Behind or ahead the curve? Confusing… the article is published by Redfin. So prices are still rocketing? Or cooling as per article?
prices still high just that pending days increasing and multiple offers decreasing. They are saying signs of coolness based on this.
Market has peaked
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If you name your baby Cutty I’ll sell you my shed. Choice is yours, hotdish
Basically , no offer on few properties on offer day in Los Altos and Los Altos hills
Can’t share the address
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Can housing go up in a straight line at the same slope? Obviously the answer is No.
Question to discuss is whether in 2 years housing will be higher from where it is now or lower.
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No knows that answer .
There are outliers
People who are buying a 2.7M house in crazy overbidding where stuff use to sell for 1.6M just less than 2 years ago . Those have been pressurised to act now FOMO.
So they all acted in-masse but now the sanity is returning now . Either everyone goes crazy at the same time or every one gets depressed ( bearish ) at the same time .
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I am seeing a lot more inventory in Palo Alto now compared to a month ago.
People have been cooped up for too long. This summer everybody will be traveling. Houses will take longer to sell as many potential buyers are out of town. We will see what happens in Fall.
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Should be determined by:
- Demand vs supply of RE in BA.
- Recession
- Interest rates
Don’t expect 1 and 2 to be change in 2 years at least. #3 might, however due to 1 and 2 it might have limited effect on downward pressure on house prices. WFH is possible #4 reason, and that might have unknown consequences depending on the extent of WFH.
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#5 reason could be this
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Inventory continues its steady climb this week.
Still shortages of new builds. Still a huge demographic of new buyers. Still a tyranny of environmental Nazis nimbyies the EPA and a million bureaucrats saying no to new construction.
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“Offers no longer pour in the day a home hits the market,” said Phoenix Redfin real estate agent John Biddle. “It has become more common for offers to come in at least a few days after a home is listed for sale. If this were three years ago, we’d marvel at how fast the market was, but it’s a clear slowdown from a few weeks ago. Now that things are opening up again and the summer is almost here, people have other priorities, like going on vacation. Plus, many homebuyers are frustrated and tired of competing, so they’ve stepped back—for now at least.”
we have ONE dinky little house for sale in our neighborhood. the open houses have been HOPPING. meaning constant flow of people.
Inventory climbed another 3% over last week.
April sales also revised downward. seems all transitory decline in lumber indices is lower future expectations of new homes.