though. Solid work taking the craziest seller's market in history and just chopping its head off in one month. Pretty surreal change in the market surpassed in craziness only by the rate aat which it happened.
We've got buyers right now getting properties that 3 months ago would have had 10 offers on them at discounts and getting closing costs paid. We're getting contingencies accepted left and right. It's like fun to work with buyers again!
Lumber is about to touch $500/1000 board feet for the first time in a long while.
The stock market is ripping up all of a sudden despite the fact we're now formally in a recession. Despite how the white house defines it, it is a recession.
All bets are on the Fed to pivot and start printing more money soon. I feel like we have a little window here maybe a few months maybe a little longer to abuse sellers for a bit. After that I think we're going to see a rebound in housing as the Fed is forced to lower rates to "stimulate the economy".
Ok I gotta do something with my socks and get to work on this onlyfans page.