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Sat Jan 11, 2020, 06:59 PM

The shortage of homes for sale is getting much worse, even in luxury

December is not the most popular time to list a home for sale historically, but this December it was particularly unpopular.

The supply of homes for sale was 12% lower compared with December 2018, according to realtor.com. The decline was much steeper than the 9.5% annual drop in November. Buyer demand is so strong that whatever is on the market is going quickly.

The shortage of homes for sale is worst on the low end of the market, but the supply drain is actually accelerating across all price tiers, including the most expensive homes.

In December, the supply of entry-level homes, those priced under $200,000, fell 18.1% annually, a larger drop than the 16.5% decline in November. In the midrange, the supply of homes priced between $200,000 and $750,000, dropped 10.2% annually, compared with November's decline of 7.4%. At the top, the number of homes for sale priced over $1 million fell 4.4%, compared with November's 2% decline.

read:https://www.msn.com/en-us/money/realestate/the-shortage-of-homes-for-sale-is-getting-much-worse-even-in-luxury/ar-BBYKwBR?li=BBnbfcN

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Reply The shortage of homes for sale is getting much worse, even in luxury (Original post)
Yo_Mama_Been_Loggin Jan 11 OP
dhol82 Jan 11 #1
BigmanPigman Jan 11 #2
Blue_true Jan 11 #3
BigmanPigman Jan 11 #4
Blue_true Jan 11 #6
kurtcagle Jan 11 #9
Doremus Jan 11 #10
SWBTATTReg Jan 11 #11
DeminPennswoods Jan 11 #5
Blue_true Jan 11 #7
kurtcagle Jan 11 #8

Response to Yo_Mama_Been_Loggin (Original post)

Sat Jan 11, 2020, 07:03 PM

1. Just want to point out that the sales of homes in the million plus market around New York

is abysmal.
Sorry to present a first world problem but, the loss of the real estate tax abatement on the federal tax has destroyed the market in this region.

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Jan 11, 2020, 07:07 PM

2. If population growth is at its lowest since 1900

and people have low salaries but high education, home and healthcare costs where in the Hell are all of these people living and looking to buy homes and where are they getting the money from for these homes? Something doesn't add up. Who are these people?!?!

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Response to BigmanPigman (Reply #2)

Sat Jan 11, 2020, 07:15 PM

3. The 2008 financial crisis was brought on by people buying homes that they could not afford.

Home flipping shows seem to be popular, I have seen them in the doctor's office and when I took my personal car for servicing at the dealership.

My guess. Wannabe home flippers are sitting on lots of homes hoping to make a killing, with loose money, they are likely daisy-chain financing them. It will all come out after the shit hits the fan, which should be soon.

Very expensive homes are not part of that because the people that buy them would never buy one from a flipper. Also, a lot of such people want custom built homes that meet their tastes.

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Response to Blue_true (Reply #3)

Sat Jan 11, 2020, 07:21 PM

4. I didn't think of that.

I assumed, incorrectly, that they homes being bought were to be lived in and a real home of the buyer, not a property to flip for quick cash. I thought home flipping pretty much stopped after 2008 and everyone losing their shirts.

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Response to BigmanPigman (Reply #4)

Sat Jan 11, 2020, 07:29 PM

6. When I visit my doctor, those shows are one.

I recently had a routine medical procedure at another doctor's facility, those shows were on there. As I explained, I saw them on the tv at the auto dealership while my car was being serviced.

There is always news stories on home flippers that have become celebrities, that indicates, to me, that behavior is popular now.

What regular people don't realize is that developing a sustained business is not easy. People get in over their heads chasing a fad, and then disaster strikes.

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Response to Blue_true (Reply #6)

Sat Jan 11, 2020, 07:34 PM

9. How do you become a millionaire?

Sell 10,000 seats on a workshop about how to become a millionaire for $100 a pop.

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Response to Blue_true (Reply #3)

Sat Jan 11, 2020, 07:38 PM

10. The 2008 financial crisis was caused by Wall Street investment banks

Creating investment instruments by bundling bad home loans and selling them as "securities."

Average people no more created that crisis than the man in the moon.

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Response to BigmanPigman (Reply #2)

Sat Jan 11, 2020, 07:38 PM

11. Good points. I wonder the same things too. If the economy is going so strong according ...

to all of these pundits (in the rump admin.), then why is this happening? Why aren't there more homes being constructed if the economy is so strong that homes are disappearing off the shelves so fast? Why aren't people putting up their homes up for sale faster? Why aren't homes being built faster?

Is it because of the economy is truly for the most of us, uncertain, thus we don't put our homes for sale as fast? Is it because a huge tier of the economy is suffering and fighting constantly increasing prices (the majority of us), for such things as high college loans, cars, goods, groceries, etc.?

It's seems like a disjointed economy is here and only a few of us are enjoying the fruits of the booming economy/stock market. The stock market is at its highest in a while, but this hasn't translated into anything tangible or real for the vast majority of us. rump harps about this crap all of the time but this is only a tiny sliver of the whole picture. Why did the Feds slam the brakes on increasing the fed rate? Is it that they truly saw a downturn in the economy coming, despite the record stock market? Isn't that pathetic, that we had record breaking stock market indices, yet no one is celebrating in the streets, that you don't see people flashing money in the streets or see more signs of this so called prosperity...perhaps its all a lie?

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Jan 11, 2020, 07:27 PM

5. Guess it depends on where you are

because there are plenty of reasonably priced homes for sale where I am.

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Response to DeminPennswoods (Reply #5)

Sat Jan 11, 2020, 07:29 PM

7. Same where I live. nt

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Response to Yo_Mama_Been_Loggin (Original post)

Sat Jan 11, 2020, 07:31 PM

8. Demographics

About 70% of all boomer are now in retirement (2018 was the peak) and it is likely that the Boomers are downsizing as they move into fixed income mode.

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