Seeing More and More Reduced Prices

[Overimprovement]

I think this problem will keep getting worse as basic SFR homes become more and more an investment for foreign interests. Not too long ago, the basic American home's supply and demand curves tended to be made up only of individual people in that market. While supply is not changing, (til more homes are built), the demand seems like it will consistently rise over time.

 

[J Grant]

seeing it here on a number of properties - that said, prices are still high in many segments but not as crazy high

I like to call it a "price correction"

 

[Bill75]

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

It's "price improvement" here

 

[Mark K]

Seeing it here in most price ranges except starter homes, $250- $300K, +/-. Interest rates and sellers unwilling to move up and buy into 6%+ mortgages are having an adverse effect on the market. All of those 3% refi's will stifle the market for a while.

 

[Terrel L. Shields]

Divvy homes - Raised a billion to buy homes, double the rents, ends up with vacant houses - laying off staff.

 

[timindp]

That's because sellers are initially setting the price too high and dumb Realtors just go along with it just to get the listing in most cases. When do you actually see a listing priced to sell? It's super rare to see those homes priced below the comps unless they really need to sell it. Asking 800k for a 675k house just won't fly. Then the seller get's insulted with low offers. LOL
Listing agent comes back 90 days later and calls it a "Price Improvement" LOL Yea, chase the market newbies. People are just plain and simply greedy!

 

[J Grant]

That's because sellers are initially setting the price too high and dumb Realtors just go along with it just to get the listing in most cases. When do you actually see a listing priced to sell? It's super rare to see those homes priced below the comps unless they really need to sell it. Asking 800k for a 675k house just won't fly. Then the seller get's insulted with low offers. LOL
Listing agent comes back 90 days later and calls it a "Price Improvement" LOL Yea, chase the market newbies. People are just plain and simply greedy!

Shakespeare would have a field day with it - greed, betrayal, fighting for territory - nothing has changed-

 

[Terrel L. Shields]

Just in my email - a small commercial lot in a small town -

"Seller dropped the price by 50%. Now only asking $35,000 in this"

While supply is not changing, (til more homes are built), the demand seems like it will consistently rise over time.

Well, maybe not elsewhere but we have more new homes going up than in any time in this region's history - I would guesstimate there are twice as many homes under construction here than in 2008. And a huge number of them are over $600,000 list price. Even Horton has shown up in small towns and building out dozens of houses. $300-350k - cheap crap - real cookie cutters and I drove by year-old Horton houses the other day and the siding was warped and bulging on several sides of the dwellings.

 

[Terrel L. Shields]

Despite lower mortgage rates, applications continue to fall - OK...With a half point drop, do you think that's going to really stimulate a lot of mortgage activity?

 

[shrubberyvaluation]

View attachment 90565
Despite lower mortgage rates, applications continue to fall - OK...With a half point drop, do you think that's going to really stimulate a lot of mortgage activity?

I think it has more to do with what people think is coming, if they think its gonna go down more or bounce back up.