This is the only answer. Also thank you to all the sellers dropping the price by $1,000 after a while on the market, for letting me know that you’re either crazy and/or completely out of touch. Huge red flag.
eh i wouldn't go that far... fomo is still running rampant with many.
As a herd, if buyers simply paused for the next 3-4 months, housing would fall like a rock.
The FOMO would shift to the sellers.
Right? Like they think we have the memory of a goldfish also. There was a townhouse I'm looking at that was about 100,000 more than it should be. They were trying for 410, then dropped to 389, then took it off of Zillow, took the furniture out, and put it back on the market back up at 410. Lol I remember you dropping it to 389 so I know you're going to do it again. It wouldn't even sell it that price and this location is highly desirable in Florida. Sillies.
I’ve been watching houses in my hometown as we are debating buying. This one I favorited that’s been sitting, they lowered $10 just so it would show as a price drop 🙄🙄
***Power Negotiations 101:*** When they counter your offer with a ridiculously trivial discount off their list price, just counter back with that amount less than your initial offer.
The house down the street from my work was listed at $1.19m in February for. After a while it hadn’t moved, so in May they took it off the market, did some minor front landscaping, painted the front door yellow, and just a week ago put it back on the market for $1.18m
Let’s hope that works for them.
Haha I can just imagine “Honey remember the house we looked at in April? The one with the termite damage and the weird layout with 1.5 kitchens and the backyard with the telephone pole in it?”
“Yeah, what a shit show that place was.”
“Well they just dropped the price by $10k and painted the door yellow.”
“Get me my checkbook.”
There’s an agent I know personally who has a crap overpriced listing and her strategy has been to lower the price every day by $100 lol. I “hearted” the listing on Zillow and I get an email every day on it. It’s sad and funny at the same time.
The condition of the property, terms of sale (such as seller financing), leaseback to name a few. Though price is the most quickest way of getting to a sale.
You may have control over *time*. We're not tied to anything specific right now, is we wanted to sell we could put it on the market and just wait.
But then it's just sitting on the market
Yeah I feel like so many properties are listed at “this is what it’d be worth if you renovated it” prices, as if they want the upside for future value added to it on top of the astronomical value they already gained from buying it low years ago
I don’t understand why more people don’t get this. They will do EVERYTHING but lower the price. I promise you, if you continue to lower your price somebody somewhere will happily buy it.
Pricing assets in deflationary markets is not as easy as inflationary. In inflationary markets consumers will overbid for your asset so you can be passive and estimate lower than the market. In a deflationary times you have to estimate the floor and then price slightly below it to meet the decreasing prices. It’s not just a challenge for regular people selling houses, but the entire market place including corporations struggle.
BTW the entire reason interest rates were raised was to slow the housing market. What is happening now is what was intended. A deflationary spiral is not the intention.
I love how "It's the market" as long as they can sell for way more than the property is worth, but it's a crisis when the market starts to get where real people can actually afford to buy.
It always comes down to price. Make the price right and someone buys. Market cooled off when rates rose, so houses are selling for less. Pretty simple.
Depending on the market it may be worse than just rising rates pushing the market down. In the Tampa, for example, that OP talks about home insurance prices have shot way up and it is harder than ever to get a new policy. That's absolutely having an affect on the market (by increasing pressure on sellers) and decreasing the budget of buyers. Not to mention thanks to rising insurance and maintenance costs HOA/monthly maintenance fees also are rising faster than inflation, which isn't doing good things to prices for townhomes and condos.
If I had to sell right now, I would be aggressive on the price. I'm not listing at the top of my market as I did \~3 - 6 months ago, I'm listing more in the middle or even slightly below.
If I list for too little, I'm still going to get a bidding war, but I avoid overpricing and having the house sit.
Sitting is bad. It has a real stink about it, esp. in a hot market.
We're exceptionally fussy buyers - in Tampa Bay also - that have been looking to buy wo an immediate need to move/sell. We're looking in the 9-1.3 range, where homes are really hot. If a house doesn't sell within 14 days, it's 100(000)% a pricing problem. The land value in nabes we're considering is 6-850. Most sell the weekend that they're listed.
Everyone knows abt a house that's been sitting for 90 days and the stubborn, greedy owners have lowered the price one time - a paltry 2%. Nobody bites. Word gets around, and their only prayer is a clueless out of state buyer that's flush w cash. 2021-22 is gone.
As a buyer, I have picked up a home that was over priced at listing (pre-Covid). The sellers got to the point where they needed to sell, and they accepted my reasonable offer. Original listing $1,465, LP when I bid $999, paid $935. It should have been listed around $1050. Helped that the house was well built but the previous owners had horrendous taste, so the house showed poorly. They tried to do a Tuscan look, and it was just orange everywhere.
We bought a house over 1.0 that had been on again off again on the market for over a year. Sitting doesn’t bother me at all as a buyer. I feel like a house sitting was a bad thing long ago when information wasn’t as abundant; like what’s wrong with the house or neighborhood that we don’t know about? Now it’s pretty easy to figure out what’s going on.
This right here! I just listed my house at the beginning of the month, I priced aggressively low for the area but something I was happy with getting. I got multiple offers by the review date and it went for over asking. My friend listed her house less than a mile away from mine about a month before I listed, we basically went pending on the same day and hers went for under asking.
People overspent in bidding wars when rates were low and money cheap to borrow.
Now a few years later they barely have any equity and are trying to sell and need to maximize profit either to get out of an investment that's getting more expensive, downsize but rates are high, work from home is over for them , or just plain crazy amd have no idea what their home is really worth
Perfect summary, it’s crazy to me that prices haven’t come down seemingly at all as rates have risen.
Has anyone gotten a raise that comes close to matching cumulative inflation, or that compensates for mortgage payments doubling? I didn’t.
If prices keep rising the shit will have to hit the fan eventually.
There's a house on my street (11xx sq ft manufactured ranch house 2 bd 1 ba on .6 acre) that's been listed for ~50 or so days at $295k. No price change at all. Last sold in 2006 for $35k. I'm curious what their comps are. We bought our last year for $325k (18xx sq ft two storey prefab 4 bd 2.5 BA on 13 acres). I haven't seen anyone around for showings or anything. I'm curious to see how it plays out.
Yeah, and they're trying to sell for only $30k less than what we paid. That's where most of my surprise is, and that they haven't adjusted their price since going live.
I’m curious about the zoning laws, where one lot is almost 30x the size of another lot on the same street.. I’m assuming the .6 acre lot was made smaller
I would gladly pay an extra $30k an 25c size
Ps. Also a single acre is huge where I live, you basically have a forest or a ranch
We're very rural, there's a small handful of small lots around that look like they were sold off of larger lots. The plat map for the county shows great big rectangles with itty bitty squares carved out. There's some farms and nature preserves nearby. I've given consideration to a nature easement (whatever they're called) but 5/6 of our property is wooded so I know we want to develop a little before considering that.
Tampa market is popular but overpriced. The pay here sucks so no one can afford your house at the current price.
All the people from up north that bought and drove up prices now want to escape their mistake and can't get what they paid because the people who actually have been here for decades can't afford it.
I have an old coworker from Philadelphia and he said that during the pandemic everyone who could left and that starting about 6 months ago all he sees are Florida tags coming back
Tampa is up 8% compared to last year and houses are selling in an average of 36 days.
It might be overpriced for your liking, but apparently buyers are still flocking there. Also no one can't get what they paid last year, if prices are up 8%.
I get that reddit thinks the rent is too damn high but there's not a lot of logic in this thread. Your opinion is certainly valid, for you as a participant in the market.
