Buyers Made Snap Decisions With Huge Sums Of Money That — In Some Cases, They Never Actually Had

Abstract

For much of the past 12 months, declines in year-over-year sales were explained as due to tight inventory limiting options for buyers. " "The decliners were Arlington, where the median price declined 6.7 percent to $676,200, and the District of Columbia, off 5.3 percent to $650,000." The Colorado Sun. "Don't panic all ye house hunters, said Matt Leprino, a Realtor and head of real estate brokerage Remingo in Denver. Some of the Fed's three-quarter point increase was already priced into lenders' rates, which went above 6% before the Fed announcement. The mortgage rate even declined a smidge a day later. It actually may be easier to buy a house for those shut out in the past two years because they were getting outbid." "'I would say that the conversations are more on the seller side, quite frankly, because as these changes occur, the buyers are more in the driver's seat,' said Leprino, who helps sellers set their sales price. We should not be pricing at market plus 3%.'" "'We kind of hit a brick wall last month, quite honestly, with this pricing,' Leprino said. "Even with a housing shortage, experts say that San Diego's housing market is certainly cooling off. Frank Powell, president elect for the San Diego association of realtors says despite how small of an inventory there is, right now some houses are not moving. 'We're starting to see the houses down the market for 25-30 days right on average right now, if you would consider a few months even a month ago you'd have multiple offers on day one,' said Powell. In San Diego, the average home price is $850,000 and the average salary in San Diego is around $70,000." From Cochrane Now in Canada. "After recent years saw the Dutch housing market become increasingly competitive and inaccessible, new figures published by real estate association NVM indicate that, in the first few months of 2022, the property market in the Netherlands slowed down. 'There is a lot of uncertainty in the market,' Makelaarsland director Gijs van Wijgerden told the AD, explaining that the demand for housing continues to outweigh the supply. 'The great madness is over. But the prices are of course still unbelievably high.'" From Bernama on Malaysia. "Michael bought a high-rise residential unit in 2017. After the sales and purchase agreement was signed, he noticed some 'unhealthy signs' in the construction of the housing project where he had booked a unit. Construction stopped for almost a year but was reactivated after buyers complained. Progress of the project was on-off-on-off until 55 percent of the development was completed, Michael said." "'It was a traumatising experience.