A report from My Fox 8 in North Carolina. “The market was so competitive, Joel and his wife, Fayla, started putting in bids without putting their eyes on the houses. ‘It was insane. ‘We were putting in offers on houses we didn’t even want,’ they added. Eventually, the Zaldivars prevailed, finding a home in Kernersville. ‘There’s a certain class of people who are now going to be elevated and there’s a certain class of people that are now forced to be renters,’ he said.”
From Market Place. “Does this sounds familiar? ‘Literally within moments of somebody putting a house on the market, they were getting offers like this, and it was sold within, like, an hour,’ said Kama Burton, a real estate broker in California’s Inland Empire, east of Los Angeles.”
“What she just described wasn’t yesterday; it was 2005. And within just three years, Burton said ‘homes were abandoned. Grass is dead, windows are broken, people are squatting …’ The housing bubble PTSD is widespread in the exurbs of Los Angeles that were hammered by foreclosures, Burton said.”
“Zillow economist Chris Glynn said too much demand and not enough supply means the housing market can’t tumble overnight. But the double-digit price hikes won’t last forever. ‘We’re seeing signs that the market is beginning to cool just a little bit, and by cool I mean house price growth is slowing, not that prices are going to decline,’ Glynn said. Take away record-low mortgage rates and flexible work from home policies, and you might even see a housing market correction on the horizon. Maybe not a crash, but a soft landing.”
From Nevada Business. “‘For a sustained period earlier this year, we had one week of inventory,’ said Kevin Sigstad, broker/owner, RE/MAX Premier Properties Commercial. There were multiple offers on available homes, with buyers offering $50,000, $100,000 over asking price, waiving appraisals and inspections.”
“In July, Reno’s inventory crept back up to two or three weeks-worth. ‘Everybody thought the market had collapsed because we’ve three weeks of inventory, what are we going to do?’ Sigstad said. But the market only cooled a little. ‘[That] has helped. People overpriced their homes thinking that homes are going up 1 to 2 percent a month. If they sold for $500,000 last month it must be worth $550,000 this month. [Those sellers] are having to do price reductions and reevaluate where they are in the marketplace so they can get the house sold in a timely period.’”
“‘Last time we had price increases like this we had substantial price decreases that followed,’ said Sigstad. Between 2008 and 2001, prices declined roughly 50 percent. ‘But this is a different economy, and these are different times; that crash was for different reasons.’”
From WXYZ in Michigan. “In 2021, records have been set for housing prices, buying, and selling trends. It’s been a learning process for agents and their clients. Prices are still at all-time highs up 17% from last year. The Fed dropped interest rates to zero and mortgage rates followed, hitting historic lows adding to the buying frenzy. The sky is no longer the limit. The new market is forcing some list prices to be reduced.”
“As a seller, you’re still not too late to the party. As a buyer, you still need to act fast. Gretchen Hudson of Park Avenue Real Estate in Allen Park, puts homes into three categories. If a house hasn’t sold in seven to 10 days, it’s time to reassess – starting with the price. And there’s the uncomfortable discussion with the clients who have high expectations. ‘She gave us the facts. She was honest with us and she kind of talked us down, calmed us down, and said this is what we believe,’ Tom Wieck said.”
“‘If you price too high because you’re going to get a bidding war no matter what, you may be mistaken because now we’re starting to see more price drops among homes for sale,’ said Daryl Fairweather, Redfin Chief Economist.”
The New York Post. “Sometimes, you just have to cut your losses — even if that’s $2 million in losses. The NYC townhouse Mary-Kate Olsen lost in her divorce with ex-husband Olivier Sarkozy has hit the market asking $11.5 million, according to Realtor.com. The asking price for the ‘architect ready’ (meaning unfinished) home in Turtle Hill is $2 million less than Sarkozy paid in 2014, the listing shows.”
“The former couple bought the 8,700-square-foot Regency-style house for $13.5 million in 2014 and launched renovations, records show.”