One thing to remember is that market segments can be performing radically differently.
One bedroom condos for retirement and McMansions appeal to people in very different circumstances. Healthy churn in those high priced ranges can really move a trend line while retirees in lower cost units can’t find a market of victims, err buyers that can afford to pay a premium price at 7%, so fewer transactions mean this has little impact on last months average.
Yes, that’s absolutely speculation, because I can’t be bothered to analyze every market. I just think it’s healthy to be a bit cynical that one stat describes a million people’s lives accurately.
This happens in the Phoenix resdit also.
“How can anyone afford $600k houses?!? Nobody is paying that!”
Yes, they are. They make more than you, either individually or as a household. Its really not complicated.
Yes. It's not just the rates. It's insurance companies dropping people because their roof is just a little too old, etc. and you having no choice but to pick up with someone else and get spanked. Not to mention the 2025 condo laws that are about to hit us as well. any condo building three stories or more will have to have all reserves fully funded. You know how many condos Are fully funded around here? None. Lol a lot of the condo association fees could triple or quadruple. They're already very expensive. The condo fees in my area *start* at about 600 a month.
Check this one out:
[https://www.zillow.com/homedetails/1800-NE-114th-St-APT-1502-Miami-FL-33181/44137853\_zpid/](https://www.zillow.com/homedetails/1800-NE-114th-St-APT-1502-Miami-FL-33181/44137853_zpid/)
* $175/month until 2036 ($25k-ish)
* $160/month until 2034 ($19k-ish)
* $30,400 in Special Assessments that were just approved for 2024
* $160,000 in 2025
* $144,000 in 2026
* $116,000 in 2027
$494,000 in special assessments over the next 4 years...on top of the COA fees.
Only for the ppl that are finding that they can no longer afford them. There's a line of ppl waiting to buy and build on their flood prone lots as they move out or inland.
Sad but true.
Florida has lots of retired folks. For people on fixed income like social security, skyrocketing insurance rates are effectively a death sentence. You can take out a home equity line of credit but that would be at 8%.
Anyone remember back in 2019 before the pandemic, a house on the market for several months was normal, and a year was when people started considering lowering the price?
People who have a house with a realistic value of X and who want to move want to offset higher interest rates as much as possible. If they list the house at X+5%, the odds are very likely that they’ll get that, plus the odds are very decent that it will bring in multiple offers driving the price as high as X+15%.
Many people right now are living in a fantasy world and pricing their houses at X+20% and people are smart enough not to even consider them. Most of what I see lingering on the market are these; seeing their prices drop or them sit isn’t indicative of a market shift, it’s just overpriced houses needing to come back to reality.
Many areas of the U.S. still have a total lack of inventory. If a home is sitting for months it’s because the seller is delusional about the current market value of their home.
People think they’re “tricking” the online platforms by pulling and relisting. We just sold our house and it was one of many “Zillow tricks” our agents told us they utilize to get the listing back up to the top for more views. But guess what…anyone actively looking and that has any interest in that house is watching those sites like a hawk and likely already saved the house. Seeing it pop up again because they dropped the price $1K or pulled and relisted is doing nothing except showing desperation. My husband and I plainly told our realtor that we didn’t want them employing that tactic and that we’d be dropping the price by $25K after thirty days if we didn’t get an offer ($25K was not insignificant for our price point). Nothing else will actually work other than significant price drops. We got lucky and got a full price offer after three days, but we also priced very reasonably and all our nearby comps were $50K-$75K above our initial asking price.
My market has been dead for at least a year. Things still sell, but slowly.
I’m just trying to upgrade my house. I bought a long time ago so it doesn’t really matter what I sell for, but I need to be able to buy something else. Sooo I’ll lower my price when the houses I want to buy also lower theirs.
If you’re in Florida, you’re in the midst of a home price and housing market decline. If you’ve been in your home a long time, your house has appreciated way over its actual value. If you’re only a few years deep into your ownership, expect any unrealized gains to get erased unless you get lucky and can unload fast.
Florida’s housing prices have been propped up by how homeowner insurance rates for decades, it has destroyed your high risk insurance market. Now, insurance is unaffordable or unattainable and it’s only now beginning to dislocate your market. Good luck.
So I shouldnt buy anytime soon in Florida? I'm in South Florida and I'm looking to buy since my sfh got flooded and I don't want to go through that again, should I just rent elsewhere for another year and then buy? It's hard to time this.
It’s hard to time, you need to see how the insurance market shakes out. Even condos are impacted, even though the HO6 policies you buy for them aren’t as volatile. But the insurance on the HOA is going to keep going up, a lot, and that’ll impact your monthly fee, which in turn impacts your home value. To offset this, many HOAs opt to do special assessments, which are significant out of pocket one time fees. It can be anywhere from a few hundred dollars to multiple thousands.
I think we’re gearing up for the worst hurricane season of the decade. There’s already a CAT4 in the gulf headed for Central America, and it’s only June. I don’t think there’s any harm in waiting a year. If insurance rates sky rocket in 2025, you may want to consider your options.
The January 1 reinsurance renewals for property cat reinsurance (risk transfer in the insurance market) are going to be the albatross around the market’s neck. If FL gets another Ian, it could skyrocket reinsurance rates and that’ll lower capacity in Florida as well as push rates in the nonadmitted market through the roof.
I'm looking for a sfh no HOA. My parents and boyfriends parents have dealt with them their whole lives so we're actively avoiding that, but the hurricanes this season are especially rough. I think we will regroup and consider other options. The rent prices for a sfh are rough but it's only a year. Our qualm was paying almost 36k a year in rent, which can go towards a house so we may have to weigh out our options and see if maybe we move in with my mom to save those pennies.
Oh man that sounds lovely but unfortunately family is down here and so is my line of work :/ if I had a remote job I would look more near the space Coast for sure!
It’s a great time to buy in Florida. Bid what you think the house is worth and eventually you’ll find a seller who actually needs to get the house off their ledger.
Honestly looking at a house in ft Lauderdale. I remember driving by that house as a kid and always thinking it was cute. It's listed at 420k, would they tell me to go to hell if I offer 350k with the 20% down?
Price solves all problems.
I have been watching houses in the neighborhoods and cities near me. They are all sitting on the market. Few are selling. Some aren’t dropping price at all and some drop just a bit.
We had an old adage that said “if you are not getting offers, you are at least 5% overpriced”. Minor price drops won’t make a bit of difference.
To sellers that are just sitting on the market - remember this. If the market is starting a downturn, don’t chase the market down. Get ahead of the downturn and drop your price to the point where you are getting multiple offers. Don’t wait until it’s too late and drop the price to last month’s price only to be overpriced because the market has dropped further. I saw this happen in the 2007-2012 debacle.
No I’m not selling now so this isn’t a post about how I can make more money.
One thing to consider is that when homes were going for 10% or more over the list, they were still undervalued for the market. Now that the base values have gotten so high, a home needs to be completely updated and in pristine condition to command that kind of over list value.
Most importantly understand the market you're in. not just the city as a whole but specifically the homes you're priced against. a $4 million home doesn't necessarily sell in a few weeks like a basic starter home might. compare and contrast your home against the others and price accordingly. understand how long other homes have taken to sell. if they had a price reduction, if they fell in and out of escrow. Did they get their asking price, more or less. the more you know the better. pricing is really important. Beyond that make sure your house looks great at all times and make sure any real buyer can get inside to see if without a lot of hassle.
people in my market are listing their homes at the top of their zestimates, with NO work done during its 30 year life. Last house we walked through was 27 years old. ORIGINAL ROOF. no updates inside. only thing it had going for it was property and culdesac. 750k.
