George Veresan

Executive Loan Officer, NMLS 1375726
Kinfolk Home Loans, NMLS 2336233
7 years experience
Over 750 clients helped
Detroiter
I like winter sports

[George Veresan @george_mlo]

I wouldn't say they overpaid based on the environment they were dealing with 2020-2021. Those same people are trapped though. They likely couldn't afford a comparable home at today's rates & prices so they are part of the lock-in effect. Eventually something will have to give either rates or prices and it's probably going to be prices.

[George Veresan @george_mlo]

@great_martis 7.5% already did it. The W-2 buyer is out. 10% is just a louder headline.

[George Veresan @george_mlo]

@BarbellFi That’s a rich-guy version of renting. Most people are not choosing freedom. The payment to own just does not clear.

[George Veresan @george_mlo]

@zerohedge That $47k drop is mix. The million-dollar sales fell out and the cheaper product filled the print. Median barely moved.

[George Veresan @george_mlo]

@jonbrooks They don’t reverse clean. People sitting on 3% do not list just because the 40-year tailwind died. So the payment market breaks first and prices stay ugly longer than they should.

[George Veresan @george_mlo]

@adamscochran Last time 7.5% showed up, that rate bought a completely different house. The chart looks familiar. The payment does not.

[George Veresan @george_mlo]

@FirstSquawk Yeah. Housing is where the payment lives. Everything else can float for a while. A mortgage payment cannot.

[George Veresan @george_mlo]

@spectatorindex 7.49 is the reprint. The people who got quoted at 6.6 last month are already out of the payment.

[George Veresan @george_mlo]

@BigChiefo26 @unusual_whales Yeah, down payments need to size up OR home prices need to come down. Something has to give.

[George Veresan @george_mlo]

@_Bu7ch @KobeissiLetter Welcome back to my biggest fan.

[George Veresan @george_mlo]

@_Bu7ch @caroljsroth I like that you think my replies are so good you feel the need to reply to all of them. It's appreciated, really.

[George Veresan @george_mlo]

@IndiaUnleashed_ @MikeZaccardi Not yet. Property values will come down soon.

[George Veresan @george_mlo]

What would this house cost where you live?

[George Veresan @george_mlo]

@CNBC Cash luxury and a 7.5% W-2 buyer are not the same market. One can ignore the rate. The other is most of the sales number.

[George Veresan @george_mlo]

@allie__voss Those texts age badly. The people who waited for 4% back are now staring at 7.5% on a higher price.

[George Veresan @george_mlo]

@LizAnnSonders That’s not prices getting healthy. That’s builders buying the payment down so the monthly still clears.