Real Estate Days on Market?

[bmaverick]

Here in the West I’ve noticed a marked slow down in the Real Estate market starting with inventory up, days on market longer and price reductions.

Price Reductions unheard of for a long time now becoming common and the change happened quick just over the last two months.

Of course when values drop it starts a cascade of events which last time ended with record foreclosures.

Just a few months back every sale was a new record price…

For those following are you seeing similar?

Your state is one of many that people are fleeing from. The other states were freedom, lower taxes, jobs, and cost of living is better are in such high demand, homes can't even be listed before they are sold.

4,000 people per day are moving out of Washington state. Even the employers in that state no long can find people to back fill the positions. Washington and many other states with corruption are having people from all walks of life leaving. You think taxes in WA are high now, as the tax paying people leave, those left have to pay even more!

 

[Doorman63]

Our “main house” area……suburban Chicago.
Values are ridiculous!!
I now live in an almost 1/2 million dollar neighborhood……my house isn’t honestly worth would I could sell it for.


Southern illinois “farm”…..value is up but not stupid high

An 11 acre lot a few mins from us went for $83,000 last month at auction. No power/water. It is pretty but not THAT pretty.

I called electric company because we were gonna bid on it….approx $2000

Water…….$20,000!!

Septic……$7500

 

[bmaverick]

Our “main house” area……suburban Chicago.
Values are ridiculous!!
I now live in an almost 1/2 million dollar neighborhood……my house isn’t honestly worth would I could sell it for.


Southern illinois “farm”…..value is up but not stupid high

An 11 acre lot a few mins from us went for $83,000 last month at auction. No power/water. It is pretty but not THAT pretty.

I called electric company because we were gonna bid on it….approx $2000

Water…….$20,000!!

Septic……$7500

As values go up, so do the property taxes. That's the name of the game.

That septic price isn't that bad. The water is high for drilling a well. It's not the equipment really, it's the permits !

 

[plowhog]

Here in the West I’ve noticed a marked slow down in the Real Estate market starting with inventory up, days on market longer and price reductions.

Been in real estate a long time. Even with recent pullbacks, I'd still rate the market as hot-to-redhot, compared historically over the years.

When interest rates started rising, all the brokers knew property values would fall. Those two metrics are tied together in an inseparable way. The higher the interest rate, the larger your mortgage payment for the same sized house.

 

[deezler]

Just starting to notice some price cuts on local zillow listings searching around here - haven't seen that much over the last 2 years. I do think there is a sudden cool-off in the market going on.

Trendy cities/towns in Southeast Michigan with desirable neighborhoods saw absolutely STUPID price inflation over last 1.5 years or so. Like $400-450,000 for 100-yr old, 900 sq ft, 2br/1bath cottages with no garage on the "old west side" of Ann Arbor.

Can pull some free data here, but it's not real specific or current:

Housing Data - Zillow Research

Note: We make frequent changes to the download paths for CSVs and ask that users who have standard code to ingest our data consider switching to the Econ Data API to avoid that code being affected by these changes. DEFINITIONS OF HOME TYPES All Homes: Zillow defines all homes as single-family...

www.zillow.com

 

[Citydude]

No one got the memo on price reductions in Jackson Wyoming

595 E Kelly Ave, Jackson, WY 83001 | Homes.com

This home is located at 595 E Kelly Ave Jackson, Wy 83001 Us and has been listed on Homes.com since 6 June 2022 and is currently priced at $2,300,000, approximately $1198 per square foot. This property was built in 1978. 595 E Kelly Ave is within the school district(s) Teton County School...

www.homes.com

 

[2manyrocks]

Your state is one of many that people are fleeing from. The other states were freedom, lower taxes, jobs, and cost of living is better are in such high demand, homes can't even be listed before they are sold.

4,000 people per day are moving out of Washington state. Even the employers in that state no long can find people to back fill the positions. Washington and many other states with corruption are having people from all walks of life leaving. You think taxes in WA are high now, as the tax paying people leave, those left have to pay even more!

There were some articles published in Nashville saying that part of the rapid run up in real estate prices was due to people selling homes in places like California and then having more money to spend on real estate in Nashville than the locals. I'm guessing the local government likes the increased tax revenue, but I don't know where working people can find affordable housing there these days. I've seen some nutty prices on lousy houses in what were undesirable neighborhoods. I sort of doubt that those neighborhoods are really any better when it comes to schools or crime rates even though they are much, much more expensive than they were 10 years ago.

 

[JJT]

No slow down here, yet. If the property is priced right, they are getting multiple offers way over ask in the first few days of being active. My son has been outbid on 8 condo's in the past 2 months, several by 20%, some with no inspections and all cash. First time homebuyers are getting triple pinched, price escalation, interest rate run up and competing with buyers with a pocket full of cash from their own sale. I'm hoping things settle down soon. We are seeing a little more inventory hitting the market, but it doesn't last long.

 

[ultrarunner]

Very possible the shift is more SF Bay Area centered at the moment.

My first clue is the price reductions hitting my in box.

The city had also called all future rent increases at 3% which after the last 30 months is sending a chill along with other renter measures preventing owners from moving into their own property at the end of lease without relocation fees... etc.

It will be interesting to see if buyer remorse is widespread.

Not only were buyers over bidding but the gutting before moving in...

Of course those that believe inflation will continue often bet on Real Estate.

 

[flyerdan]

My next door neighbor was a real estate agent, only reason I know anything about trends here. A year or so ago places were going for over the asking price, and getting glommed up quickly. It's trailing off now, with listings being on the market longer; I think that due to interest rates, inflation, and the cost/availability of building products for changes, people are waiting a bit to see what shakes out in the next six months or so.