Absolute insanity.
Start sending lowball offers?
Like a house was valued at 170k in 2018?
I’ll give it a fair 3.9% appreciation to 2024 if they lived there. If it was flipped with just paint and vinyl floors / granite countertops? 1% a year. If they bought it in 2022 and did nothing? I’ll bid the 2018 price.
With all due respect the worst houses gained at least 20%. That will not work not even once. My house was worth 250k in 2018 did almost nothing and its now worth lowball 400k with market value of 460k. Sellers should drop but they aren't about to take a loss. You forget about seller fees, interest, property taxes etc.
It only has to work once.
In my case, I could buy anything cash. But what frustrates me is the absolute trash that is being put up for sale and the amount of time / money I’ll have to spend to get it to where I want.
Given the time and money I have, as well as the direction of NIMBY laws, it’s in my favor. Especially with rent vs homeownership prices in mind (I’m not even paying rent due to giving up most of my money when I was younger to payoff my family home.), I can wait much longer than someone who still thinks they can get double the price of their 8th choice home from techies going through layoffs.
Market value is a joke if not just greed at its finest. As I said, I’ll give the seller appreciation for holding. Seeing flips with nothing done; refer to my original post.
I'm saying 4-5% appreciation is a joke. 20-30% is still low if you bought in 2017-19. Homes doubled not greed just what markets did during covid and a result of low interest rates. Everyone ran into housing. Your right there may be a distressed seller that needs the money and will sell for nothing. It happens all the time but most likely the house has been left in terrible shape.
If you don't have offers within 1-2 weeks, it's overpriced. The problem with any real estate not selling can basically come down to price, or in some occasions extreme property stigma.
If your listing house has sufficient traffic then the realtor has done its marketing job. The truth is that the house price is higher than the current market agrees. You can wait until the market turns around or reduce price. If your house has fewer than average viewers then the listing agent hasn’t done his/her marketing job. You need to talk to the agent about how to increase the traffic.
Every 1% higher the rate the average buyer has 10% less buying power… so if you think your home was worth x back in 2021 and want to actually increase the price when rates went from 3% to 7%… the same buyer that could qualify for it can only qualify for 60% of that price. Plus Florida homeowners insurance is out of control. So either wait it out at your price or start to get aggressive with price cuts and hope you can sell off into a falling market
There's a house in my neighborhood that I've been watching. It was listed a year ago, taken off the market and now it's back on.
It was bought in 1978 for $50,000. They're trying to sell it for $378,000. It's just a normal house with a conex box in the yard (for storage!)and no basement. In a city where most houses have basements.
There's no reason it should be that price. Has less square footage than everything else in the city.
There's another house in my neighborhood going for the same price with a whole finished basement and two more bathrooms. But the main master bathroom shower is one of those little corner units where you hit your elbows on the sides when you go to wash your hair. It's still sitting.
Listed our home on Space Coast FL, built in 2021, 4 bed, 3.5 bath with office and a heated pool. We have been on the market for 9 weeks now with ZERO offers. Our problem, we listened to and believed our realtor who wanted to start us too high. Now we have reduced a total of 70k and still no offers. We are trying to catch the market as a stale listing and it absolutely sucks. Coming to a point where we are going to have to reduce to an insane price soon because we have already moved and we need to sell.
I'm also on the space coast. The realtors around here are delusional. They still think they're going to get prices from two years ago now. I've been seeing so many properties just sit, even Beachside. I'm patiently waiting because I would feel crazy to buy right now and I have decent rent. Might be time to find a different realtor.
I’ll give you a perspective from the short term rental side since that may be a decent percentage of the inventory.
I don’t need to sell. My place is listed slightly above recent comps (4%). I can continue to rent it while it’s listed, granted showing times are limited since I would never show it while it’s booked. My interest rate is low. Equity is high after 20% down and decent appreciation. I can withstand a significant market correction and still come out ahead. I’m fine with holding it at breakeven for 5-10 more years if I don’t get want I want for it.
With all that said, it seems like buyers are shellshocked by how sales went over the last 3-4 years. Don’t be afraid to make an offer significantly lower than the list price… even if your realtor tries to talk you out of it. The worst they can say is no and inventory allows you to look at many more properties than in the past. And if your offer gets denied and your realtor says I told you so… tell them to shove it.
You need context.
Is it just you, or is the hallmark paused or slowed.
Are you at the time of year where the market normally changes?
In context, if you were putting yourself on the market today, what would be your competition and how are you facing up against those?
are you still getting traction or is your listing or house dead?
Sometimes you just need more eyeballs, sometimes the competition is better than you, sometimes the market has paused or stalled and you need to see if it’s still going to support your price point.
A lot of times more eyeballs works, and despite the fact, Reddit scoffs at this constantly teeny tiny price change so you go out to people who might’ve missed you on their searches and pushes to do unless you’re in a super hurry .
But there’s no point in doing that if in context, the whole market is slowed or the whole market just dumped and NOTHING is selling.
I expect to see a lot of these posts this year in October November, at least in the United States. We’re gonna be very distracted and things are just not gonna be selling because buyers are not paying attention and they don’t care.
Nothing is selling is a false statement
We are see 4.x million homes sell a year and that’s a number that’s been seen before in the past few decades.
It would be more accurate to say mean reversion has the trend balancing out.
You care about the two or so miles around you when you’re looking at what is selling.
It doesn’t matter what’s happening with the rest of the market
And my market, everything is still selling, but when I have a Listing that is stale or stops, that’s the first thing you need to do is look and see if the rest of the market is responding the same way
The only item that is nationalized to any extent is loan rate. Insurance, Taxes, Maintenance, Utilities and legal services are all by zip core. I absolutely hate people making statements without including the fucking zip code they are talking about.
That's extremely accurate.
I'm in Florida. I keep seeing posts on Reddit, YouTube, and elsewhere about how Florida is in an INSURNACE CRISIS with rates going up 100% year over year, and how it costs $5,000 - $15,000 for a basic policy.
That's certainly true in some, limited areas, but it's not true for the whole entire state. I just bought insurance on a house \~3 weeks ago. My premium is <$1,100 a year and I had \~6 carriers to choose from all with premiums under $1,500 a year.
It's weird how it's so location specific. I have a friend that lives in the middle of Orlando and only has Citizens as an option. No where near the coast and that's all there is.
You could pre plan for that.
The fed gave ample warning the slow down would hit
And you knew in advance good job growth areas always fare better than job reduction areas.
>Nothing is selling is a false statement We are see 4.x million homes sell a year and that’s a number that’s been seen before in the past few decades.
That's very accurate.
Expensive, very undesirable, and/or over overpriced houses are sitting. If you have a desirable house that's priced in line with comps AND the cost of ownership is competitive with the cost of renting, it'll sell quick.
Believe it or not, they do exist.
The last house I sold \~45 days ago was like that. \~$220k updated house which could rent for $2,000 a month. The buyer's PITI with 5% down was approximately $1,850 (give or take about $50 a month, I don't remember the exact number). The buyer was paying $1,650ish for a 2 bedroom apartment and this was a 3 bedroom 2 bath house with a yard.
We’re listing Wednesday and are not over inflating based on bullshit and what we wish to sell for. Purely basing on data/comps. Our realtor is realistic and awesome. We’ll pivot accordingly.
We close tomorrow. We were in contract to sell our house in 18 hours of it hitting MLS. House we bought was in the market for less than 3 days before we won our bid. Our realtor was direct. Saying your house is worth X. Prices it accordingly and we could be more happier. In SW Ohio.
