NYC Home Sellers Are Cutting Prices Like It’s 2009

Economy & Finance
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The sky is falling in NYC.

Bloomberg: NYC Home Sellers Are Cutting Prices Like It’s 2009—And Then Some

New York City’s home sellers, tired of waiting for buyers, slashed prices on almost 800 listings in a single week this month, the most in at least 12 years.

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Because the center of commerce has shifted from NY to Bay Area. This has nothing to do with a nationwide slowdown or even seasonality, but the start of a regional shift like what happened in Detroit.

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So “This town is different”?

I am not sure about that. I suspect it’s a national trend and it’s coming to Bay Area as well if not already here. :scream:

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I am sure about that. This town is different!!! :rofl:

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No more Chinese buyers, so prices in NYC tumbles. Buyers in SV are well paid SWEs and they are still buying. It will take awhile for demand-supply imbalance to be resolved, by then tariff war could be over, hence bull run resume :rofl:

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There’s a limit to people’s salary. I don’t buy this Chinese buyer theory. Maybe people are paid more here and we have a longer runway, but there’s a ceiling. Already for houses 2M and above renting beats owning. SWE’s are supposed to know some basic arithmetics right? :smile:

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Renting beats owning $1M and above.

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SWEs might know their math but they are horrible at investing. Case in point: @tomato

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Are you forgetting both of us are ex-SWE :slight_smile:

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We learned from our mistakes… :rofl:

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I think you should stop

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Effect of Tariff wars?:smile:

It will be reaching here soon

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Oh… I’m just teasing you… :rofl:

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I hope you noticed, i stopped teasing you, because you have more to be teased about and i am better than that :slight_smile:

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Perfect! You stopped but I’m just starting. Hope you don’t feel too bad… :rofl:

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That’s a cool headline. It’s about transaction volume and not prices though. Do any of us care if transaction volume declines as long as prices increase? Transaction volume is going to decrease with more and more jerks like people here keeping their prior homes as rentals and buying rentals they hold. It means there’s less potential homes to be sold each year.

"But sales have failed to top the level of 5.72 million homes reached in November. "

The price cuts make for more sensational news, but they don’t get to the real data of yr-yr price trends. Every fall prices decline compared to spring. There are news stories about how prices are crashing. It’s a sensational headline that ignores the real indicator of yr-yr price which accounts for seasonality.

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When it goes down, you will blame it on macroeconomics. I guarantee it.

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Have prices actually declined yr-yr for any month? Journalists with no understanding of things are creating sensational headlines to generate clicks.

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This sounds like a Men’s Wearhouse commercial.

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