Great article, John! I'm shocked at what's going on where I'm at. I'm seeing $25K to $40K price reductions on houses in the <$500K segment. Inventory has skyrocketed and the majority of listings have at least some price reductions on them. The true number of price reductions is probably higher because so many agents delist and relist at a lower price, so the stats may not be catching all the true price reductions.
I'm also starting to see multiple fixer listings at the bottom end of the market as well. I haven't seen a single fixer listed on the MLS in my area for at least two years and now there are a number of them. It's also interesting to see a lot of vacant listings - many of which are obviously rehabbed (barn door, shiplap, subway tile, etc., LOL). A lot of investors got caught holding the bag, apparently.
Interesting times! All this craziness is going on and we're only a few months into the crash. Should be interesting to see how things pan out over the next few years.
Happened to notice a few brand new houses on the market soon after purchase was completed. I wonder if it was always the plan to flip those new houses, or if they just saw the huge price appreciation since they signed with the builder many months ago and decided to change plans.
Wouldn't surprise me if they were trying to flip. I remember a lot of that going on back in 2006 with Florida condos. We all know how that ended, of course. Have a good weekend!
Great article, John! I'm shocked at what's going on where I'm at. I'm seeing $25K to $40K price reductions on houses in the <$500K segment. Inventory has skyrocketed and the majority of listings have at least some price reductions on them. The true number of price reductions is probably higher because so many agents delist and relist at a lower price, so the stats may not be catching all the true price reductions.
I'm also starting to see multiple fixer listings at the bottom end of the market as well. I haven't seen a single fixer listed on the MLS in my area for at least two years and now there are a number of them. It's also interesting to see a lot of vacant listings - many of which are obviously rehabbed (barn door, shiplap, subway tile, etc., LOL). A lot of investors got caught holding the bag, apparently.
Interesting times! All this craziness is going on and we're only a few months into the crash. Should be interesting to see how things pan out over the next few years.
Happened to notice a few brand new houses on the market soon after purchase was completed. I wonder if it was always the plan to flip those new houses, or if they just saw the huge price appreciation since they signed with the builder many months ago and decided to change plans.
Wouldn't surprise me if they were trying to flip. I remember a lot of that going on back in 2006 with Florida condos. We all know how that ended, of course. Have a good weekend!