Mortgage rates went to 8% so quick 'it reset the customer's mind': Taylor Morrison CEO Sheryl Palmer
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- Опубликовано: 28 фев 2024
- Sheryl Palmer, Taylor Morrison chairman and CEO, joins 'Squawk Box' to discuss the state of the real estate market, impact of fluctuating mortgage rates, whether higher rates are keeping buyers away, and more.
New homebuilders are borderline commiting some type of fraud. Not listing all available homes, buying down rates, doing whatever it takes to keep their prices up. How is this legal?
Dr Horton does this. And MLS doesn't show seller credits
Not listing all available
Not to mention the terrible designs
You can buy down the rate anywhere not a new concept but Because when you build a home it’s cost you for example 100k to build it. But there selling the home for 325k they can cut into there profits to to give you credit for closing cost and to buy the rate down and still profit 200k Makes you wonder how much does it really cost them to build one home 🤔
Exactly
We do not have an interest rate problem. What we have is affordability problem.
A house that cost 400k pre-pandemic now cost 800k. Even at 0% interest rate, lots of people will struggle to make monthly payment on the latter cost.
Do you vote in a way to voice your disapproval of expanding the money supply exponentially?
So go buy a 200 k house, woah
The problem is the costs - not the rates. These builders are charging way too much for their product.
Totally agree, higher interest rate are just brightening the spotlight on the overpriced housing market. You need only go back to 2018 and run the historical price increases to see today's house prices are way over prices. The mortgage lending industry is not doing us any favors either by lending too much money to people who can not afford it. Though who choose or are able to wait 2-4 years are going to get some fantastic deals.
@@michaelsd284🤞
rates are fine. Prices are not. Either prices need to come down or our income needs to go up by 40% from last 3 years of salary.
We're seeing the end of first time home ownership in the US.
no, you just need to live longer and let things play out. trends come and go.
Nah, mortgage payments will fall relative to incomes. Maybe through the slow rise of incomes, maybe through sizable rate reductions, most likely through price reductions.
the "median home price" can also be brought down by building newer but smaller homes for first time home buyers. that doesn't necessitate existing home prices falling, but it WOULD bring the average price down@@SigFigNewton
Thank Joe Biden for that
@@newtec-kd6vy not according to the data, which clearly show that the spike in home prices was already occurring in the second half of 2020.
What are your favorite everything-is-Democrats’-fault channels?
I’m a new dad, I moved closer to Santa Clara a few years ago and I’m thinking of purchasing a single family home there, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
This is all new to me, where do I find a fiduciary, can you recommend any?
Sounds good. I sent an email and also I tried to set up a call, does she herself call?
Do people fall for these scam threads?
Prices are 50% too high. Everyone loved selling to the pandemic people who rushed in at the same time from high dollar NY and California but those days are gone. Lower your prices 50% and the market starts to move again.
Sounds like a used car salesman. You can try to hide the costs in all sorts of various fluff, but the truth is the rates are what they are.
Rates are at historical norms. Median prices relative to median incomes have never been higher
I think we can use A.I. technology to uncover Real Estate in rentals and mortgage corruption nationwide.
I’m not sure but I think she doesn’t want to say that they don’t want to stick their neck out at these interest rates .
It’s not the rates! It’s these prices. We aren’t dumb common. The average interest rate is just below 8%. We are we’re we should be normally. Trump kept these interest rates so low for so long that now we got extreme inflation. He kept pushing the federal reserve to keep interest rates low since before 2018.
Since 2009!!!!!!!! Feed the Wall Street on the backs of savers.
I have a nice cash down payment. But no way Im paying 30% increase in prices w 7.5% rates. My rent is cheaper.
She is really in another zip code. Houses that were 250K for people are now 400K. These real estate guru's don't like to say out loud the obvious. House prices went up over 30% in most places and people's income did not follow suit. Sure interest rates are up, but the biggest problem is the high cost of the house. People need to understand it's the purchase price that you keep forever and not your monthly payment. It's like people going to buy a car and only care about the monthly payment...smh!!
I've got 7.5 acres of forested land that abuts a highway. Where does one find the funding to develop it?