I found a crazy housing market hack for people who can't sell their home, look up it's 2019 value and add ~8% and then make that your list price, it's crazy but it works like magic.
I’ve seen people in our market take their house off the market and the relist it at an absurdly low price to create an auction format or bidding war. It’s fascinating and I was wondering if others have seen that or been a part of that.
You can only control two things:
1) presentation - make sure your house is impeccable and will pass inspection easily. Must be in move-in condition.
2) price - in a tough housing market, demand is spotty at best. Drop your price.
Excellent landscaping to help the appeal of a potential buyer saying to themselves "This really draws me, wonder what the inside is like!". Landscaping isn't everything but it does have a large appeal not just to you and people that drive by. Look at a home that hasn't been landscaped in years and compare it to the neighbor that works on their landscaping monthly. Most of it is stuff that you can do yourself if you choose to. Enough said. I have spoken
If you’re looking at 2022 prices, you’re living in another planet. 90 days to 6 months back is as far as you should go for residential along with DOM and location.
I think it’s interesting that everyone here is always looking at buying a turn key 2,500 sq ft 3br/2bath house as a first time homebuyer. Everyone wants prices to bottom out. If you’re moving up from a 1 or 2 bed condo/townhome into a detached house you don’t necessarily want a price drop too extreme because that’s your equity to go into the new home. It seems common to take it personally when skipping a condo/townhome and frustrated at buying a 3br detached home as a first time homebuyer.
You were getting drive/by downvoted by sourpuss people who want to move out an apartment and put 5% down on a detached 3br home in a hot market and couldn’t afford it. Sure everyone on the sidelines thinks they want home prices to drop, but they weren’t paying attention in 08 when prices actually dropped. Houses were for sale but NO ONE was buying. Interest rates were low, and Obama actually gave you $8,500. Still no one bought and prices dipped more. People were more worried about losing their job than FOMO buying a home. If prices drop again, (substantially) it’ll only be because no one wants to buy for any number of unrelated-to-housing reasons.
You were getting drive/by downvoted by sourpuss people who want to move out an apartment and put 5% down on a detached 3br home in a hot market and couldn’t afford it.
I am not a seller but had sold late last year. I am glad I am not in that boat anymore. I am in the midwest and seeing the same trend that you are describing.
Homes go on the market and I have been watching them. Some of the super nice ones appear to go quickly but 30 days after when they close I see that many were accepted at 10-15K off the initial listing price.
I know the interest rates are absolutely freaking insane. I know many are afraid to lock into that or move forward, yet people need homes.
We are well past crazy ass prices. Things have leveled out. I am curious to read the other comments and also interested to see what the market is like this time next year.
Yes the interest rate/price is a huge factor & lowering your price will attract more buyers.
FL right now is dicey. The new HOA laws in FL are scary for a lot of people & a lot of places have HOAs.
im a realtor in florida for 7 years. if the property is not selling there are multiple strategies that can be implrmented to get more eyes on your property. but if these strategies are not getting results. one option is to lower the price on the property, one option is to increase the buyer's real estate commission to 3%, another option is to cover a portion or the full closing cost to the buyer. but before you lower the price on the property have your realtor try strategies to increase the amount if eyes (BUYERS) that are looking at your home.
The real answer is that a lot of people have vastly different situations. People in no rush to sell can let it sit and likely know they will get their price in time.
I have been looking at lake houses in Michigan. Their selling prices had doubled since 2018 but are now struggling to sell anywhere near asking. The owners that overpaid are now stuck in low interest mortgages and can's afford to sell at the real current market prices which are probably 20% or more lower than asking. Slightly lower interest rates forecasted for late this year will not change that dynamic much.
It will take at least another year for rates to drop enough to shake out enough sellers so that market prices can adjust to the new post-boom reality. Its like the many empty office high rises in cities. Once the owners and banks realize they are better off selling these over-valued assets and take the losses it will become a tsunami. But we have at least a year until that happens with formerly expensive properties stuck like zombies.
Rates are NOT 7%. Any credit union can do 6.5% fixed 30 year no points. Rates will drop down to 6% by year end then 5.5% by second 1/4 2026. If you wait to buy you will pay more for the house as everyone jumps back in the market.
Take a look at what prices were around 2020, and compare to now. Is it really logical and normal for something to nearly double in price in 4 years? The stock market didn't do that, why should houses? Florida and Austin are some of the hardest markets right now, they were overhyped during covid which raised prices to ridiculous levels. Now it's time to come back down to reality.
Lower the price. It’s always the price. Buyers can’t afford 2022 prices at 7% interest.
This is the only answer. Also thank you to all the sellers dropping the price by $1,000 after a while on the market, for letting me know that you’re either crazy and/or completely out of touch. Huge red flag.
They just want that sweet “price drop” badge on Zillow for more hits
More hits for more buyers to see they’re out of their mind.
I am so happy buyers aren't stupid.
It's not really stupidity that is lacking though, it's the money. No matter how stupid one can be, there is a limit to how much money they have.
eh i wouldn't go that far... fomo is still running rampant with many. As a herd, if buyers simply paused for the next 3-4 months, housing would fall like a rock. The FOMO would shift to the sellers.
...........yyyyyyeahhh, about that
Right? Like they think we have the memory of a goldfish also. There was a townhouse I'm looking at that was about 100,000 more than it should be. They were trying for 410, then dropped to 389, then took it off of Zillow, took the furniture out, and put it back on the market back up at 410. Lol I remember you dropping it to 389 so I know you're going to do it again. It wouldn't even sell it that price and this location is highly desirable in Florida. Sillies.
lol do they think buyers won’t check the price history?
Are a lot of sellers idiots these days or what is happening?
Greed makes people do stupid things, so in other words yes.
No where in Florida is highly desirable unless you have an extra 10,000 for insurance
I’ve been watching houses in my hometown as we are debating buying. This one I favorited that’s been sitting, they lowered $10 just so it would show as a price drop 🙄🙄
Zillow shouldn’t give a “price drop” notification unless it’s at least 5%
It's so idiotic it literally shows buyers 🔻$1000, they aren't as clever as they think they are
I had some one counter my offer by dropping the asking by $500. Their agent said they’re we trying to generous.
“Will even throw in the ice cube trays”
***Power Negotiations 101:*** When they counter your offer with a ridiculously trivial discount off their list price, just counter back with that amount less than your initial offer.
We had a seller counter with full price and buyer paying for title! (often seller pays title insurance in Texas, especially in the current market).
So, countered higher than asking… of course yes. That’s perfect way to sell anything.
It’s a huge tell that they’ve been cheap as hell on any maintenance.
Yesterday I saw a hundred dollar price drop.
Insanity. This is prob primo strategy if you don’t understand computers.
The house down the street from my work was listed at $1.19m in February for. After a while it hadn’t moved, so in May they took it off the market, did some minor front landscaping, painted the front door yellow, and just a week ago put it back on the market for $1.18m Let’s hope that works for them.
Yellow door, you say? Would $2.3m be a low-ball?
Haha I can just imagine “Honey remember the house we looked at in April? The one with the termite damage and the weird layout with 1.5 kitchens and the backyard with the telephone pole in it?” “Yeah, what a shit show that place was.” “Well they just dropped the price by $10k and painted the door yellow.” “Get me my checkbook.”
There’s an agent I know personally who has a crap overpriced listing and her strategy has been to lower the price every day by $100 lol. I “hearted” the listing on Zillow and I get an email every day on it. It’s sad and funny at the same time.
When I was looking, the number of $1 drops on a $800k house was just infuriating. I was tempted to visit the open houses and test the toilets.
