Real Estate/Price of Homes Dropping? - Page 2

deepwaterdotter · ‎03-09-2010

In my area of Wisconsin prices are a bit lower, but sales have dropped dramatically. My friend who is an agent said fewer people are qualifying for a loan. She also said that more homeowners are electing to remove their homes from sale when buyers are not showing interest at the listed price.

Shelbelle · ‎03-09-2010

Here too, high as hell!!

BoopOMatic · ‎06-08-2021

We'd love to find something move-in ready before cold weather sets in, but we're not paying these insane prices. So we may be waiting quite a while...

phoenixbrd · ‎03-27-2010

@BoopOMatic We follow the RE market closely daily. Inventory is key and it is increasing. Houses are going down but holding strong in certain specific locations i.e., California is going down but Santa Barbara CA is holding. You can follow You Tiube videos that will give you the statistics on inventory and specific up/down prices in different locations.

Of course interest rates are critical, but many other economic considerations factor into the decrease. Realators are aware of the downward trend...some sellars are still placing a covid jump price on the house realizing they have missed the gravy train...doesn't mean they will sell at that price and often they are taken off the market.

Check Zillow for the price history on the house and how many days it has been on the market. The insanity of the covid hike is no longer and people are not as willing to pay the exhorbatent price hike....even those from out of state with cash. When possible, they are sitting on the sidelines to reap the lower future prices.

@BoopOMatic Patience will pay off. That's what we are doing. Sad situation due to our economy, but a plus for those waiting to buy. Check Zillow for the area that you want to purchase. We check what the seller paid for the house...if they jacked the price up 200,000+ dollars over the last two years, we won't buy. Don't want to get caught in this depreciating market. Usually...we notice these houses sit and eventually taken off the market because that bull market doesn't exist anymore except for a few areas.

Just some thoughts....good luck and happy house hunting!

deeva · ‎03-09-2010

Prices aren't dropping, but homes are taking longer to sell.

And there aren't enough apartments for renters, so the prices are high.

tansy · ‎01-02-2011

Houses in my neighborhood are not selling quickly anymore. Most of the sellers are priced too high for the current situation.

homedecor1 · ‎03-09-2010

Not here the houses sell so fast they don't even get the realtors sign on the yard.

If I was in the position to do so I'd sell in a minute and move into the new over 55 villas they've built near us. They are beautiful and offer the nicest amenities - no golf course but I don't golf so that would be ok for me.

The houses are being sold sometimes $20-30,000 over asking -- I just scratch my head!

phoenixbrd · ‎03-27-2010

@cjm61 Agree with your assessment. You are a qualified observer of the RE market and we follow the trends and facts for inventory and price cuts as well as economic indicators. It's a good place to be for potential future buyers.. Thanks for your input.

@cjm61 wrote:
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.

phoenixbrd · ‎03-27-2010

@tansy Yes, the gravy train has left the station...

@tansy wrote:
Houses in my neighborhood are not selling quickly anymore. Most of the sellers are priced too high for the current situation.

gertrudecloset · ‎02-13-2021

@deeva wrote:
Prices aren't dropping, but homes are taking longer to sell.
And there aren't enough apartments for renters, so the prices are high.

This is the problem in my area @deeva . Rents have become astronomical. Part of the problem was the moratorium on evictions because of the pandemic. Landlords could not evict people. At least in my state. Now that evictions can proceed, when people move out or are forced out the rents are raised very high in order to make up for the lack income landlords had early on in the pandemic.

Though in NyC rent has always been too high.

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