In May, there were relatively elevated shares of delisted homes in metro areas including Miami–Fort Lauderdale–West Palm Beach in Florida, Phoenix-Mesa-Chandler in Arizona, and Houston–Pasadena–The Woodlands in Texas
They blame oversupply, but have you considered, in order: too many hurricanes, too fucking hot, and too fucking Texas?
metro areas including
Miami–Fort Lauderdale–West Palm Beach
Phoenix-Mesa-Chandler
Houston–Pasadena–The Woodlands
Wow, whoever told an AI to write this is some kind of psycho. The first one kinda makes sense, but Mesa and Chandler are literally adjacent neighborhoods and referring to Greater Houston by one large and two very small parts of it is absolutely peak.
This isn’t a problem at all. The problem is that builders are still giving 4.5% interest rates and incentives to build new. Existing homes on the market can’t compete.
I built in a brand new community a few years ago. The community is full of homes needing to sell, including mine, but we can’t. The new builds are being sold left and right due to those incentives. My home was on the market since November. I only had 4 showings in that time. I took almost 60k off my original asking price, which was already well under my purchase price. I’ve had to make a deal with the mortgage company just to get out of the property. Properties foreclosing all of the area while new ones are built constantly. This is in Texas.
True. Not many want to live in Florida or Texas, short of white Republican’s lol
As a born-and-raised Texan, I don’t just want out of this state, I want out of this country. However, due to the circumstances of my birth (white, well-off, but not well-off enough to afford college or any kind of trade school) I’m basically fucked.
My sincere condolences. It’s really sad it’s like this, but reality is that it’s likely intentional from the top. Right now it’s reminiscent of when I was a kid and heard of trickle down economics. The government wants everyone to bite their pillow; but the current administration is just going in dry.
My dad lived in Pasadena, TX. The one time I visited him there, it was 95-105 at all times, humidity never dropped below 90%, you could set your watch by the daily thunderstorm (between 11am and 1pm), and it flooded every few months because that part of Pasadena is technically at an elevation of like 7 feet above sea level. Pretty sure king tide put the lawn underwater.
My point is there are plenty of reasons to hate Pasadena besides being in Texas.
Homes aren’t selling because they aren’t affordable. High interest rates are a big part of the lack of affordability, given the federal government’s large budget deficit and it’s impact on the long end of the yield curve, I don’t see that changing anytime soon and it will likely worsen. Pulling your home off the market because you won’t cut your price isn’t a great move unless you want to continue holding on to your home for many years to come.
