What will happen to my beautiful old cars tomorrow? Certainly, that inefficient gas consuming piston engine technology will make a lot of people in the future wonder why we put up with it so long long? Will they know, we had very little choice?
In the meantime here is a glimpse of what to expect to fly, drive, glide or whatever you want to call it tomorrow.
A survey from HouseHunt revealed 74% of agents found their listings were on the market for 60 days or more, compared to last year at when 77% of homes were moving in 60 days or less.
Obviously the clear winners are buyers here. Buyers can look around, bargain from the ample choice and walk away, which they do, plenty of times, leaving the agent to explain to a bewildered seller what happened.
Pricing is still key and sellers try to maintain their house value on their expectation of appreciation based over the last few years pace. An interesting point showed that only 51% of home sellers nation-wide are getting 95% to 100% of their listing prices. The rest hang that fateful price reduced sign. Inventory is growing in every price range, which suggests the problem is not only in certain price range.
75% report no multiple-offers, compared to 90% last year. Yeah, we are part of the 25%!! Here is some good news for everyone, 1/3 surveyed found prices were falling in their area; 43% reported 0% to 5% appreciation and just 16% said prices were growing between 5% and 10%. In 10% of the country prices continue to grow at double-digit rates. California agents were the most negative on pricing, with 46% saying prices were falling. And this is the bulk of where I am heading. Up until now, I did not notice to many numbers going down in Long Beach and Lakewood. Asking prices are not always reached and the only prices I have seen going down were that of the sale price compared to the original asking price. However, I have noticed over the last two weeks that prices have actually been going down, especially in the $300,000 to 700,000 range. So don’t get too annoyed with your agents when they suggest a lower price. After all, they are the experts and know how things are out there.
The survey showed that mortgage rates remain refreshingly low, and I’ll write more about that later as other articles point to how some lender have eased their applications. We will see what that will bring in the not too distant future.
From the good folks at Random Stuff.
Or my favorite if you would rather fly with the elements.
Here is the original article at Market Watch.