Real Estate Days on Market?

[ultrarunner]

Here in the West I’ve noticed a marked slow down in the Real Estate market starting with inventory up, days on market longer and price reductions.

Price Reductions unheard of for a long time now becoming common and the change happened quick just over the last two months.

Of course when values drop it starts a cascade of events which last time ended with record foreclosures.

Just a few months back every sale was a new record price…

For those following are you seeing similar?

 

[2manyrocks]

Between high fuel prices with no end in sight and nervousness in the stock market, I don't see how real estate prices can continue to escalate like they have been.

Sellers have been getting sales contracts within a few days of listing with few contingencies and offers above list price. But then I saw a story saying 71% of buyers had buyer's remorse afterwards in the current market. As a former boss used to say, "decisions made in haste end up in waste."

It's about time for things to return to some kind of balance.

 

[Locoweed]

I see sales slowing down drastically. The boom seemed to stop as quickly as it started. One house close to me has been on the market for about 6 months. They recently dropped the price $30,000

 

[sea2summit]

If you got cash, I'm betting next summer will be a hell of a good time to buy.

 

[LS Tractor Owner]

My son just sold his house last month. Sold within 3 days of listing, at full asking price. His asking price was $120K more than what we sold it to him for a year earlier......

 

[4570Man]

Most of the stuff I’ve seen sitting around was people throwing out exorbitant prices that wasn’t ever going to sell. I don’t think the market has really slowed much.

 

[riptides]

Prices still going up, days on market steady for my area.

Did I mention prices are still going up? LOL

 

[2manyrocks]

I'm close to Nashville, TN which has been described as a "white hot" market for the past couple of years.

Some local realtors are saying that except for 2008, home prices really haven't fallen that much in slower times if one looks back at historical data. They also claim that mortage defaults are at all time lows and not to expect foreclosures like in 2008. They also say that the inventory of homes is low compared to demand from buyers moving to Nashville. So while there has been some decrease in the level of crazy buying (ie., buying off coming soon photos, no inspections, multiple cash offers above listing price), they are saying not to expect huge price reductions.

FWIW...their perspective.

 

[JPRambo]

I just closed on my Florida home sale yesterday. First asking price was higher than realtor suggested by $25K. Signed initial papers in 4 days. Sold for $15K above what realtor suggested. Now to get the builder started on new home in north Georgia on my <7 acres.

 

[scaredychicken]

My brother sold his place (Australia) last June 2021, via an Auction, because the bidding wars were ridiculous. The strategy was to have it on the market for a few weeks - listed with a high purchase price ($530k ?), then 3 days of Open House, with the Auction to follow. It must have been sealed bids or something. It sold for $680k, considerably above listing price. The agent did well I'm sure... no idea if it was a set fee, or a percentage though.

That was a year ago. Things are changing.

Meanwhile, my niece and her husband bought a townhouse in BC, Canada in 2021, also for a crazy price ... and they were delighted to get it.


I can't afford to sell, because then I'd have to buy.