New US Home Prices Reaccelerate As Mortgage Rates Top 7%
New home sales held up better than expected in the US last month, data out Wednesday suggested.
Sales dropped 10.9% from August, to a 603,000 annual rate. Consensus expected a much larger decline.
Figures for June, July and August were revised lower, higher and lower, respectively. August's seemingly anomalous 29% surge was smaller after revisions, but still sticks out. Overall, the annual pace is subdued compared to the pandemic frenzy, but hardly depressed (figure below).
According to MBA
Try this, which has worked for me.
Make an “all cash”, 30 day close at a “fair” price offer- even if way under asking. Using Zillow “recently sold” sales info- put a little excel schedule together that justifies your offer and give it to the broker.
You might be surprised. Or they might have the broker follow up with you again in about 30-45 days time.
YOLO.
In writing, of course!
H-Man, there was an article a few months back about every Tom, Sally and Harry buying North Carolina property in the mountains to convert to VBRO rentals and shadow money was flowing freely to finance those deals based upon the expected rental stream. Properties were selling like hot cakes and now, it appears, the music has stopped.