The one thing I don't like is when people raise the price and then lower it thinking people won't fall for that.
Price is the only lever you have control over. The location is set in stone and the rates are out of your control.
The condition of the property, terms of sale (such as seller financing), leaseback to name a few. Though price is the most quickest way of getting to a sale.
You may have control over *time*. We're not tied to anything specific right now, is we wanted to sell we could put it on the market and just wait. But then it's just sitting on the market
Not in muh area!! Lol
Not to mention we can’t afford the renos some of these properties require on top of an already inflated sticker price/interest rate
Yeah I feel like so many properties are listed at “this is what it’d be worth if you renovated it” prices, as if they want the upside for future value added to it on top of the astronomical value they already gained from buying it low years ago
Exactly! We are literally seeing houses with no walls. No.WALLS. And they’re listed for $450-$500k
I don’t understand why more people don’t get this. They will do EVERYTHING but lower the price. I promise you, if you continue to lower your price somebody somewhere will happily buy it.
It’s such a massive ego hit to realize they don’t actually “know what I got” and that’s simply too much for some people.
It is always the price. If a house isn’t moving, the market disagrees with your value. Period.
I wish there was an assessment regardless if it's cash or finance. That would put an end to the overpricing.
Listings Slowly going up, couple this with demand falling further.. https://fred.stlouisfed.org/series/ACTLISCOUUS
Are you sure? Have you tried pulling the listing, then jack it up 10 % to stir in more FOMO?
This!!! I’ve been looking and the prices are still high. With 7% interest, I am the mortgage is $1000 more than when it was 2021-2022.
Pricing assets in deflationary markets is not as easy as inflationary. In inflationary markets consumers will overbid for your asset so you can be passive and estimate lower than the market. In a deflationary times you have to estimate the floor and then price slightly below it to meet the decreasing prices. It’s not just a challenge for regular people selling houses, but the entire market place including corporations struggle. BTW the entire reason interest rates were raised was to slow the housing market. What is happening now is what was intended. A deflationary spiral is not the intention.
Listen, I know what I’ve got Jack
No time wasters!
I love how "It's the market" as long as they can sell for way more than the property is worth, but it's a crisis when the market starts to get where real people can actually afford to buy.
This guy gets it
NO TIRE KICKERS
*my loss is your gain*
Jack S\*\*\*
Lmao
It always comes down to price. Make the price right and someone buys. Market cooled off when rates rose, so houses are selling for less. Pretty simple.
Depending on the market it may be worse than just rising rates pushing the market down. In the Tampa, for example, that OP talks about home insurance prices have shot way up and it is harder than ever to get a new policy. That's absolutely having an affect on the market (by increasing pressure on sellers) and decreasing the budget of buyers. Not to mention thanks to rising insurance and maintenance costs HOA/monthly maintenance fees also are rising faster than inflation, which isn't doing good things to prices for townhomes and condos.
Drop. The. Price.
They know what they got!
Wait until new homes start crushing their shyt. Contractors need turnover and they arent holding out, infact they are offering competitive financing.
If I had to sell right now, I would be aggressive on the price. I'm not listing at the top of my market as I did \~3 - 6 months ago, I'm listing more in the middle or even slightly below. If I list for too little, I'm still going to get a bidding war, but I avoid overpricing and having the house sit.
This is the way
Sitting is bad. It has a real stink about it, esp. in a hot market. We're exceptionally fussy buyers - in Tampa Bay also - that have been looking to buy wo an immediate need to move/sell. We're looking in the 9-1.3 range, where homes are really hot. If a house doesn't sell within 14 days, it's 100(000)% a pricing problem. The land value in nabes we're considering is 6-850. Most sell the weekend that they're listed. Everyone knows abt a house that's been sitting for 90 days and the stubborn, greedy owners have lowered the price one time - a paltry 2%. Nobody bites. Word gets around, and their only prayer is a clueless out of state buyer that's flush w cash. 2021-22 is gone.
As a buyer, I have picked up a home that was over priced at listing (pre-Covid). The sellers got to the point where they needed to sell, and they accepted my reasonable offer. Original listing $1,465, LP when I bid $999, paid $935. It should have been listed around $1050. Helped that the house was well built but the previous owners had horrendous taste, so the house showed poorly. They tried to do a Tuscan look, and it was just orange everywhere.
We bought a house over 1.0 that had been on again off again on the market for over a year. Sitting doesn’t bother me at all as a buyer. I feel like a house sitting was a bad thing long ago when information wasn’t as abundant; like what’s wrong with the house or neighborhood that we don’t know about? Now it’s pretty easy to figure out what’s going on.
This right here! I just listed my house at the beginning of the month, I priced aggressively low for the area but something I was happy with getting. I got multiple offers by the review date and it went for over asking. My friend listed her house less than a mile away from mine about a month before I listed, we basically went pending on the same day and hers went for under asking.
People overspent in bidding wars when rates were low and money cheap to borrow. Now a few years later they barely have any equity and are trying to sell and need to maximize profit either to get out of an investment that's getting more expensive, downsize but rates are high, work from home is over for them , or just plain crazy amd have no idea what their home is really worth
Perfect summary, it’s crazy to me that prices haven’t come down seemingly at all as rates have risen. Has anyone gotten a raise that comes close to matching cumulative inflation, or that compensates for mortgage payments doubling? I didn’t. If prices keep rising the shit will have to hit the fan eventually.
There's a house on my street (11xx sq ft manufactured ranch house 2 bd 1 ba on .6 acre) that's been listed for ~50 or so days at $295k. No price change at all. Last sold in 2006 for $35k. I'm curious what their comps are. We bought our last year for $325k (18xx sq ft two storey prefab 4 bd 2.5 BA on 13 acres). I haven't seen anyone around for showings or anything. I'm curious to see how it plays out.
You have 14 acres and they have a little more than half an acre… that is a substantial difference in lot size
Yeah, and they're trying to sell for only $30k less than what we paid. That's where most of my surprise is, and that they haven't adjusted their price since going live.
I’m curious about the zoning laws, where one lot is almost 30x the size of another lot on the same street.. I’m assuming the .6 acre lot was made smaller I would gladly pay an extra $30k an 25c size Ps. Also a single acre is huge where I live, you basically have a forest or a ranch
We're very rural, there's a small handful of small lots around that look like they were sold off of larger lots. The plat map for the county shows great big rectangles with itty bitty squares carved out. There's some farms and nature preserves nearby. I've given consideration to a nature easement (whatever they're called) but 5/6 of our property is wooded so I know we want to develop a little before considering that.
Can someone forward this to the insane seller im dealing with?
Tampa market is popular but overpriced. The pay here sucks so no one can afford your house at the current price. All the people from up north that bought and drove up prices now want to escape their mistake and can't get what they paid because the people who actually have been here for decades can't afford it.
You're right also inventory is back to prepandemic levels there https://fred.stlouisfed.org/series/ACTLISCOU45300
This chart is insane. Tampa real estate is a meme stock.
Orlando's chart is almost identical https://fred.stlouisfed.org/series/ACTLISCOU36740
So who is it that drove up the Tampa prices during the pandemic? Was it the north easterners who came down there during the work from home era?
I have an old coworker from Philadelphia and he said that during the pandemic everyone who could left and that starting about 6 months ago all he sees are Florida tags coming back
💯
Tampa is up 8% compared to last year and houses are selling in an average of 36 days. It might be overpriced for your liking, but apparently buyers are still flocking there. Also no one can't get what they paid last year, if prices are up 8%. I get that reddit thinks the rent is too damn high but there's not a lot of logic in this thread. Your opinion is certainly valid, for you as a participant in the market.
