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Thread: Home sales slump while prices spike

  1. #1
    Member steven's Avatar
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    Home sales slump while prices spike

    Home sales in the Buffalo Niagara marketplace were sluggish in April, with closed transactions down 3 percent a year ago.


    Residential deals totaled 721 for the month compared to 747 in April 2009, the Buffalo Niagara Association of Realtors reported Wednesday.
    Pending sales, the trade group noted, were up 35 percent year-over-year to 1,281 from 947.


    Over the first four months of the year, sales are down 6 percent at 2,095 from 2,218 last year.


    Median prices rose 15 percent to $115,000 — easily the highest figure for April on BNAR’s records. Average prices improved 9 percent to $125,507, again setting a new high for that particular month.
    People who wonder if the glass is half empty or full miss the point. The glass is refillable.

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    Member Linda_D's Avatar
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    I suspect that's an indication that higher end homes that are selling while cheaper homes are languishing. With tighter lending requirements, it's going to be people with good credit who are going to get mortgages, and those people can generally afford better homes. Moreover, there are fewer investors with lots of bucks to buy cheap homes to rent out, and those are generally the buyers of cheaper homes.

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    Member CAugust's Avatar
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    Quote Originally Posted by steven View Post
    Home sales in the Buffalo Niagara marketplace were sluggish in April, with closed transactions down 3 percent a year ago.


    Residential deals totaled 721 for the month compared to 747 in April 2009, the Buffalo Niagara Association of Realtors reported Wednesday.
    Pending sales, the trade group noted, were up 35 percent year-over-year to 1,281 from 947.


    Over the first four months of the year, sales are down 6 percent at 2,095 from 2,218 last year.


    Median prices rose 15 percent to $115,000 — easily the highest figure for April on BNAR’s records. Average prices improved 9 percent to $125,507, again setting a new high for that particular month.
    My thoughts are those pending sales are mostly trying to close by June 30th, I know how busy everyone was the last week in April trying to get contracts signed and into agreements for the tax credit, which would explain why pending sales are on the upswing


    Quote Originally Posted by Linda_D View Post
    I suspect that's an indication that higher end homes that are selling while cheaper homes are languishing. With tighter lending requirements, it's going to be people with good credit who are going to get mortgages, and those people can generally afford better homes. Moreover, there are fewer investors with lots of bucks to buy cheap homes to rent out, and those are generally the buyers of cheaper homes.
    I was speaking to a younger friend yesterday and asked how they were coming in cleaning up the credit for a mortgage, she said they were approved but at a higher rate - I asked what that rate was - hang on to your hats or sit down.....

    60k at 10% - omg, I said dont you dare buy anything at that rate. In a year you can buy a 100k home for 5% and pay the exact same thing per month, be in a good school district - run run run ... fast ...... honestly 10% ????
    Colleen
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  4. #4
    Member nickelcityhomes's Avatar
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    honestly 10% ????
    Jesus, that's almost a hard money rate. I bet there were about 5 origination points tacked onto the sucker too.
    Most of all I like bulldozers and dirt

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    Member Linda_D's Avatar
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    Quote Originally Posted by CAugust View Post
    My thoughts are those pending sales are mostly trying to close by June 30th, I know how busy everyone was the last week in April trying to get contracts signed and into agreements for the tax credit, which would explain why pending sales are on the upswing




    I was speaking to a younger friend yesterday and asked how they were coming in cleaning up the credit for a mortgage, she said they were approved but at a higher rate - I asked what that rate was - hang on to your hats or sit down.....

    60k at 10% - omg, I said dont you dare buy anything at that rate. In a year you can buy a 100k home for 5% and pay the exact same thing per month, be in a good school district - run run run ... fast ...... honestly 10% ????
    That's nasty!

    One thing your friend might try is joining a good sized credit union (one that offers mortgages). Many have programs to help people get their credit squared away and qualify for lower rates when they do buy a home -- and their rates are always lower than mortgage brokers'.

  6. #6
    Member FMD's Avatar
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    This is true but banks are becoming increasingly nasty torward barrowers. Whether it be a mortgage or credit cards... banks have become sharks and are seriously out to screw over as many people as they can.
    Willful ignorance is the downfall of every major empire in history.

    "Political power grows out of the barrel of a gun." - Mao, 1938

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    Member steven's Avatar
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    doesn't more money down usually fix that?
    People who wonder if the glass is half empty or full miss the point. The glass is refillable.

  8. #8
    Member CAugust's Avatar
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    Quote Originally Posted by steven View Post
    doesn't more money down usually fix that?
    long ago and far away . yes at one time ..... not today
    Colleen
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