1moretimeagain
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“This is the hottest story in world right now.”
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Are you working with a lender to offer rate buy downs? If not, you should probably be. If that's not something your listing agent is suggesting, you might want to ask them about it. In the current environment, that is far more effective than price reduction.re #2 : I am in that select company. I now own two residences because my current residence has not sold. I will be moving to my new primary residence in a few weeks and will continue to be the not so proud owner of two primary residences until this house sells![]()
Judging by their stocking issues and price increases, not that long. I go by about once a week, primarily because their baked goods are better in my opinion than most and a couple of other things like a coffee that I liked that they haven't had in six weeks. They are getting gaps on their shelves and some things seem to have been removed.Walmart 2Q2 report is interesting...
missed on earnings
beat sales a bit
prices increased 1%
upper income consumers led the way in sales
increase grocery buys led the way in sales
My takeaway is even upper income folks are looking for lower prices and are willing to mix with the hoi polloi in order to avoid the spike in inflation. Consumers are seeing spikes in grocery prices and looking to Walmart for better grocery prices. The question is, between tariffs on grocery related imports and the loss of local immigrant farm workers due to mass deportation efforts, how long will Walmart groceries maintain an edge over retail grocers ?
It will be interesting to see what the Wegmans and the Harris Teeters of the world report in sales. Though i guess HT gets buried in Kroger's data now.IMO, the upper income piece is a dangerous sign. If Walmart is relying on middle/upper middle to “beat sales a bit” but “miss on earnings”, lots of retailers are in trouble. Also, where are the lower income brackets going? We about to see a strong earnings report from Dollar General?
“This is the hottest story in world right now.”
There is that apocryphal saying: "1/3 of your people would kill another 1/3, while 1/3 watches."Things like this make me realize just how many awful people there really are in this country. They just needed the right hormone/signal to come along to allow them to emerge from their cocoons.
This is a new concept for me. What is a rate buy down ?Are you working with a lender to offer rate buy downs? If not, you should probably be. If that's not something your listing agent is suggesting, you might want to ask them about it. In the current environment, that is far more effective than price reduction.
Are former federal workers showing up in these numbers yet? When those kick in, I expect a surge.Americans filing claims for jobless benefits rose to 235,000 for the week of Aug. 15, the largest increase since late May. Economists expected 225,000 jobless claims to be filed.
Meanwhile, continuing claims jumped to 1.97 million, greater than the 1.96 million anticipated, in a sign that Americans without jobs are finding it difficult to get a new one.
My guess is that the slowdown you have seen is indeed affordability driven...but more payment than actual price. Take a look at the below which would involve you as the seller paying $30k for a rate buydown rather than you taking a 30k price reduction. I just assumed a note of $500k but we can play with the numbers.This is a new concept for me. What is a rate buy down ?
We met with our agent two days ago to assess our situation. Our house has been on the market for 5 weeks in a neighborhood where houses were selling in a week a year ago. We thought that maybe the agent had overpriced our house given the current market post Trump election. The agent told us that houses in our area have been on the market an average of 8 weeks prior to selling and so we agreed to wait another 3 weeks before reducing the price.
But I am interested in learning about rate buy down offers as an alternative option.
Thanks
Related
The Home-Builder Heir Who Is Stoking the Jerome Powell Frenzy
Trump’s freewheeling Federal Housing head Bill Pulte is waging an unorthodox social-media campaign to oust the Fed chair
—> https://www.wsj.com/finance/bill-pu...0?st=MzDoLP&reflink=desktopwebshare_permalink
“… The 37-year-old FHFA chief, known to some as “Little Trump,” has recently inserted himself into the middle of the action, thanks to a relentless social-media campaign targeting Federal Reserve Chairman Jerome Powell. He even drafted a letter for President Trump to fire Powell. (Trump on Wednesday denied that he planned to, though didn’t rule it out entirely.) [He is also behind a new push to demand a Biden appointee to the federal resign that got Trump to post this today:
]
…Pulte, an heir of one of the largest home builders, has 3 million followers on X, after gaining popularity by giving away money using the platform. Like Trump, he regularly posts policy changes or ideas in real-time and airs frustrations. Shares of Fair Isaac Corp., also known as FICO, fell sharply earlier this year after Pulte said he was “not happy” with the credit-scoring firm.…”
This is correct. Large homebuilders commit more mortgage fraud in a day than the rest of the nation does in a year.This is all very rich coming from the man who probably has committed more fraud when it comes to property loans than any person in existence.
I thought the GOP battle cry around this type of activity was, “what’s the big deal? Everyone does it1 Victimless crime! This means I’m smart!”
Yeesh, that’s a crap deal for the buyer. They are only getting about 77% of the value of that $30,000. But it’s a nice deal for the lender which is getting a prepayment of a portion of the interest for the first three years plus a significant premium of the interest they would have been paid this three years on the fixed monthly payment.My guess is that the slowdown you have seen is indeed affordability driven...but more payment than actual price. Take a look at the below which would involve you as the seller paying $30k for a rate buydown rather than you taking a 30k price reduction. I just assumed a note of $500k but we can play with the numbers.
Now...let me go on record as saying I generally think buydowns are bad financial advice for most buyers and this kind of shit is propping up the market in dangerous ways...BUT in this case im putting my listing agent cap on and protecting you (the seller) from the perils of the current market.
By the way, next time call me. I may live in Cary and do 95% instruction, but I still take care of friends and family in Chapel Hill and Hillsborough. Anyone from here qualifies as friends and family.
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YesYeesh, that’s a crap deal for the buyer. They are only getting about 77% of the value of that $30,000. But it’s a nice deal for the lender which is getting a prepayment of a portion of the interest for the first three years plus a significant premium of the interest they would have been paid this three years on the fixed monthly payment.
Recognizing that Pulte could be lying, he is claiming she bought one property on June 18, 2021 in Michigan and another property on July 2, 2021 in Atlanta -- claiming both would be principal residences. The closeness in time of the two purchases is an issue.1. Only if you believe the Trump people. Why would you? Everything they say is a lie. Do we need to go through all the Biden Crime Family bullshit again.
2. This is not nearly the smoking gun you think it is. The principal residence issue can be complex when you are talking about people who are in the midst of moving or are splitting time between two locations.
An issue, yes, but not a smoking gun. I admit to not knowing residential real estate financing inside and out, but some other considerations:Recognizing that Pulte could be lying, he is claiming she bought one property on June 18, 2021 in Michigan and another property on July 2, 2021 in Atlanta -- claiming both would be principal residences. The closeness in time of the two purchases is an issue.
Re No. 3, the first wouldn't know about the second and the second likely only knew about the first if she disclosed it. The lenders typically just run the credit reports and mortgages in progress likely would not show up on the report (and hard credit inquiries would simply look like she was shopping lenders).3. It is implausible to me that the mortgage lenders didn't know about the other mortgage. If they were fine with "intent for primary residence" then presumably they had more information about the situation than we currently do.