Seeing More and More Reduced Prices

[Terrel L. Shields]

This is old news.

Kinda but here the number of sales continues down and that translates into fewer mortgages, but we were doing pretty well until mid summer although down overall. Building OTOH is still going nuts.

 

[Terrel L. Shields]

More and more posts like this.

Need Buyers​

______@___________via flexmls​

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The seller is very motivated to sell, bring all buyers and​

offers! Just dropped the price to $185,000.00​

The problem is that there are not many buyers, and I doubt a lower interest rate is going to increase traffic back to the boom days.

 

[jay trotta]

Ran into an agent I know the other day who had a $2M dollar Buyer on a waterfront property just up and ghost him. Won't return calls, text or emails after showing various properties over the past few months.

 

[RCA]

This is just one agent - and all listed this year but on the market pushing several months

MLS 24-1004 From $424,900 originally to $374,000 w selling agent
bonus of $1,000
MLS 24-899 From $450,000 originally to $399,000
MLS 24-845 From 470,00000 originally to $449,000

San Mateo County, CA

- And now the interest rates are dropping, - so prices should go up. We'll see.

 

[Fernando]

San Mateo County, CA

- And now the interest rates are dropping, - so prices should go up. We'll see.

I was working on an appraisal in RCA's hometown before I left for vacation.
I was surprise subject as well as comps had assessor lowered their assessed value from 2 years ago. Percentage ranged from 5% to 15% drop.
I was surprised and the data supported a slow decline which one can only see by stepping back.
My subject's assessed value was significantly lowered from its original purchase price which was among highest sold in neighborhood at that time.
I don't understand why refinance since value hasn't gone back up and mortgage rates now are higher than back then.

 

[RCA]

I was working on an appraisal in RCA's hometown before I left for vacation.
I was surprise subject as well as comps had assessor lowered their assessed value from 2 years ago. Percentage ranged from 5% to 15% drop.
I was surprised and the data supported a slow decline which one can only see by stepping back.
My subject's assessed value was significantly lowered from its original purchase price which was among highest sold in neighborhood at that time.
I don't understand why refinance since value hasn't gone back up and mortgage rates now are higher than back then.

Your anecdotal comments are meaningless. Why don't you do a little research and present some useful information?

Pacifica house inventory occasionally runs dry. Supply and Demand Issue. In 2021 and 2022 we had the usual downturns in activity in Winter, but it was also a somewhat severe downturn in supply that forced precises to be excessively high. Assessors of course don't reassess property unless they are prodded to - and usually it is because some homeowner hired some appraiser to appraise the property during a price downturn to get it reassessed by the assessor. So January 2022- January 2024, the average price did drop 1.6M to 1.2M. And we see in Hillsborough the price also dropped from about $6.5M down to $4.5M. This is just looking at monthly averages and I am sure the assessor would have smoothed out the downturn over at least several months.

 

[Fernando]

Your anecdotal comments are meaningless. Why don't you do a little research and present some useful information?

Pacifica house inventory occasionally runs dry. Supply and Demand Issue. In 2021 and 2022 we had the usual downturns in activity in Winter, but it was also a somewhat severe downturn in supply that forced precises to be excessively high. Assessors of course don't reassess property unless they are prodded to - and usually it is because some homeowner hired some appraiser to appraise the property during a price downturn to get it reassessed by the assessor. So January 2022- January 2024, the average price did drop 1.6M to 1.2M. And we see in Hillsborough the price also dropped from about $6.5M down to $4.5M. This is just looking at monthly averages and I am sure the assessor would have smoothed out the downturn over at least several months.

So your data do show prices dropped from $1.6 million to $1.2 milllion. Your data shows homes overall in the city. I looked at subject and also homes that sold in late 2021 and 2022 and depending on the month, assessor adjusted percentage differently. If more homes sold in higher end, average price will be higher. Same as more homes sold in lower end, lowering average price. At time during 2021 and 2022, appraiser can't see the changes. Now stepping back and seeing the price drop, I can see how higher mortgages affect sales price. Through the years, I noticed your city's prices more affected by mortgage rates.

I checked with homes sales during that time in my hometown and I didn't see decrease in assessed value (from purchase price). Each city in Bay Area different in changes in price.

 

[RCA]

The additional factor of mortgage rates is intertwined with other complex factors. Let see how far you can get with that. …

 

[RCA]

The additional factor of mortgage rates is intertwined with other complex factors. Let see how far you can get with that. …

Hint 1: https://ktla.com/news/those-leaving...these-cities-the-most/?ipid=promo-link-block1

 

[Tim Hicks (Texas)]

I have been checking the oversupply box on most assignments for a couple of months now. Yet somehow the market times are still 0-90 days in most cases.