Posted on 09/04/2022 9:54:48 PM PDT by RomanSoldier19
Home sellers are getting nervous, as the once-hot housing market cools fast.
One in 5 sellers in August dropped their asking price, according to Realtor.com. A year ago that share was just 11%.
The average home sold for less than its list price for the first time in over 17 months during the four-week period ended Aug. 28, according to a report by Redfin.
Homes are simply not selling at the breakneck pace they were six months ago, when strong demand butted up against tight supply, bidding wars were the norm, and a seller could often get a signed contract in under a weekend. Homes in August sat on the market an average five days longer than they did a year ago — the first annual increase in time on the market in more than two years.
The supply of homes for sale is also rising fast, up nearly 27% from a year ago, even as fewer sellers decide to list. Pending sales in July, which represent signed contracts on existing homes and which are the most recent sales data available, were nearly 20% lower than July 2021, according to the National Association of Realtors.
(Excerpt) Read more at msn.com ...
They were asking $250 K for 1000 square foot boxes, locally. Trying to sucker California refugees, I think.
That market needs to be cooled down a lot.
“Trying to sucker California refugees, I think.”
The drove the Arizona market insane with bidding wars.
All while I am trying to find a place to lure my wife from our house in Hawaii.
I’ve been seeing articles down playing the slowdown. Most often those associated with business of selling homes or mortgages. I can’t help but just laugh and feel sorry for folks being waved in this direction. Man, housing has simple become unaffordable for most of the middle class. The fundamentals don’t make sense and haven’t for some time. The day if reckoning is upon us.
That’s what they’re asking per house for a proposed big tract of crackerboxes in a small Hoosier town (pop 5000) near me. In an area where the non union jobs are paying $15 / hr or less
A county 20 miles south, was getting $350k + for tiny over 55 duplexes back before covid.
I’ve been seeing articles down playing the slowdown. Most often those associated with business of selling homes or mortgages. I can’t help but just laugh and feel sorry for folks being waved in this direction. Man, housing has simple become unaffordable for most of the middle class. The fundamentals don’t make sense and haven’t for some time. The day if reckoning is upon us.
My sis’ house in Boise doubled in value in 3 years. Cooled off a bit, but rent prices are rising
2 reasons to delay buying now.
1. Wait for the price to keep dropping. See how much lower it’ll go.
2. If you buy now, value likely to drop below what you paid. Like driving a new car off a sales lot
What you say is true. And on the other side of the coin are millions of homeowners who are sitting on paid off homes or ultra-low interest rates with oodles of equity and no reason to sell. Leaves a lot of people squeezed out of the market for a long period of time... too limited supply, too high a price, and too high interest rates.
But don’t worry windmills will save us.
I was looking to move for at least a year to Hawaii for the warm weather.
North Alabama hare. Houses were flying off the market. Everything is slowed and prices are. Dropping some. Location location location.
It’s gonna be another year and a half of falling prices. The best is yet to come for people holding out on buying.
Quote of the year! (from a garden variety sociopath)
You can thank Obama / Biden for their debt management skills. Like Carter’s of 1980.
Both have managed to crash the global economy
Our expanded money supply, ergo inflation, was exported.
Very much the same as 1980
Chinese are a huge part of the problem with real estate prices in Bay Area.
Cheaper to buy a house over here and rent it out then to try it in China.
The topic needs to be studied by region and state.
Overall the market will cool, but the blue to red state exodus continues.
Blue states will be hammered, red states less so.
Bookmark
Not in our neighborhood. Atlanta has a shortage of homes. They are not building enough new units. Our neighborhood in the low 300’s sells like hotcakes.
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