Comment by darth_avocado
1 day ago
“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.
(All data available on redfin: https://www.redfin.com/us-housing-market)
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.
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.
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!
2 replies →
Yes. I know. I wonder if they persist in asking too much because they're overly leveraged. My second paragraph.
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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.