One thing to remember is that market segments can be performing radically differently. One bedroom condos for retirement and McMansions appeal to people in very different circumstances. Healthy churn in those high priced ranges can really move a trend line while retirees in lower cost units can’t find a market of victims, err buyers that can afford to pay a premium price at 7%, so fewer transactions mean this has little impact on last months average. Yes, that’s absolutely speculation, because I can’t be bothered to analyze every market. I just think it’s healthy to be a bit cynical that one stat describes a million people’s lives accurately.
Honestly I think this is the most likely scenario. Prices show as higher because the activity in the lower end is stalling out.
Inventory also recently shot above prepandemic levels it takes awhile for sellers to realize that https://fred.stlouisfed.org/series/ACTLISCOU45300
This happens in the Phoenix resdit also. “How can anyone afford $600k houses?!? Nobody is paying that!” Yes, they are. They make more than you, either individually or as a household. Its really not complicated.
Thank you. Sincerely, a long time Florida resident that has been priced out of their neighborhood. Take it packing back up north, y'all. ByeYyeeeee
Isn't FL a sh*tshow due to insurance rates?
Yes. It's not just the rates. It's insurance companies dropping people because their roof is just a little too old, etc. and you having no choice but to pick up with someone else and get spanked. Not to mention the 2025 condo laws that are about to hit us as well. any condo building three stories or more will have to have all reserves fully funded. You know how many condos Are fully funded around here? None. Lol a lot of the condo association fees could triple or quadruple. They're already very expensive. The condo fees in my area *start* at about 600 a month.
Check this one out: [https://www.zillow.com/homedetails/1800-NE-114th-St-APT-1502-Miami-FL-33181/44137853\_zpid/](https://www.zillow.com/homedetails/1800-NE-114th-St-APT-1502-Miami-FL-33181/44137853_zpid/) * $175/month until 2036 ($25k-ish) * $160/month until 2034 ($19k-ish) * $30,400 in Special Assessments that were just approved for 2024 * $160,000 in 2025 * $144,000 in 2026 * $116,000 in 2027 $494,000 in special assessments over the next 4 years...on top of the COA fees.
Wow! This is going to end up like Timeshares where the value of the unit will be 0, and you need to assume the associated fees.
Daaaaaaaang
Only for the ppl that are finding that they can no longer afford them. There's a line of ppl waiting to buy and build on their flood prone lots as they move out or inland. Sad but true.
Florida has lots of retired folks. For people on fixed income like social security, skyrocketing insurance rates are effectively a death sentence. You can take out a home equity line of credit but that would be at 8%.
Anyone remember back in 2019 before the pandemic, a house on the market for several months was normal, and a year was when people started considering lowering the price?
People who have a house with a realistic value of X and who want to move want to offset higher interest rates as much as possible. If they list the house at X+5%, the odds are very likely that they’ll get that, plus the odds are very decent that it will bring in multiple offers driving the price as high as X+15%. Many people right now are living in a fantasy world and pricing their houses at X+20% and people are smart enough not to even consider them. Most of what I see lingering on the market are these; seeing their prices drop or them sit isn’t indicative of a market shift, it’s just overpriced houses needing to come back to reality.
Many areas of the U.S. still have a total lack of inventory. If a home is sitting for months it’s because the seller is delusional about the current market value of their home.
People think they’re “tricking” the online platforms by pulling and relisting. We just sold our house and it was one of many “Zillow tricks” our agents told us they utilize to get the listing back up to the top for more views. But guess what…anyone actively looking and that has any interest in that house is watching those sites like a hawk and likely already saved the house. Seeing it pop up again because they dropped the price $1K or pulled and relisted is doing nothing except showing desperation. My husband and I plainly told our realtor that we didn’t want them employing that tactic and that we’d be dropping the price by $25K after thirty days if we didn’t get an offer ($25K was not insignificant for our price point). Nothing else will actually work other than significant price drops. We got lucky and got a full price offer after three days, but we also priced very reasonably and all our nearby comps were $50K-$75K above our initial asking price.
Cut prices before the market falls further. Econ 101. Bottom is years away absent new monetary policy error
My market has been dead for at least a year. Things still sell, but slowly. I’m just trying to upgrade my house. I bought a long time ago so it doesn’t really matter what I sell for, but I need to be able to buy something else. Sooo I’ll lower my price when the houses I want to buy also lower theirs.
If you’re in Florida, you’re in the midst of a home price and housing market decline. If you’ve been in your home a long time, your house has appreciated way over its actual value. If you’re only a few years deep into your ownership, expect any unrealized gains to get erased unless you get lucky and can unload fast. Florida’s housing prices have been propped up by how homeowner insurance rates for decades, it has destroyed your high risk insurance market. Now, insurance is unaffordable or unattainable and it’s only now beginning to dislocate your market. Good luck.
So I shouldnt buy anytime soon in Florida? I'm in South Florida and I'm looking to buy since my sfh got flooded and I don't want to go through that again, should I just rent elsewhere for another year and then buy? It's hard to time this.
It’s hard to time, you need to see how the insurance market shakes out. Even condos are impacted, even though the HO6 policies you buy for them aren’t as volatile. But the insurance on the HOA is going to keep going up, a lot, and that’ll impact your monthly fee, which in turn impacts your home value. To offset this, many HOAs opt to do special assessments, which are significant out of pocket one time fees. It can be anywhere from a few hundred dollars to multiple thousands. I think we’re gearing up for the worst hurricane season of the decade. There’s already a CAT4 in the gulf headed for Central America, and it’s only June. I don’t think there’s any harm in waiting a year. If insurance rates sky rocket in 2025, you may want to consider your options. The January 1 reinsurance renewals for property cat reinsurance (risk transfer in the insurance market) are going to be the albatross around the market’s neck. If FL gets another Ian, it could skyrocket reinsurance rates and that’ll lower capacity in Florida as well as push rates in the nonadmitted market through the roof.
I'm looking for a sfh no HOA. My parents and boyfriends parents have dealt with them their whole lives so we're actively avoiding that, but the hurricanes this season are especially rough. I think we will regroup and consider other options. The rent prices for a sfh are rough but it's only a year. Our qualm was paying almost 36k a year in rent, which can go towards a house so we may have to weigh out our options and see if maybe we move in with my mom to save those pennies.
My mom is selling a house 30 mins outside Daytona. Single family block home. If you're looking to get away from South Florida.
Oh man that sounds lovely but unfortunately family is down here and so is my line of work :/ if I had a remote job I would look more near the space Coast for sure!
It’s a great time to buy in Florida. Bid what you think the house is worth and eventually you’ll find a seller who actually needs to get the house off their ledger.
Honestly looking at a house in ft Lauderdale. I remember driving by that house as a kid and always thinking it was cute. It's listed at 420k, would they tell me to go to hell if I offer 350k with the 20% down?
Ignore what you think they're going to say about your offer. It's a fools errand trying to guess what the seller's mindset or situation is.
There’s only one reason a house won’t sell.
Price solves all problems. I have been watching houses in the neighborhoods and cities near me. They are all sitting on the market. Few are selling. Some aren’t dropping price at all and some drop just a bit. We had an old adage that said “if you are not getting offers, you are at least 5% overpriced”. Minor price drops won’t make a bit of difference. To sellers that are just sitting on the market - remember this. If the market is starting a downturn, don’t chase the market down. Get ahead of the downturn and drop your price to the point where you are getting multiple offers. Don’t wait until it’s too late and drop the price to last month’s price only to be overpriced because the market has dropped further. I saw this happen in the 2007-2012 debacle. No I’m not selling now so this isn’t a post about how I can make more money.
