Saying goodbye to pandemic home price gains - Sacramento Appraisal Blog | Real Estate Appraiser

Abstract

Sellers, did you hear that? Change: The median price rose $185,000 from the beginning of the pandemic, and $75,000 of that increase has disappeared over the past six months. SEEING DECLINES IN NEIGHBORHOODS It's easy to fixate on the median price, but when appraising in neighborhoods my trendlines are also showing a sharp change. FLIRTING WITH LAST YEAR'S PRICES The median price in the Sacramento region is exactly the same as it was last year at the same time. 76% of Opendoor's active listings are listed below their acquisition price. A DOUBLE-WHAMMY FOR SELLERS The problem with overpricing is prices are going down, so the longer you're on the market, the more you lose. Not only will you have to lower the price due to being overpriced from the beginning, but you now have to lower even more due to prices declining since you listed. Questions: What stands out to you above? What are you seeing happen with prices right now? I'd love to hear your take.