Ask your friend and family
A local/regional bank will finance it, but they're not going to want to take any credit risk, so you'll probably have to provide 130% or more in collateral (which may include the land, improvements, as well as unrelated assets). If you can't provide that sort of collateral, you may be able to work out something with an established homebuilder, who will be able to use their income and assets to obtain financing more easily than an individual.
@FireEverLiving thankyou. A small portion I was told can be sold to local mill, and they clear the land.
Assuming this is a commercial venture, You need to contact SCORE through the Small Business Administration. Have the retired executive craft you a solid business plan(white paper) in order to secure a business loan from a commercial bank. Without a white paper, you'll never get funding.
@billmoyer3254 residential neighborhood. I was thinking gas station on the corner, but not enough frontage. Its a flaglot.
They’ll say anything to ensure that stock price goes up. 😂 This lady spins like a top.
I've had my mortgage for twenty years at 5.25%, I was never able to do any Refinancing ever, as it was a ranch of 55 acres. I've seen my insurance triple from $964, to $2950 over this time frame. I have two payments left now 01 May 2024 is my last payment. 1st thing I will do is fire Liberty Mutual . They have already received their last payment. When there is no mortgage, I'm no longer required to pay insurance. They cost of insurance and electric are forcing people out of their homes. Prices have to collapse for people to be able to afford a home, or have ten plus people in one home paying for it.
Booms and Busts. You pick your entry point and exit. Good luck!
Medium 420k😂 cant find that in San Diego
Yeah that's a probably a nationwide average not high cost of living cities specifically.
This ladies word salad is excellent….😂
There is collusion amongst homebuilders to keep inventory low and there is nothing to stop them from doing it. If you are single first time homebuyer - just forget about it.
I like the home market when Rates are at 16% and homes were not overpriced!!!!
The homes in these developments are literally copies of one another, no way in hell would I buy one
LMAO if you bought a home four years ago you have 200k in equity, that is part of hyper inflation.
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market.
The government should step in by training migrant workers to build houses. Then pay them to build until rent and costs are driven down by supply. It will take some time but the market is too greedy to come to an equilibrium on its own.
This women shows us that "New Home Builders/Sellers" are really just "Used Car Salemen" now in the Housing Sector!
Listening to her give vague answers tells us just how willingly they will pull the wool over their buyers eyes.
She sounds scammy
saying is not demand is like saying everybody wants a Ferrari if you make Ferraris of course every one wants one but how many people want them and can afford them that’s true demand
This corporation is like all the other’s during the pandemic they realized control supply control the price
Unless youre wealthy, you shouldn't be buying a home right now.
They are all dropping the financing but longer rates. You lose.
I inspect homes for these guys and I will say, out of all builders I enjoy looking at toll homes. Def. Better quality homes than most.
If you belive this woman i feel sorry for you.
I work in real estate dev i Sweden, its a nightmare on a global level. The craziest bubble in 35 years in my country, if the rates are keept high for 6 more months we will have mass defaults in real estate.
High interest rates today don’t affect people locked into low interest rates from 3-5 years back, at least not in the states.
Only commercial real estate is forced to refinance at higher interest rates every 5yrs or so, homeowners have 30yr fixed rate options.
Yeah, her gaslighting skills need work. Inventory is surging as the rats head for the life rafts.
Where I live? Yes. Other places, inventory remains low
Inventory is extremely low. In fact I expect home prices to keep rising.
Prices stay up because people keep paying for overpriced vehicles and homes! God forbid you take your future wife to live in a paid off single wide trailer because The Jones' have a 4bd room, 2 car garage 2 story home, but in debt up to the gills because that's the American dream, to live in debt.
Why is it my BS Buzzer is going off here?
Prices must come down not rates! Lol
Prices aren’t coming down
Omg
Tools 😂
Taylor Morrison homes are not quality builds!
because there is this one lunatic ohh his name is Jerome Powell.
A number of different tools, ha!! Call it like it is and that you are rolling fees into the loan to buy down the rates temporarily to 5.5% or permanently to 7.25%. Complete smokescreen.
Tax the rich
What happens when u have a democrat president like Biden