Houses can’t be sold because price is inflated and businesses don’t want a loss so it winds up in rental air bnb and other revinue schemes until the property is destroyed or finally sold.
Housing market is crazy right now because many see it as investing.
Show me the data by region. I doubt this is uniform across the nation.
Sellers can’t get the grossly inflated price they’ve believed they could get and take their property off the market. There are always people fishing to score a big win, who are really not motivated to move but will if the price is right. Big deal.
Greedy or are the Sellers upside down after buying at the peak?
There has been hints that the Federal Reserve might lower interest rates.
There have been claims inflation is lower. I don’t see that except at the gas pump.
Typically, because the federal government is so indebted, the Federal Reserve will not let the interest rates stay favorable for savers for a long time.
It is the duty of real estate agents to inform clients that the Federal Reserve tends to favor borrowers over savers and clients bet against the availability of ‘cheap money’ at their peril.
About 15 years ago, I had a neighbor who was trying to sell his house who bragged that he “wouldn’t take a penny less than $500,000” for it. It was on the market for a long time and he eventually sold it to his daughter (probably for a lot less than $500,000). People get inflated ideas about what their property is worth and stubbornly stick with them.
Two Florida counties, one with a flat ~$10,000 transportation impact fee, another with house size-based transportation impact fee averaging slightly about $10,000:
https://reason.org/commentary/poorly-designed-impact-fees-make-housing-more-expensive/
Scottsdale is firming up after the “threats” of Canadian snow birds leaving didn’t happen.
Very hard to find anything under 800k and most are over 1.5M
I suppose it depends on the area.
What I’m seeing in my California neighborhood is homes sold - and ADUs, often two of them - going up on the property - each of which can be sold separately according to California real estate law - zoning is now controlled by the state, not locally (thanks to the likes of the odious Scott Weiner).
I’m getting mail from real estate agents daily about selling my property.
Huge numbers of listings are not people who genuinely want to sell their house. They are people playing the real estate lottery hoping for that one dumb buyer with stupid amounts of cash.
They will just wait for the next wave of those types of buyers migrating out of California when that state descends down another level of crazy.
THE LAST PHONE CALL I GOT “WANTING ME TO SELL MY HOUSE”:
I DEMANDED $8 MILLION & ALL CASH & 180 DAY ESCROW TO FIND A NEW PROPERTY....
CLICK
With illegals having to leave that removes $$ pressure on housing. There will be a crash.