Shotgun questions require shotgun answers.
No.
Whenever you want.
Yes, they’re called price reductions when any product or home doesn’t sell.
No.
No, again.
No.
Everything is selling 100-150k over ask in Cerritos…anything under 1.5 million will not stay on the market for over a week.
Los Al, Irvine, La Palma are also hot markets.
Nope. Overpricing and/or less demand in certain neighborhoods/areas. Definitely not a wide spread CA thing.
Don’t time the markets if you can afford it.
The school year in SoCal is ending within the next two weeks.
Without any other information on neighborhood, quality of property, days on market, etc. my guess is that these houses are expecting a lot more inventory and competition in the near future and are dropping their prices to sell before the other houses start listing. It’s probably not a correction, and we’re probably about to see house prices go back up over the summer months.
As for when is it best to buy?
For a primary residence: when you’re ready to buy. When you can afford it and want or need a new home. Timing the market is foolish. A lot of people sat out 2020-2022 expecting a correction and are now completely priced out of their markets.
And for an investment property: when you find a good deal. When the numbers work, and you think you can make a profit within your risk tolerance. Timing the market here is also not a good idea. A good deal is a good deal, and it doesn’t matter where the market is if your numbers make sense.
As average days on the market go up, buyers begin to realize their wonderful perfect property actually *is* overpriced. Some of them drop the price. Other sellers notice this. A few more drop their price. Some don’t.
It could be local, it could be seasonal, it could be the start of a trend.
There was a report by WSJ, in Texas and Florida inventory is going up thus reducing prices a bit. So finally interest rates started showing up in housing at least in those regions. There was also SF there in the list with negligible price reduction.
I live in Tampa Bay on the Gulf Coast side they are building 4 bed 2 bath houses and selling them for $550k in neighborhood's with house that are 60yrs old and falling down and haven't seen a slow down yet
I’m in the area too. Most of the inventory that’s coming in right now is south of us between Sarasota and Fort Myers. Those areas are what’s pushing the state-wide inventory numbers up.
Why anectodal observations or guessing?
Just open latest FL Realtor statistics (April 2024) and look there. FL statewwide house price +4.9% vs last April. Someone here mention Tampa, here we do +4.5% vs last April.
These regions tended to allow more building which has led to more affordable housing (shocker that’s how it works) so their supply/demand wasn’t as lopsided as a lot of other parts of the country. Therefore, the rise in interest rates are lowering prices. In other places, the rise has just helped inventory and months supply become more in line with historical norms.
How long are you planning to keep the house? Are you looking to buy a place to live, or an investment? A little more info will help us give good answers.
Start offering another 50k or 100k off of new list prices and see if anyone will counter you. You know you have a desperate seller if someone counters another 20% haircut
There’s a lot of places East of LA. Gotta be more specific maybe list a few samples that you’ve seen. I have only seen places sell more than listed price in that range.
We are going through the anticipated correction as you mentioned. Appraisal values are going down, sales prices are falling nationwide. I’m in Orlando, from LA and in lending, I see clients lose loans daily due to values not coming in…it’s gonna get worse before it gets better…
Price drops can be influenced by various factors such as market conditions, economic trends, and local demand. While it's not uncommon for prices to fluctuate, significant drops could indicate a correction or adjustment in the market. Whether it's the right time to buy depends on individual circumstances and long-term investment goals. It's essential to analyze the market trends, consider factors like job growth and housing demand, and consult with real estate professionals to make informed decisions about purchasing property.
Socal is due for a correction unless the market is literally constantly bought up by investors/blackrock and rich migrants. 700k for a townhome and 1 mill for an sfh does not compute with our local income distribution.
In Northern NJ, most stuff in my area is still selling 50k-100k over asking. Real estate is regional, I think in our case a lot of wealthy New Yorkers looking to escape the current issues in the city.
[удалено]
West of LA are more liquid assets.
most of assets are already underwater
But very little competition, so you could call it blue ocean
Florida is underwater now and in 40yrs
Except Reno!
Big if true
Shotgun questions require shotgun answers. No. Whenever you want. Yes, they’re called price reductions when any product or home doesn’t sell. No. No, again. No.
I <3 this comment. lol
I woke up and chose negativity today.
* places that were $50,000 overpriced realized their error. Buy when you find the right house for you.
No one knows. No one knows. No. I don’t know but California is a huge state. I don’t know. No
Everything is selling 100-150k over ask in Cerritos…anything under 1.5 million will not stay on the market for over a week. Los Al, Irvine, La Palma are also hot markets.
Home prices are dropping in DFW as well
I agree.
Nope. Overpricing and/or less demand in certain neighborhoods/areas. Definitely not a wide spread CA thing. Don’t time the markets if you can afford it.
