“Homes are not selling” is a narrative that seems to be a little exaggerated. Months of supply has been constant year over year and median days on market is 6 days more for SFH and 8 days for condos. The number of homes sold are also up yoy. The number of homes for sale are up 15% yoy which could explain why houses are in the market for slightly more, but I am yet to see a concrete measure that suggests homes are not selling.
The median sale price is also slightly up for SFH and slightly lower for condos/townhomes yoy. Seems to me that a lot of these articles are low information clickbait’s.
I'm in the market right now. Anecdotally, it seems like there's more inventory available today than at any time in recent memory, but attractive properties still sell fast while loser properties pile up.
I'm not quite sure what the underlying explanation is. Perhaps there's a class of sellers that bought or refinanced at low rates and high valuations and now that rates are up and valuations have slid they can't find buyers that will accept the previous high valuation.
toomuchtodo 54 minutes ago [-]
Look at days listed. Any property will sell at the right price. After 90-120 days, it obvious the price is too high and the seller is not motivated to sell. The listing realtor will try to provide market guidance and advise to cut the price if needed, but humans can be emotional and irrational. Prices take the elevator up and the stairs down.
It’ll take time, but those who must sell will, and they’ll set the downward price momentum with comps.
BobbyTables2 40 minutes ago [-]
Given typical realtor behavior, I’m amazed any house is overpriced. Seems like they push sellers to sell below market and buyers to go above market.
I knew market prices well from doing my own property tax protests.
Our damn realtor strongly advised on a price close to $100k lower than we insisted.
House was in average condition and not recently updated. Said we were overpriced.
Multiple offers above closing on first day of listing.
Closing price was still significantly above asking.
Stupid damn realtor!
toomuchtodo 35 minutes ago [-]
It’s hard, I’ve experienced the same, and told the realtor if they didn’t price at my direction (start high and then cut frequently for price discovery) I’d be breaking the six month exclusivity agreement. They’re definitely after deal flow vs maximizing seller economic outcomes. As always, buyer beware, have to have some sophistication and education in the domain to not get swindled. When you find a good broker, appreciate it. When you find people you trust, hold on to them.
burnt-resistor 2 hours ago [-]
Anecdotally, my neighbor's house has been on the market for eight (8) months.
Another down the street has been on the market for four (4) months.
This is a brand new development in a (previously) hot area.
cyanydeez 35 minutes ago [-]
THe housing market is entirely synthetic due to corporate ownership.
Just stop measuring and I'm sure all these corporate influenced distortions will go away.
actionfromafar 21 minutes ago [-]
Stop measuring is the tune of modern America. Also, who needs to measure inflation, right?
Rendered at 00:32:55 GMT+0000 (Coordinated Universal Time) with Vercel.
The median sale price is also slightly up for SFH and slightly lower for condos/townhomes yoy. Seems to me that a lot of these articles are low information clickbait’s.
(All data available on redfin: https://www.redfin.com/us-housing-market)
I'm not quite sure what the underlying explanation is. Perhaps there's a class of sellers that bought or refinanced at low rates and high valuations and now that rates are up and valuations have slid they can't find buyers that will accept the previous high valuation.
It’ll take time, but those who must sell will, and they’ll set the downward price momentum with comps.
I knew market prices well from doing my own property tax protests.
Our damn realtor strongly advised on a price close to $100k lower than we insisted.
House was in average condition and not recently updated. Said we were overpriced.
Multiple offers above closing on first day of listing.
Closing price was still significantly above asking.
Stupid damn realtor!
Another down the street has been on the market for four (4) months.
This is a brand new development in a (previously) hot area.
Just stop measuring and I'm sure all these corporate influenced distortions will go away.