https://www.thetimes.co.uk/article/biggest-uk-house-price-fall-since-2008-sjg6h06tr
Another article showing concern in the housing market- yet the author may have lacked critical thinking
- Thread starter GON
- Start date
Just one example in my area. This neighborhood was hot. Homes would sell instantly and usually got bid up by multiple buyers. Talking to a friend that lives there today, she told me to look up this house. 38 days on the market and they have reduced the price one time by $26,000.
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Investors are exiting the market en masse, their influence has been larger than historical since 2011 maybe once this blows over we might get back to less institutional buyer manipulation
GON
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Latest unrequested on-line report auto emailed to me earlier today about the home I sold in Illinois last August increased in value this month from 457k to 461k. The home has never been on-line valued higher, this is a record high for this home in a state that is the number one state in population loss and has been for ten consecutive years.
When a home in a state that is losing population hits a record high valuation in the month of December of all months- tea leaves tell me housing in not going to fall measurably, and housing will not go below JAN 2022 assessments on a MACRO basis in the foreseeable future.
Disclosure- I am a cash buyer in desire of a fall back in single family homes prices- I have yet to see a single indicator this has, is, or will happen.
When a home in a state that is losing population hits a record high valuation in the month of December of all months- tea leaves tell me housing in not going to fall measurably, and housing will not go below JAN 2022 assessments on a MACRO basis in the foreseeable future.
Disclosure- I am a cash buyer in desire of a fall back in single family homes prices- I have yet to see a single indicator this has, is, or will happen.
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A correction would be nice, will it come though? It’s hard to tell.
I will be patiently waiting and happy when it crashes 
The housing market in the SW/W suburbs of Chicago is starting to level out and slow down. Most of the folks that have moved out this way are usually single or long-term couples wanting to get away from the inner-city suburbs/neighborhoods, new families, and/or retired (lots of these coming out.)
The housing market in the SW/W suburbs of Chicago is starting to level out and slow down. Most of the folks that have moved out this way are usually single or long-term couples wanting to get away from the inner-city suburbs/neighborhoods, new families, and/or retired (lots of these coming out.)
Very slowly, some markets will have a somewhat brief atypical dip as all the big boys leave
Dip and bounce
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GON
$100 Site Donor 2024
PT,Just one example in my area. This neighborhood was hot. Homes would sell instantly and usually got bid up by multiple buyers. Talking to a friend that lives there today, she told me to look up this house. 38 days on the market and they have reduced the price one time by $26,000.
Search for homes - John L. Scott Real Estate
John L. Scott Real Estate serving home buyers and sellers in Washington, California, Oregon and Idaho. Your trusted name in real estate.
I just did a search on that home. It last sold in 2016, the sell price was $279k. It is now offered at $599k.
| 11/28/2016 | Sold | $297,719 (+6.4%)$135/sqft |
GON
$100 Site Donor 2024
Please define "shill for the real estate industry". I would like your clear definition.
My number is coming from Zillow. Zillow can be off, but what is consistent is more likely than not is their formula. So, the price on the home may be off, but the movements likely are not on a MACRO zip code basis. I speculate Zillow simply looks at price per square foot per zip code, and then compares to actual closed deals using county recorder of deeds information or something like that.
Yes, the home I am using for reference in one I sold in late AUG 2022 and took 15 years to sell. I thought I sold at the very peak of the market, only to see the house continues to increase in value, in an area that very well be the worst performing real estate region near a major city in the USA.
Please define shill for the real estate industry
National Association of Realtors, esp Lawrence Yun.
Zillow
Redfin
Realtor.com
Trulia
At least 99% of all Realtors.
Some of the websites don't include things like crime data any more (and you know why), some don't include flood data, etc. So you would have to use more then one. But really their analysis sites (Redfin comes to mind) aren't even mentioning month over month housing price declines because it would show a negative number. So they report year over year because for now that's still a positive number (slightly).
GON
$100 Site Donor 2024
That is not accurate at Zillow. Zillow is in fact posting month over month data. Which I find erroneous as Zillow may show for example, a home purchased for 300k in AUG 2022, up to 320k value in NOV 2022, and now at 318k value in DEC 2022, as the home lost 2k. Where in fact, if the numbers are accurate, the home increased in value 18k over the purchase price in just four months, yet Zillow will show the home lost value of 2k, instead of a 18k actual gain.
