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Cooling housing market could bode well for buyers
Kenneth R. Harney The Nation’s Housing
Don’t call it a “buyer’s market.” Don’t call it a “correction.” But the fact is that a sobering change is taking shape in the housing market — an unmistakable cooling trend that defies an economy that is showing impressive growth, has the lowest unemployment rate in years and the highest home-equity levels on record.
Anyone thinking of selling or buying a home shouldn’t ignore it. Doing so could cost you money, time and maybe a great opportunity.
I think everyone would be pleased if the Seattle area market is cooling a bit. I don't think no-inspection, no contingency bidding wars are good for anyone. They don't lead to sane, sound, decisions or good business practices.
Our market has been strong but healthy here in South Puget Sound... We've been a safe distance from the Seattle craziness, while benefiting from the strong general economy around the area.
Our housing market feels a little cooler because there aren't as many showings in winter as in summer, but the people who are looking *are* serious and they make offers. Our listing just went pending with three total showings resulting in two offers, at or just a little over list, in 8 days. Six days really... the seller thought about them for that long.
Our buyers currently pending made offers right at list. We aren't lowballing anything they are serious about, but the prices seem reasonable.
Oh - just keeping myself honest ( ) ... one current buyer did make a lowball offer and get the contract... but it was on a listing that had been sitting overpriced on the market a long time. Seller just needed proof of market I think. Reminds me a little of your situation, Grlzrl
It's good for the out nation and the economy and will hold off another housing bubble until those crooks on Wall Street and the big banks figure out a new scam.
There are bubbles. Just because housing isn't at the forefront of one right now doesn't mean there aren't bubbles or that housing won't be impacted. There are a few major bubbles right now but the most pressing will be Corporate debt, household debt (non housing) and Commercial Real Estate. We'll be talking about recession next year at this time.
I'm watching. I'm selling my house that has appreciated 30% since I bought it 4 years ago. I'll be buying in another state that is seeing high appreciation as well. I'll have to figure out how much I can buy the interest rate down.
I've said for 15-18 months that one thing holding inventory down is sellers looking at the higher rates today vs their last refinance during the recession that got them below 4%.
It's a good article, and the cold hard reality is - the rate of homes selling and the rate of appreciation don't always increase.
Sometimes, the quantity of houses sold will decrease. But I would take issue with using the word "sagging" to define a 2.4% decrease in units sold.
And if the appreciation rate decreases from 8% to 4%, that's not the end of the world either. It's a natural part of an economic cycle to slow in maturity.
All I am hearing is that the number of sales is down. Also that "inventory" is low.
At this point I am not seeing or hearing that actual selling prices are generally going down. Sorry, but fewer sales of fewer houses at the same high prices is not advantageous for buyers.
I wonder if we are in a "stalemate" market due to demographics. It seems many boomers like myself are not needing to move, our lifestyles are set, and in looking at other homes (even smaller than our current home) for sale in desirable areas, we are much better off with what we have. I think we captured the sweet spot of home prices (approx $200/sq ft.), low interest rates and tax deductibility.
I could not open the article but what does it mean "Anyone thinking of selling or buying a home shouldn’t ignore it.". What does it mean when market cools off? good for the buyer or wait and see when it levels out a bit? Sell should try to get house in now instead of later as it cools, maybe it is just seasonal cool. No one buys house in winter
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) ... one current buyer did make a lowball offer and get the contract... but it was on a listing that had been sitting overpriced on the market a long time. Seller just needed proof of market I think. Reminds me a little of your situation, Grlzrl 