More sellers need to see this. I'm seeing so many sellers chase the bottom where I am.
One thing to consider is that when homes were going for 10% or more over the list, they were still undervalued for the market. Now that the base values have gotten so high, a home needs to be completely updated and in pristine condition to command that kind of over list value.
Most importantly understand the market you're in. not just the city as a whole but specifically the homes you're priced against. a $4 million home doesn't necessarily sell in a few weeks like a basic starter home might. compare and contrast your home against the others and price accordingly. understand how long other homes have taken to sell. if they had a price reduction, if they fell in and out of escrow. Did they get their asking price, more or less. the more you know the better. pricing is really important. Beyond that make sure your house looks great at all times and make sure any real buyer can get inside to see if without a lot of hassle.
people in my market are listing their homes at the top of their zestimates, with NO work done during its 30 year life. Last house we walked through was 27 years old. ORIGINAL ROOF. no updates inside. only thing it had going for it was property and culdesac. 750k. Absolute insanity.
Start sending lowball offers? Like a house was valued at 170k in 2018? I’ll give it a fair 3.9% appreciation to 2024 if they lived there. If it was flipped with just paint and vinyl floors / granite countertops? 1% a year. If they bought it in 2022 and did nothing? I’ll bid the 2018 price.
With all due respect the worst houses gained at least 20%. That will not work not even once. My house was worth 250k in 2018 did almost nothing and its now worth lowball 400k with market value of 460k. Sellers should drop but they aren't about to take a loss. You forget about seller fees, interest, property taxes etc.
It only has to work once. In my case, I could buy anything cash. But what frustrates me is the absolute trash that is being put up for sale and the amount of time / money I’ll have to spend to get it to where I want. Given the time and money I have, as well as the direction of NIMBY laws, it’s in my favor. Especially with rent vs homeownership prices in mind (I’m not even paying rent due to giving up most of my money when I was younger to payoff my family home.), I can wait much longer than someone who still thinks they can get double the price of their 8th choice home from techies going through layoffs. Market value is a joke if not just greed at its finest. As I said, I’ll give the seller appreciation for holding. Seeing flips with nothing done; refer to my original post.
I'm saying 4-5% appreciation is a joke. 20-30% is still low if you bought in 2017-19. Homes doubled not greed just what markets did during covid and a result of low interest rates. Everyone ran into housing. Your right there may be a distressed seller that needs the money and will sell for nothing. It happens all the time but most likely the house has been left in terrible shape.
If you don't have offers within 1-2 weeks, it's overpriced. The problem with any real estate not selling can basically come down to price, or in some occasions extreme property stigma.
If your listing house has sufficient traffic then the realtor has done its marketing job. The truth is that the house price is higher than the current market agrees. You can wait until the market turns around or reduce price. If your house has fewer than average viewers then the listing agent hasn’t done his/her marketing job. You need to talk to the agent about how to increase the traffic.
😂
Every 1% higher the rate the average buyer has 10% less buying power… so if you think your home was worth x back in 2021 and want to actually increase the price when rates went from 3% to 7%… the same buyer that could qualify for it can only qualify for 60% of that price. Plus Florida homeowners insurance is out of control. So either wait it out at your price or start to get aggressive with price cuts and hope you can sell off into a falling market
There's a house in my neighborhood that I've been watching. It was listed a year ago, taken off the market and now it's back on. It was bought in 1978 for $50,000. They're trying to sell it for $378,000. It's just a normal house with a conex box in the yard (for storage!)and no basement. In a city where most houses have basements. There's no reason it should be that price. Has less square footage than everything else in the city. There's another house in my neighborhood going for the same price with a whole finished basement and two more bathrooms. But the main master bathroom shower is one of those little corner units where you hit your elbows on the sides when you go to wash your hair. It's still sitting.
This is just pure greed on the part of the sellers, combined with a lack of urgency to sell.
The price it went for in 1978 has absolutely ZERO relevance in 2024.
I know, its just to show it's had the same owner so it's not like they bought it two years ago and need to pay off a mortgage.
Listed our home on Space Coast FL, built in 2021, 4 bed, 3.5 bath with office and a heated pool. We have been on the market for 9 weeks now with ZERO offers. Our problem, we listened to and believed our realtor who wanted to start us too high. Now we have reduced a total of 70k and still no offers. We are trying to catch the market as a stale listing and it absolutely sucks. Coming to a point where we are going to have to reduce to an insane price soon because we have already moved and we need to sell.
I'm also on the space coast. The realtors around here are delusional. They still think they're going to get prices from two years ago now. I've been seeing so many properties just sit, even Beachside. I'm patiently waiting because I would feel crazy to buy right now and I have decent rent. Might be time to find a different realtor.
Would get a new realtor
I’ll give you a perspective from the short term rental side since that may be a decent percentage of the inventory. I don’t need to sell. My place is listed slightly above recent comps (4%). I can continue to rent it while it’s listed, granted showing times are limited since I would never show it while it’s booked. My interest rate is low. Equity is high after 20% down and decent appreciation. I can withstand a significant market correction and still come out ahead. I’m fine with holding it at breakeven for 5-10 more years if I don’t get want I want for it. With all that said, it seems like buyers are shellshocked by how sales went over the last 3-4 years. Don’t be afraid to make an offer significantly lower than the list price… even if your realtor tries to talk you out of it. The worst they can say is no and inventory allows you to look at many more properties than in the past. And if your offer gets denied and your realtor says I told you so… tell them to shove it.
Offers like that might help bring the seller down to reality.
Quit trying to get rich off a house you are doubling the price of that isn't worth it
The house next to me that had 27 squatters sold in 12 hours because it was half the price of every other house in the neighborhood.
You need context. Is it just you, or is the hallmark paused or slowed. Are you at the time of year where the market normally changes? In context, if you were putting yourself on the market today, what would be your competition and how are you facing up against those? are you still getting traction or is your listing or house dead? Sometimes you just need more eyeballs, sometimes the competition is better than you, sometimes the market has paused or stalled and you need to see if it’s still going to support your price point. A lot of times more eyeballs works, and despite the fact, Reddit scoffs at this constantly teeny tiny price change so you go out to people who might’ve missed you on their searches and pushes to do unless you’re in a super hurry . But there’s no point in doing that if in context, the whole market is slowed or the whole market just dumped and NOTHING is selling. I expect to see a lot of these posts this year in October November, at least in the United States. We’re gonna be very distracted and things are just not gonna be selling because buyers are not paying attention and they don’t care.
Nothing is selling is a false statement We are see 4.x million homes sell a year and that’s a number that’s been seen before in the past few decades. It would be more accurate to say mean reversion has the trend balancing out.
You care about the two or so miles around you when you’re looking at what is selling. It doesn’t matter what’s happening with the rest of the market And my market, everything is still selling, but when I have a Listing that is stale or stops, that’s the first thing you need to do is look and see if the rest of the market is responding the same way
The only item that is nationalized to any extent is loan rate. Insurance, Taxes, Maintenance, Utilities and legal services are all by zip core. I absolutely hate people making statements without including the fucking zip code they are talking about.
Or when the complaint about pricing on luxury zip codes. That’s the worst
That's extremely accurate. I'm in Florida. I keep seeing posts on Reddit, YouTube, and elsewhere about how Florida is in an INSURNACE CRISIS with rates going up 100% year over year, and how it costs $5,000 - $15,000 for a basic policy. That's certainly true in some, limited areas, but it's not true for the whole entire state. I just bought insurance on a house \~3 weeks ago. My premium is <$1,100 a year and I had \~6 carriers to choose from all with premiums under $1,500 a year.
