Archive for the ‘Mortgages’ Category
Weekly Roundup: Landlord confession, piece of Portugal, April building permits, pocket listings, air purifiers, timely Lotto win, recovery threatsMay 17, 2013
Weekly Roundup: Rent squeeze, U.S. price gains, rates reversal, stocks vs. housing, declining buyer regret, best inflation hedge, tomorrow’s marketMay 10, 2013
Weekly Roundup: All-cash offers, reality dust-up, high annual sales growth, no-doc loans, Newtown resiliency, worst investments, housing ‘haze’May 3, 2013
Weekly Roundup: Hamptons, celebs, new-home sales, lower interest rates, auction spat, Baby Boomers, marble stains, housing’s headwindsApril 26, 2013
Weekly Roundup: New development sales, eccentric buyers, agents’ frothy remarks, free mortgage tutorial, economics of price changesApril 19, 2013
Weekly Roundup: Inventory effects, moving actors, price gain questions, dubious lenders, N.J. condos, renovation tips, divergent forecastsApril 12, 2013
Competition for apartments started to heat up about a month ago, and now the flames burn more intensely than ever as a result of withering inventory.
I went on Sunday to eight or nine open houses that had been listed on the Upper West Side in just the prior week, and they were mobbed. The only one that wasn’t packed in the first five minutes was a $279,000 studio remarkable only for how oppressive it was.
Worse for buyers, at least two of them had offers, including that studio. In some cases, there were multiple offers — even before those initial open houses.
Listing agents were running out of show sheets, prospective buyers were literally bumping into each other, there was a palpable sense of panic.
“Irrational exuberance,” one of the agents muttered none too originally but emphatically accurate.
We are not alone in that observation. Indeed, confirming that the housing market is galloping once again, the new Real Deal proclaims in a headline that bidding is “absolutely insane.”
Lord Keynes had a point.
A sellers’ market that is so robust is not a good thing, occasionally even for sellers. (more…)