01/18/2023
Hey everyone, Paul, Mike here, the virtual investors, and we're gonna go over kind of the state of the market, what's going on. Mike's got a lot of good articles pulled up here, and we're gonna kind of hit that and go into little depth into where we think the market might be heading this year and what inventory is gonna look like, all those kinds of things. So Mike, what I saw with Al Altos research, what they had just done, our inventory is 471,000, right? Going into this week, which is really, really low. They were predicting it was gonna be around 5, 520 5,000 at year-end. We end up far below that. So with constricted inventory and a slight decline in rates, we're probably gonna see a little bit of a spur in the market. And if rates drop a little bit further, like we talk about once they get to that fives, it's like that magical number reduces your cost, your monthly payment. I think we're gonna see a nice little surge here somewhere. Q2, Q3. What are your thoughts on it?
Yeah, I mean, it's definitely gonna line up that way cuz that lines up with the spring market where people in the colder states start actually when getting out of their house again, and looking for properties. And if that's the case, you know, mortgage rates kind of you know, taper off a little bit maybe even dip down a little bit that time of year. And with reduced inventory, you know, I think pricing's gonna hold during that time period. It goes back to, you know, right? Supply versus demand. Essentially, yeah, I don't think we're gonna see the 20% plus growth anymore. Great. And actually, you know, in some of the markets we're in, we're you, you're starting to see that pullback a little bit, right? A few months ago the house might have sold for 350.
Now you're probably gonna get what, you know, 333, 340 or something like that, in certain areas. And you're not, and it's gonna sit on the market a little bit longer too. So, you know, if you have a, if you're a buy, renovate and resell type of investor, you gotta factor in maybe two more months of holding cost whether you have that interest on it or just, you know, general insurance cost in your rehabs. Because they're gonna take longer. They're not gonna, they're gonna sit on the market, which in a, and, it's a normal thing, you know? Yes. Not, not everything flies off in a week like we were accustomed to the last you know, year and a half. Call it.
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Hey everyone, Paul, Mike here, the virtual investors, and we're gonna go over kind of the state of the market, what's going on. Mike's got a lot of good arti...
