Community Chat

[BoopOMatic]

 In your area, do you see the prices of homes for sale dropping at all?

 I keep reading that real estate prices will be falling any time now, but I don't see it happening yet.

[gertrudecloset]

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@BoopOMatic wrote:

 In your area, do you see the prices of homes for sale dropping at all?

 I keep reading that real estate prices will be falling any time now, but I don't see it happening yet.

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Nope.  It's just the opposite.  Prices are high and rents are even higher where I live.  It's hard out here for a pimp!  LOL

[On It]

It is not happening in my area of West Texas or in Ruidoso, NM. I watch those two areas daily. Essentially those two areas have many of the the same buyers and sellers.

I have noticed the higher priced homes in Las Vegas are being reduced in price. There does not seem to be a significant drop in price in the Palm Springs area. 

[cjm61]

Yes, although California housing prices drop at a slower rate. We keep track of most homes selling and up for sale in several different areas, Colorado, California, Arizona and Hawaii. A year ago most every home not only sold, but sold above asking price. Currently, we get daily notifications of homes being reduced in price more often than sold notifications. It's on a downward trend. Our company builds homes, and yes, most definitely home sales have dropped causing prices to lower. 

[icezeus]

Yes, in southern California where I am located.

I had my house on the market for 2 months. I had two brokers and 2 couples come and look at it but no sale. Much more inventory is available.

Some homeowners started dropping the price of their homes for large amounts of money to try and obtain a sale. Others such as myself just decided to remove their home from the market, and wait for it to cycle around again. 

With the interest rates going up it's harder for people to qualify for the homes that they may want.

[Rockycoast]

No, prices are not dropping in my coastal area. They are still over the top high. Out of state buyers are paying the price. There is a slight slow down of how fast the houses have sold, but the owners are still getting the price.  When you live in a desirable area, it is the last to see price drops.

[ValuSkr]

I think it depends on the area.  Areas that over-heated the most are cooling-off at a faster clip. 

[FLtricia]

In my area in Florida it is mixed right now.  I am seeing many listings dropping prices, not $500 to draw attention but from $5,000-$20,000 depending on size of home.

New listings are also mixed.  Some are listing at the same high level that recently would sell overnight above asking, but for the first time I am seeing listings at less than $300,000.  

And in checking recently sold homes, many are selling below asking instead of well above asking.  I am not a realtor, just someone who likes scanning Realtor.com and Zillow.  I believe we are at the edge of the cliff, and the market could either linger there or crash.  I do hope prices come down more because so many families cannot afford to buy a home and that is sad.  And rental rates for them are super high.

[Kachina624]

I'm seeing lots of real estate listings where prices are being INCREASED.  There's still a shortage of inventory and virtually nothing, house or apartment, for rent.

[Sooner]

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@BoopOMatic wrote:

 In your area, do you see the prices of homes for sale dropping at all?

 I keep reading that real estate prices will be falling any time now, but I don't see it happening yet.

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@BoopOMatic Where I live they may have cooled some, not everything is selling fast, and prices for not-so-great homes are somewhat lower.  I see prices on those being reduced several times from starting hoped-for price.

The really nice ones in the best areas are still going for top dollar though.  And selling fast.