“The record-high dollar value of all homes listed for sale is one way to quantify this buyer’s market,” said Chen Zhao, Redfin’s head of economics research. “Not only are there more homes for sale than there have been in five years, but the value of those homes is higher than it has ever been.
Weird, so you’re telling me homes are more expensive than they’ve ever been, nobody can afford current mortgage rates, homeowners are letting their properties rot rather than lowering prices, and this somehow makes a buyer’s market? All I’ve been hearing from real estate professionals my whole life is that anything less than 6 months of inventory is considered a seller’s market. Redfin’s data says the US housing supply is currently at 3 months of inventory, and that’s the highest it’s been in the past 5 years.
It’s not even seller’s market, it’s straight up definition of speculation profiteering
I will say, in my area I’m seeing so many homes with $20,000+ price cuts. Homes that have been on the market for months are now almost $100k lower than they were originally listed for.
There’s a ton of sales, but the average listing last year was $470k and that’s now down to $370k
The tract homes are staying high, because they were budgeted at that selling price, but homes just being sold are selling at much more reasonable prices and I don’t know how long DR Horton can hold on…
i’m seeing a shit load of 50k / 100k price cuts and they’re still waaaaay overpriced
Oh agree, most of the $370k ones are still like 2 beds and 1500sqft. But it’s going that direction at least.
Yeah… we saw a house that was $1.4 million and had the washer/dryer in the garage but wasn’t plumbed. And there was no way to get into the garage from the house, you had to walk outside, go around the front and open the actual garage door to get in. $1.4 million and you can’t even do your own laundry. And worse… someone is buying it… sale is now pending.
Is this Cali?
Please crash for the love of God rent is so fucking much rn.
Oh shit wait that’s where indexes are indexed.
Okay crash enough to lower rent but not enough to make me starve k thanks.
Housing prices crashing don’t cause rent prices to lower that much
Look at the two history trend lines
Me and wife have been looking for five years now. And by looking I mean we’ve been slowly burning through the savings that were supposed to be a down-payment, waiting for the housing market to crash. I don’t think it’s going to happen.
Don’t worry, it’s gonna happen! (Exclusively in areas that will be uninsurable in fewer than 10 years.)
Gotchyer cheap houses in Florida, Louisiana, and south Texas.
God I’m so glad we have the best emojis.
Webm of boomers dancing after selling their house for $2mm after buying for 7 blueberries
We did it, reddit.
Now crash. I want to see investor tears.
At this moment this entire capitalist thing sounds like Beavis & Butthead dialogue:
“Hey, Beavis, do you remember how we grifted on housing so hard we crashed half of world economy?”
“Yeah”
“Let’s do it again”
Same, my vision is just Regular Show
“Dude…”
“I thought it would be funny!”
Where’s that banks sitting on “unrealized losses” chart again?
I’m sure there’s an overlap between the numbers
