Without Expectations Of Price Gains, Investors Are Gone

Abstract

These price reductions should be viewed as new listings because the newly lowered price is now attractive to a larger pool of buyers. '" "Median closed prices in June increased 31.8 percent to $604,000 from $458,281 in June 2021, but median closed prices for single family homes in June decreased 7.7 percent to $750,000 from $812,500 in May." The Review Journal. People are buying fewer homes, sellers are slashing their prices, and availability is soaring. After the June rate hike, the buyer asked to shave $5M from the purchase price, Peebles said, but the seller balked. Preston Salce, an assisting agent with Legacy Real Estate Group in Austin, says he finds a lot of listings are still priced as if the market hasn't shifted. 'The majority of these listings sitting on the market could have easily sold at their original list price back when the market was more active, the keywords being 'back when,' Salce said. " "'The interest rates went up, and it priced out a lot of buyers out of the homes they were thinking of buying,' Tortola said.