Seeing More and More Reduced Prices

[Terrel L. Shields]

what people think is coming

Wall Street seems to think they can dictate the interest rate to the FED and they may be right. But if prices fall, and layoffs continue, well, then what?

 

[Joe Flacco]

I'm sure prices are falling in some places but I don't see any signs that a meaningful decline in national numbers is imminent.

 

[Joe Flacco]

We could get a recession and at the same time see prices at the national level continue higher.

 

[Joe Flacco]

Good news is that sales are not declining anymore. Stabilized.

 

[Terrel L. Shields]

Demand for mortgages to buy a house has plummeted by 44% from pre-pandemic levels, and is now in the biggest collapse since the 2008 housing crisis.

 

[jay trotta]

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"

I like to call it travel from Uranus (Pluto for the farthest reaching) to Earth

 

[Joe Flacco]

Demand for mortgages to buy a house has plummeted by 44% from pre-pandemic levels, and is now in the biggest collapse since the 2008 housing crisis.
View attachment 91031

This is old news. We have been at these levels for a year now.

 

[Gobears81]

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!

This is what I'm seeing on the commercial side. The asking prices aren't realistic, so a longer marketing time or price decrease doesn't mean much in this area.

 

[J Grant]

Reduced prices relative to what?
I am seeing more price reductions and reduced marketing times on MLS. However, prices were so crazy high that it is more a leveling off,

I might use the term price correction rather than a decline to describe what is happening -

 

[Tom D]

I might use the term price correction rather than a decline to describe what is happening -

That's right. So stable is not a good thing anymore.

This r.e. inflation and inflation does no good to the middle or lower class. It destroys the value of cash. It only halps the governments to now collect more money from your higher values.