Wait A Minute, I Thought This Was A Sellerβs Market
Wait A Minute, I Thought This Was A Sellerβs Market
Abstract
As the market cools, sellers should no longer expect one open house to draw multiple competing offers or bidding wars to 20% to 30% over the asking price, Kowalczuk said. "Boulder remains on top of the price list with the June median resale price of $1.49 million, down from $1.5 million in May and up from $1.32 million in June a year ago. Estes Park's median home price dipped from $850,000 in May to $735,000 in June; the June 2021 median was $625,000. Inventory of homes for sale was at 105, up from 87 a year ago. Loveland/Berthoud median prices dropped from $560,000 in May to $545,000 in June." From KOLO in Nevada. "Real estate agent Mona Lloyd has noticed a growth in inventory. 'We're just basically kind of getting back to normal so it has increased a little bit,' she said. 'We're currently sitting at about 1,400 homes for the Reno-Sparks area.' As a result, some sellers are having to lower prices and offer incentives. 'We're definitely seeing offers coming in a little bit under the asking price,' said Lloyd." "'We've seen appraisals that came in below what the sale price was and before this, you know, the buyer had to make up the difference,' said Rory Butler, loan officer. "Recent real estate data shows Cowlitz County housing market is starting to stabilize as more homes go on the market and stay available longer. The major drive is a doubling of the number of homes listed for sale over the span of a few months. Katie Keaton, a realtor for Realty One Group Pacifica based in Longview, said homeowners who were on the fence about possibly selling their home may be doing so now to avoid missing a possible peak in the market. She said it was becoming less common to see homes sell four days after going up for sale, or receive offers $20,000 or more above the asking price." "'The prices are back to where the market is telling us, not trying to get ahead of what it's telling us,' Keaton said. " "Builders expected home sales to taper off as mortgage rates rose, but they were surprised by the speed of the turn, she said. And few buyers are willing to pay a premium these days. 'Builders and even sellers don't have as much pricing power,' Assanie said." From KCRA in California. "Real-estate boards have reported about downward pressure on Metro Vancouver housing prices. What's not captured in these reports is what Vancouver realtor Marty Majerski describes in a note to the Straight as 'some shocking stats.' 'There have been MASSIVE price drops from the peak of the market in the early part of this year, and they are simply not getting reported accurately by our real estate boa[r]d,' the REMAX Crest agent wrote." The Canadian Press. "In the London area, which includes Strathroy, St. Thomas and Elgin and Middlesex counties, only 663 homes sold last month - the worst June in 10 years. Other local numbers are stark: The average sale price of a home dropped by $76,000 between May and June - to $686,287, down from $762,397 - and those prices have dropped an average of nearly $140,000 since the market's frenzied peak this winter." The Financial Post.
