Once The Music Stops And The Buyers Stop Coming Out, That Price Looks Ridiculous
Once The Music Stops And The Buyers Stop Coming Out, That Price Looks Ridiculous
Abstract
We're selling one-third of what we sold in March and April. 'In the early spring, every home was selling over its asking price with multiple bids. Then the number of people attending open houses dropped from 20 to two, and now some homes are sitting on the market for over a month and selling for under asking price. "No one was spending, so the Federal Reserve slashed interest rates to nearly zero. 'All of a sudden, it transitioned into a seller's market,' said Realtor Marsha Marsh. 'Sellers were thrilled. People were selling their houses that didn't really need to sell or wanted to sell but thought they better sell.' But easily available money spurred rampant inflation, so rates are now rising to re-settle the market. 'People think that's the way it's always going to be, and when it corrects itself, which is what's happening now, then people get panicked,' she said of the rise in rates." The Colorado Sun. "On the surface, Evansville's housing market, which has boomed over the last two years, is continuing its hot streak. But there are signs that the market is starting to slow down. Stacy Stevens with Landmark Realty & Development and fellow Realtor Becky Demastus, both acknowledged that 'aggressive' listing prices that price homes above their market value aren't quite selling like they were even four to five months ago." "'I think that when a seller prices their home where it needs to be that we are still seeing multiple offers and over-list price offers,' Demastus said. ' Stevens likened it to a game of musical chairs, with sellers seeing their neighbor's home go for $50,000 above market value. "Calgary's hot housing market is following the lead of many others across the country and cooling off. Local realtor Curtis Prokopchuk couldn't catch his breath for months. Now there's been a definite shift in the market, he told Global News. 'I've seen already a significant amount of price decreases,' Prokopchuk said. He added that many sellers were basing the listing price on what other homes in the neighbourhood sold for earlier in the year. But he said most homes aren't selling for way above asking anymore." Bloomberg on Canada.