A report from the Wichita Plus in Kansas. “Lange Real Estate realtor Rachel Lange said she’s seen the market shift. ‘Things aren’t as hot and crazy as they were, All of those times have to come to an end,’ she said.”
The Herald Bulletin in Indiana. “For September 2021, pending sales, closed sales, new listings and median sales price in Madison County all declined compared with August. While the signs of a slowdown are there, some local Realtors believe a market correction is both inevitable and overdue. ‘It’s definitely not a bad thing for the real estate market, and the best news is that it’s actually a good thing for Madison County,’ said Steve Thompson, who owns F.C. Tucker/Thompson Realtors in downtown Anderson.”
The Rogersville Review. “‘Last month’s pending sales performance conforms to a more normal seasonal pattern’ Northeast Tennessee Association of Realtors President Kristi Bailey said. Days on the market have been slowly increasing since June. At the same time that the forward-looking indicators are signaling the market is taking a breather, inventory continues improving. She added that that should pick up for the rest of the year as more owners exit the mortgage forbearance program.’”
From Fox 21 News Colorado. “It may not be ‘cool’ quite yet, but the scorching housing market we saw in the summer of 2021, looks to be settling down this fall. Homes are sitting on the market longer than at any point since March, at about 12 days, according to the Pikes Peak Area Realtors Association. PPAR also reports the inventory of homes locally hit a five-year high at 1,184 listings. The median sale price also dropped a bit: from $450,00 in August to $440,000 in September.”
“‘The market has calmed down, there’s just no doubt about it,’ said Randy Bell. ‘In some cases we’re actually seeing our clients get closing costs from the sellers.’ He says other real estate companies may be sensing the shifting trends — last week Zillow announced it was pausing its instant offer and buying program. That could be good news for buyers who don’t have corporate coffers. ‘We sure felt it in Colorado Springs at the pace [Zillow was] buying. It will open the door for more buyers,’ Bell said.”
The Business Journal of Northern Idaho. “Some local Realtors acknowledge that the market has been cooling down a bit, but they think demand will still keep it competitive through the winter ahead. Jennifer Smock, managing broker at Windermere/Coeur d’Alene Realty, Inc., said another thing to note is the price reductions currently seen daily on the local MLS. She said the daily increase gives an indication that the area may have hit some sort of a price threshold that the consumer is setting without even realizing it.”
“‘Buyers are the ones who set value,’ Smock said. ‘They are willing to pay what they feel is reasonable for themselves for a home. Once it gets above this they stop making offers. This is when we start to see prices being reduced on homes.’”
“Emily Beutler, another agent, said the market has seemed to stabilize a bit from where it was six months ago. ‘It’s the most inventory we’ve had on the market in a couple of years, but prices remain high and it is mostly a sellers’ market,’ she said.”
From SK Pop. “As the ACE Family continues to drown in lawsuits, the anticipated auction of their multi-million-dollar mansion finally took place following a foreclosure outside City Hall in Pomona, California. Their house was put up for foreclosure after Austin and Catherine McBroom refused to pay off their debts which had piled up to $9 million.”
“The Hollywood Fix followed the auction closely. It seemed like only two possible property buyers were seen in the auction, but neither of them was willing to buy the mansion, which was being sold for $9 million. Following the uneventful auction, the property went back to the beneficiary. According to YouTuber SLO4N, 5Arch Funding Corp aided the ACE Family in building their dream mansion. Though the ACE Family is worth over $22 million, they could not fulfill the loan payments.”
This Is Money in the UK. “Homes have sold for £11,000 less than their asking prices on average during the past year, despite the pandemic property boom, new research has revealed. Some areas have seen significantly higher reductions, with certain high value postcodes reaching a massive six figure sums being knocked off asking prices. London has been hardest hit by sellers’ need to downgrade their initial expectations – and the capital’s SW3 postcode, which includes Chelsea and parts of Knightsbridge, saw the biggest average monetary reductions of £145,480, although that is the equivalent of just 5.49 per cent off asking prices.”
“One north London estate agent said the figures are interesting as they highlight the ‘often-significant differences’ between asking and selling prices. Jeremy Leaf said: ‘As the stamp duty deadline approached, we noticed buyers and sellers having to negotiate even harder in order to take advantage of considerable savings in some cases.’ Ruban Selvanayagam said: ‘Despite what has been a very active market, homebuyers are still, by and large, able to negotiate down on prices. There is also wider evidence of surveyors down valuing properties that are misaligned with the realities. This means that properties end up selling for lower than the original estate agent price estimation.’”
The Times of India. “Home sales across tier 1 cities of Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), national Capital Region (NCR) and Pune jumped 57 per cent, a report by Liases Foras Real Estate Rating & Research showed. The sales are largely driven by discounts and several schemes announced by builders. The jump could also be attributed to the 10-year-low home loan interest rates. ‘It is a buyer’s market,’ says Pankaj Kapoor, managing director of Liases Foras.”
“Prices are unlikely to shoot up anytime soon because developers are looking at pushing sales to improve their cash flow because unsold stock has only marginally declined across cities in Q2 FY 21-22 and stayed at 896,404 units. In fact, the unsold stock has increased in Hyderabad by 13 per cent and Ahmedabad by 9 per cent while it declined or remained nearly stable in MMR on a quarterly basis. Months’ inventory in these property markets stood at 40 months in September, easing from 48 months as in the June quarter.”
“New launches across the Tier I cities are up 238 per cent on-year and 33 per cent on a quarter-on-quarter basis. In most of the cities, the September quarter saw the maximum launches in the last six quarter.”
From Channel News Asia. “Unless China Evergrande Group takes quick steps for an orderly restructuring of its debt pile and steps up asset sales, its last-minute bond interest payment this week will do little to shore up creditors’ support for the developer, analysts and lawyers said. ‘Its sale of the (property) services unit failed and its September and October sales were getting worse and worse,’ Castor Pang, head of research at Core Pacific. ‘It has very little cash.’”
“Nomura credit analyst Iris Chen said in a note that it was hard to fully understand the logic behind the latest payment unless Evergrande is able to pay more coupon payments till mid-November. Terming an Evergrande default as inevitable, Chen said: ‘we actually think it is better for the company to default earlier rather than later to prevent repayment of onshore debt using offshore assets.’”