Seeing More and More Reduced Prices

[Terrel L. Shields]

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

 

[Dublin ohio]

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

I am seeing some of the same in certain areas. Just finished one a few miles from the Ohio Intel project. Agents seem to be jumping the gun on the demand for permanent housing. The permanent jobs are coming but are still probably 2-3 years away. Current demand is for short term housing. The project is in a somewhat rural area. So not much short term housing available. The closest suburb is far too expensive and has very limited short term housing. Workers are commuting from more affordable areas or using alternate short term housing such as RVs. Our MLS needs to clean up the way agents are listing some of these residential properties. There are quite a few that are listed as residential. But when you see the list price and commentary it is obvious they are listing them as potential development property. What would typically be a $500K-600K property are listed for $1.4M and have been on the market for up to 400 days. When the typical market time is below 90 days. It is screwing up the stats

 

[Joe Flacco]

It's normal to see price cuts to start increasing around this time of year. Part of normal seasonal patterns.

But definitely seems like buyers are more selective this year than past few years.

 

[RSW]

They call it a "Price Refinement " around here. Kind of like pre-owned instead of used

 

[Overimprovement]

Seeing some of this in my local market too. I think the effect will be short-lived though once rates start dropping. Where I work, we are expecting a relative onslaught of commercial deals. Those are particularly sensitive to the 5 year treasury rate, which dipped back below 4% recently and are expected to go lower.

 

[Terrel L. Shields]

 

[Tom D]

If a house is overpriced and shoots past it's marketing time, still sitting there, it will become invisible on the MLS with no one showing it. And if sitting there a while, a lower listing price will not help. It becomes a ghost listing.

Can't say why, but i've seen it over and over. It becomes a problem to the seller, who may have been greedy, with a need to sell it.

 

[Elliott]

I'm around two markets in Oregon and Nevada. Three years ago there were no listings. When rates went up, it took six months and then lots of new listings. Now the list prices are what would be expected if you believe properties have appreciated and there is high demand. So in one market there are three new listings, nice properties at $1.2, $1.4, and $1.5 million. And they sit, not swept off the market. The 'cost' to buy a house has risen 80% and demand on the high end of the market is soft. Eventually the market will correct.

 

[Joe Flacco]

Price cuts are lowest for the year in December and peaks around August-October. 2024 is highest for June though in the last 10 years.

 

[djd09]

ouch...