The need to pay over the list price has diminished a bit, but about a third of buyers who closed last month still felt like it was worth paying more than the sellers were asking. Last month looked a lot like June, 2022! There were 24% fewer sales however, and that...
The local home pricing is still off the highs of early-2022, but not by much. The smaller sample sizes (fewer sales) will make it harder to accurately identify the trends and cause more frustration/indecision for both buyers and sellers. Have we recovered, or just...
While the PPP fraud was rampant across the country, the ultra-low mortgage rates and lack of inventory were more to blame for inflating home values recently - at least around here: Anecdotal evidence suggests that many recipients of fraudulent PPP loans used the funds...
A nice combo pack here with two bedroom suites downstairs and private pool. It's a little light on the premium upgrades but it had enough dazzle to attract multiple bidders. This was a standard tract house when sold new for $422,500 in 2000:
They feel like the good old days but it was only 4-5 years ago that we could count on 200-300 listings priced under $2,000,000 to hit the market every month. It caused some complacency and pickiness among buyers, but now that the choices have narrowed so quickly,...
The number of active (unsold) listings has been on the rise, and is now 13% higher than it was a month ago - though I would still characterize the current market conditions as steady. Compare your stats from this month to last June and July when higher rates had begun...
I disagreed with the expert opinions yesterday. What are they missing? My thoughts: We cannot apply any previous assumptions or beliefs about real estate sales to the market conditions of today - we need to clean the slate. The discussion starts with how the number of...
Here are expert opinions on the market. I disagree with all of them: The year started out with signs showing that the Federal Reserve’s inflation-fighting tactic was effective in cooling down the hot pandemic housing market. For the first time in 11 years, home prices...
The experts are saying that real estate has recovered and everything will be fine now, in spite of high rates. They are quick to add that nobody can predict the future! Well, it looks fairly predictable to me. The previous three years plotted above were the hottest...
These charts and graphs get updated on the first of the month, so let's take in the latest data. Everyone laments the general lack of inventory, but can we break it down further? Yes indeed - and let's note that the higher-end inventory was bustling during the...