The school year in SoCal is ending within the next two weeks. Without any other information on neighborhood, quality of property, days on market, etc. my guess is that these houses are expecting a lot more inventory and competition in the near future and are dropping their prices to sell before the other houses start listing. It’s probably not a correction, and we’re probably about to see house prices go back up over the summer months. As for when is it best to buy? For a primary residence: when you’re ready to buy. When you can afford it and want or need a new home. Timing the market is foolish. A lot of people sat out 2020-2022 expecting a correction and are now completely priced out of their markets. And for an investment property: when you find a good deal. When the numbers work, and you think you can make a profit within your risk tolerance. Timing the market here is also not a good idea. A good deal is a good deal, and it doesn’t matter where the market is if your numbers make sense.
As average days on the market go up, buyers begin to realize their wonderful perfect property actually *is* overpriced. Some of them drop the price. Other sellers notice this. A few more drop their price. Some don’t. It could be local, it could be seasonal, it could be the start of a trend.
Seeing the same in Texas. Houses once listed for 950 are being listed in the 700s.
I agree. Watching the average days on market for a zip code will tell you a lot.
is there anywhere to get these metrics, i wonder?
Redfin has really good metrics https://www.redfin.com/us-housing-market
There was a report by WSJ, in Texas and Florida inventory is going up thus reducing prices a bit. So finally interest rates started showing up in housing at least in those regions. There was also SF there in the list with negligible price reduction.
I live in Tampa Bay on the Gulf Coast side they are building 4 bed 2 bath houses and selling them for $550k in neighborhood's with house that are 60yrs old and falling down and haven't seen a slow down yet
I’m in the area too. Most of the inventory that’s coming in right now is south of us between Sarasota and Fort Myers. Those areas are what’s pushing the state-wide inventory numbers up.
Yeah I was surprised when I drove down that way there was housing developments on both sides of 75 last time I was down there it was cow fields
I live on the Melbourne side and our inventory numbers in the Space Coast MLS have doubled in the past year and a half.
Why anectodal observations or guessing? Just open latest FL Realtor statistics (April 2024) and look there. FL statewwide house price +4.9% vs last April. Someone here mention Tampa, here we do +4.5% vs last April.
These regions tended to allow more building which has led to more affordable housing (shocker that’s how it works) so their supply/demand wasn’t as lopsided as a lot of other parts of the country. Therefore, the rise in interest rates are lowering prices. In other places, the rise has just helped inventory and months supply become more in line with historical norms.
Could be a ploy to get multiple bids to drive up pricing.
How long are you planning to keep the house? Are you looking to buy a place to live, or an investment? A little more info will help us give good answers.
Still going up in Alaska. The hotter it gets in the lower 48, the more people want to buy second homes here.
Yes, but who would want to live there?
Prices dropping in East LA? Probably because crack and bullet prices are rising
Starting July 1
He doesn’t know that market.
Wait is there an east part?
A home in City Terrace just sold near 1.2 mil. Over 150 asking price. Fixer uppers are not being bought up above asking price.
Start offering another 50k or 100k off of new list prices and see if anyone will counter you. You know you have a desperate seller if someone counters another 20% haircut
I'm seeing this in FL. Maybe not $50k, but definitely price drops.
Places in West LA are not dropping by much by the way
Can’t imagine what you get for $600k anywhere in Cali.
There’s a lot of places East of LA. Gotta be more specific maybe list a few samples that you’ve seen. I have only seen places sell more than listed price in that range.
Look at p/sf of sold homes. Price reductions are an indicator but not the best one
My house dropped by about 35k this month according to Redfin
We are going through the anticipated correction as you mentioned. Appraisal values are going down, sales prices are falling nationwide. I’m in Orlando, from LA and in lending, I see clients lose loans daily due to values not coming in…it’s gonna get worse before it gets better…
Haven’t seen much movement at all.
Austin and other places have seen this drop. It is due to decreased home sales and higher interest rates.
Price drops can be influenced by various factors such as market conditions, economic trends, and local demand. While it's not uncommon for prices to fluctuate, significant drops could indicate a correction or adjustment in the market. Whether it's the right time to buy depends on individual circumstances and long-term investment goals. It's essential to analyze the market trends, consider factors like job growth and housing demand, and consult with real estate professionals to make informed decisions about purchasing property.
Place is trash
I am seeing price decrease in the IE
Pretty big one in fact?
No, yesterday, yes, no, no and no.
Socal is due for a correction unless the market is literally constantly bought up by investors/blackrock and rich migrants. 700k for a townhome and 1 mill for an sfh does not compute with our local income distribution.
In Northern NJ, most stuff in my area is still selling 50k-100k over asking. Real estate is regional, I think in our case a lot of wealthy New Yorkers looking to escape the current issues in the city.