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Old Yesterday, 08:07 AM
 
18,697 posts, read 20,575,141 times
Reputation: 27513

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Quote:
Originally Posted by Berteau View Post
Iím new to looking for a home, but in the past weeks Iíve been seeing more homes with price reductions. Does this say anything about the market weakening?
Priced too high
The ďbuying seasonĒ is over
Seller needs to sell and move for whatever reasons they have.
House market is slowing


Take your pick of one or all.
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Old Yesterday, 11:40 AM
 
Location: Tucson Arizona
4,021 posts, read 1,718,465 times
Reputation: 10537
There's talk of a recession, and the stock market has dropped a few times lately. Housing prices are at 2005 levels (at least in the market I'm familiar with), but starting to fall.

I don't think this is a good time to buy. You'd probably be better off waiting a bit.
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Old Yesterday, 06:45 PM
 
1,982 posts, read 847,471 times
Reputation: 2182
Quote:
Originally Posted by steiconi View Post
There's talk of a recession, and the stock market has dropped a few times lately. Housing prices are at 2005 levels (at least in the market I'm familiar with), but starting to fall.

I don't think this is a good time to buy. You'd probably be better off waiting a bit.
There’s been talk of a recession and falling stock market for over a year now. I’m continuing to see falling home prices where I live though. It could just be temporary though. Homes are still getting multiple offers quickly from what I hear.
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Old Yesterday, 07:43 PM
 
Location: Raleigh NC
9,729 posts, read 7,364,217 times
Reputation: 8388
Quote:
Originally Posted by Berteau View Post
I’m new to looking for a home, but in the past weeks I’ve been seeing more homes with price reductions. Does this say anything about the market weakening?

if you're new to looking, please explain how you could see "more homes with price reductions (implies "than before")"?

it is very possible that now you're actively looking, it stands out more. And of course, if you only started looking a short while ago, you might not have noticed whether the homes that were under contract then had reduced their prices.

From Zillow (a poor source), your market seems OK. About 1/3 of homes on the market < 30 days and under contract.

Last edited by BoBromhal; Yesterday at 07:56 PM..
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Old Yesterday, 08:13 PM
 
Location: Florida -
8,824 posts, read 10,961,126 times
Reputation: 16870
Following the abnormal, double-digit 2004-07 housing price run-up, the entire RE market tanked with the 2007-09 RE bubble burst. These were dramatic price swings in what was traditionally a multi-decade, upward housing price trend.

Housing prices are still leveling-out with some sellers hoping for a return of 2004-07 price increases ... and others fearful that every small or seasonal adjustment in a local market, signals another RE 'bubble ready to burst.'

IMO, there is nothing on the horizon to drive the housing market back down, except unfounded, left-wing, media-fueled fears ('hopes') for a recession - prior to the 2020 election.
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Old Today, 06:10 AM
 
Location: Central Mexico and Central Florida
7,134 posts, read 3,518,345 times
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I've been following four local markets closely for the past few years and I too have noticed some recent softening in all four. Those in denial of this are more likely to be real estate agents, not any vast left-wing conspiracy.
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Old Today, 06:13 AM
 
1,982 posts, read 847,471 times
Reputation: 2182
Quote:
Originally Posted by BoBromhal View Post
if you're new to looking, please explain how you could see "more homes with price reductions (implies "than before")"?

it is very possible that now you're actively looking, it stands out more. And of course, if you only started looking a short while ago, you might not have noticed whether the homes that were under contract then had reduced their prices.

From Zillow (a poor source), your market seems OK. About 1/3 of homes on the market < 30 days and under contract.
Well I casually looked for about 10 months. The past 3 months I've been looking daily due to interest in purchasing a home. The past 3 weeks I'm all of the sudden seen a lot of price reductions I haven't seen before in the area I'm looking. I admit it could just be a fluke, but I wanted to hear others thoughts.
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Old Today, 10:32 AM
 
Location: Raleigh NC
9,729 posts, read 7,364,217 times
Reputation: 8388
Quote:
Originally Posted by Berteau View Post
Well I casually looked for about 10 months. The past 3 months I've been looking daily due to interest in purchasing a home. The past 3 weeks I'm all of the sudden seen a lot of price reductions I haven't seen before in the area I'm looking. I admit it could just be a fluke, but I wanted to hear others thoughts.
oh, it's not a fluke!

LOTS of people watch the real estate market, and often for a period of time before they enter the market as Sellers or Buyers.

So, just as you as a Buyer have been "watching prices", the Sellers do too. And Sellers hear "prices are up 7% a year!" (which often is a national not local figure) and so they too often take the last sale in their neighborhood, assume their home is every bit as good as the list price of that home, and then add 7%. Even if that was last month. Even if that last house actually sold for 3% off list price.

Or "let's try 10% over what you say, we can always reduce the price." Then the first 2 weeks, all the active buyers in that price range come to see the new listing, but don't buy it and their feedback isn't "it's overpriced by 10%" ... because they don't necessarily want to hurt anybody's feelings. And the seller says "But they didn't say the price was too high!?!"

Buyers are pessimists.
Sellers are optimists.
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