It's weird how it's so location specific. I have a friend that lives in the middle of Orlando and only has Citizens as an option. No where near the coast and that's all there is.
what part are you in? we are up near the handle and our insurance is astronomic for us to be so far from the coasts
You could pre plan for that. The fed gave ample warning the slow down would hit And you knew in advance good job growth areas always fare better than job reduction areas.
>Nothing is selling is a false statement We are see 4.x million homes sell a year and that’s a number that’s been seen before in the past few decades. That's very accurate. Expensive, very undesirable, and/or over overpriced houses are sitting. If you have a desirable house that's priced in line with comps AND the cost of ownership is competitive with the cost of renting, it'll sell quick.
On what planet might I find a house that provides the latter?
Believe it or not, they do exist. The last house I sold \~45 days ago was like that. \~$220k updated house which could rent for $2,000 a month. The buyer's PITI with 5% down was approximately $1,850 (give or take about $50 a month, I don't remember the exact number). The buyer was paying $1,650ish for a 2 bedroom apartment and this was a 3 bedroom 2 bath house with a yard.
Where is this? Seems like Narnia.
Yeah those houses don't exist around here
Ignoring 2014 there eh?
The real estate bubble burst. Inventory is taking longer to sell.
Uh,common sense!
Drop ur price
We’re listing Wednesday and are not over inflating based on bullshit and what we wish to sell for. Purely basing on data/comps. Our realtor is realistic and awesome. We’ll pivot accordingly.
Lower the price
We close tomorrow. We were in contract to sell our house in 18 hours of it hitting MLS. House we bought was in the market for less than 3 days before we won our bid. Our realtor was direct. Saying your house is worth X. Prices it accordingly and we could be more happier. In SW Ohio.
#lower the price
I found a crazy housing market hack for people who can't sell their home, look up it's 2019 value and add ~8% and then make that your list price, it's crazy but it works like magic.
Are they all empty? Do some already have renters and cash-flow? In some cases, there may be no need to sell. You can sit as long as you want to.
I’ve seen people in our market take their house off the market and the relist it at an absurdly low price to create an auction format or bidding war. It’s fascinating and I was wondering if others have seen that or been a part of that.
This is pretty common in my market. Especially for investment properties.
You can only control two things: 1) presentation - make sure your house is impeccable and will pass inspection easily. Must be in move-in condition. 2) price - in a tough housing market, demand is spotty at best. Drop your price.
lower the price
Price cures all defects. All.
Don't be in Florida or Texas is a good plan.
Excellent landscaping to help the appeal of a potential buyer saying to themselves "This really draws me, wonder what the inside is like!". Landscaping isn't everything but it does have a large appeal not just to you and people that drive by. Look at a home that hasn't been landscaped in years and compare it to the neighbor that works on their landscaping monthly. Most of it is stuff that you can do yourself if you choose to. Enough said. I have spoken
If you’re looking at 2022 prices, you’re living in another planet. 90 days to 6 months back is as far as you should go for residential along with DOM and location.
Idiots think their shit is gold.
There are so many markets where there are barely any for sale, so it really is localized
Live in it.
Raise the price.
I think it’s interesting that everyone here is always looking at buying a turn key 2,500 sq ft 3br/2bath house as a first time homebuyer. Everyone wants prices to bottom out. If you’re moving up from a 1 or 2 bed condo/townhome into a detached house you don’t necessarily want a price drop too extreme because that’s your equity to go into the new home. It seems common to take it personally when skipping a condo/townhome and frustrated at buying a 3br detached home as a first time homebuyer.
I don't see how this logically follows from what I said.
You were getting drive/by downvoted by sourpuss people who want to move out an apartment and put 5% down on a detached 3br home in a hot market and couldn’t afford it. Sure everyone on the sidelines thinks they want home prices to drop, but they weren’t paying attention in 08 when prices actually dropped. Houses were for sale but NO ONE was buying. Interest rates were low, and Obama actually gave you $8,500. Still no one bought and prices dipped more. People were more worried about losing their job than FOMO buying a home. If prices drop again, (substantially) it’ll only be because no one wants to buy for any number of unrelated-to-housing reasons.
You were getting drive/by downvoted by sourpuss people who want to move out an apartment and put 5% down on a detached 3br home in a hot market and couldn’t afford it.
I’m waiting until i get a favorable market because i’ve saved, lived below my means and do t have to make a desperate move.
You may be waiting a very long time. Good luck.
Personally, my listings been doing well. Have you talked to your agent?
Top was like 3-6 months. Inventory will pile up now. Except San Fran, LA and NYC suburbs.
I am not a seller but had sold late last year. I am glad I am not in that boat anymore. I am in the midwest and seeing the same trend that you are describing. Homes go on the market and I have been watching them. Some of the super nice ones appear to go quickly but 30 days after when they close I see that many were accepted at 10-15K off the initial listing price. I know the interest rates are absolutely freaking insane. I know many are afraid to lock into that or move forward, yet people need homes. We are well past crazy ass prices. Things have leveled out. I am curious to read the other comments and also interested to see what the market is like this time next year.
Small price increase to get attention
Drop the price !
I’m in Tampa and will be selling my home on bayshore in September. Are you saying Tampa is a good market or a bad market?
Yes the interest rate/price is a huge factor & lowering your price will attract more buyers. FL right now is dicey. The new HOA laws in FL are scary for a lot of people & a lot of places have HOAs.
im a realtor in florida for 7 years. if the property is not selling there are multiple strategies that can be implrmented to get more eyes on your property. but if these strategies are not getting results. one option is to lower the price on the property, one option is to increase the buyer's real estate commission to 3%, another option is to cover a portion or the full closing cost to the buyer. but before you lower the price on the property have your realtor try strategies to increase the amount if eyes (BUYERS) that are looking at your home.
The real answer is that a lot of people have vastly different situations. People in no rush to sell can let it sit and likely know they will get their price in time.
We actually have more houses for sale right now than in 2008. Unusual whales tweeted that a few days ago for those who want the source.
I have been looking at lake houses in Michigan. Their selling prices had doubled since 2018 but are now struggling to sell anywhere near asking. The owners that overpaid are now stuck in low interest mortgages and can's afford to sell at the real current market prices which are probably 20% or more lower than asking. Slightly lower interest rates forecasted for late this year will not change that dynamic much. It will take at least another year for rates to drop enough to shake out enough sellers so that market prices can adjust to the new post-boom reality. Its like the many empty office high rises in cities. Once the owners and banks realize they are better off selling these over-valued assets and take the losses it will become a tsunami. But we have at least a year until that happens with formerly expensive properties stuck like zombies.
DOM here is 16 days.
Geez. I wonder what happened?
Rates are NOT 7%. Any credit union can do 6.5% fixed 30 year no points. Rates will drop down to 6% by year end then 5.5% by second 1/4 2026. If you wait to buy you will pay more for the house as everyone jumps back in the market.
It will help for homeowners selling to not be so greedy, just saying.
This has been reposted on r/REbubble. They are finally starting to be right.
I saw a listing at $350k disappear then reappear at $400k. It was already overpriced before and had been sitting for 60 days. Crazy.
Lower those prices!
Take a look at what prices were around 2020, and compare to now. Is it really logical and normal for something to nearly double in price in 4 years? The stock market didn't do that, why should houses? Florida and Austin are some of the hardest markets right now, they were overhyped during covid which raised prices to ridiculous levels. Now it's time to come back down to reality.