Stop constantly looking at Zillow house valuations. Your house is not a bank or investment account. Zillow is just a guess anyway. If algorithms were correct, they would not have shut down their money losing home flipping division. That and OpenDoor is going to go under or get bought out because their algorithm is losing them money as well (same as Carvana).
Zillow does some fishy stuff for sure, others are probably the same.
My wife is tracking several houses for sale. Zillow used to show when a house was removed and listed again, that was when the prices were going up. But now that houses have to be re-listed at a lower price, Zillow stopped showing that.
My wife only noticed this because it happened few times to houses she was tracking and remembered, otherwise how would one know?
My wife is tracking several houses for sale. Zillow used to show when a house was removed and listed again, that was when the prices were going up. But now that houses have to be re-listed at a lower price, Zillow stopped showing that.
My wife only noticed this because it happened few times to houses she was tracking and remembered, otherwise how would one know?
GON
$100 Site Donor 2024
Zillow on a MACRO basis has been a very useful tool and I have found no flaws in it. On a individual property it may not reflect an accurate value, but it will accurately show trends in the zip code of the property.
You seem bent on the real estate market is going to collapse- and I hope it does as I am a cash buyer, but I see a lot of Doctor Dooms like you posting negative thoughts on real estate on a very regular basis- I have yet to see a single report that supports a crashing single family home market. Not one. In fact, I am seeing strengthening in the single-family home market right now. Which for December is not typical. And in the dozens of markets where I am tracking home sales- I am seeing any decent home selling very quickly- to this very day.
GON
$100 Site Donor 2024
KZ,
The only price that counts is the sold price. Nothing else is relevant. Price revisions in listing prices are meaningless.
One needs to track the actual sold price.
An example, I list a home that would receive bids at 500k, for 650k. Then I reduce the list price to 625k, then 599k, would show a 51k price drop- where the home should have been listed in the 490k-510k range- and the home was originally listed for $650k. I see this all the time. And the funny thing, if that 500k home that is listed for 650k is super well decorated- a person like my Wife might be willing to pay 150k over its actual value- so i know why people that don't necessarily need to sell today, list their home way over market value- occasionally significantly overpriced homes sell, just as a Super Duty may sell for 20k+ over MSRP.
https://fortune.com/2022/12/08/pandemic-homebuyers-regret-buying-house/
For all of those who are second-guessing not taking advantage of the historically low mortgage rates available in 2021 and earlier this year, it turns out the grass isn’t always greener as a homeowner.
One in five Americans have moved since the COVID-19 pandemic hit in March 2020, according to a new survey from The Harris Poll shared exclusively with Fortune. The survey, fielded in mid-November, included a nationally representative sample of nearly 2,000 U.S. adults—1,296 homeowners and 615 renters.
Of those who changed addresses in the last two and a half years, 44% reported that they now regret moving to their current home.
Recent U.S. homebuyers are being hit with a massive wave of regret
For all of those who are second-guessing not taking advantage of the historically low mortgage rates available in 2021 and earlier this year, it turns out the grass isn’t always greener as a homeowner.
One in five Americans have moved since the COVID-19 pandemic hit in March 2020, according to a new survey from The Harris Poll shared exclusively with Fortune. The survey, fielded in mid-November, included a nationally representative sample of nearly 2,000 U.S. adults—1,296 homeowners and 615 renters.
Of those who changed addresses in the last two and a half years, 44% reported that they now regret moving to their current home.
GON
$100 Site Donor 2024
Clickbait. Any homeowner that purchased a home in JAN 2022, just 11 months ago, is more than likely in the green on gross basis right now, this very day. Some are significantly in the green, over 100k. That is mind blowing.
When in history can one buy a home, and be in the green in under one year. Unheard of on a MACRO basis, but that is factual.
Wife and I have a small 2br house and a new baby. We looked briefly the last couple weeks for a slightly larger house and gave up. The market is nuts. There is more on the market than there was, but the prices are still very high. It's like used cars right now. Just wait and pray for some semblance of sanity to return. Maybe we'll be 'priced out forever' like some bullish folks say. The only thing I can figure is people are spending 50-75% of their take home pay and are "house poor" outside of those who are gifted money from family or have a super high paying job. I have a theory that the PPP loans given to the upper echelon weren't used for wages like it was intended, and the wealthy went all in on real estate. My previous boss received a $1.2 million dollar forgiven PPP loan and we were never busier during covid. Well I know he bought another house and a Tesla shortly after that lol.
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