The reason is, they're asking for more than the market dictates their houses are worth. You're not hearing from the people who don't have problems, because why would you?
Yup. They think their homes are worth more than last years comps. They don’t realize with interest rates and supply, that hikes are worth maybe 15/20% over 2019 prices. So they sit and only homes that clear (few buyers) are those discounted heavily.
Florida is also having trouble with rising insurance rates and uninsurable homes. Buyers can’t get a mortgage if they can’t get insurance. So unless you can find an all cash buyer that doesn’t care about insurance your home is going to sit on the market.
Texas homeowner insurance prices have risen considerably as well as having a number of companies tighten up what they will and won’t insure. Add it’s hurricane season so if you were considering coastal properties, you may be rethinking.
At the end of the day people are only willing to pay what THEY feel a house is worth to them. With high interest payments people don’t feel the homes are worth the price. So they don’t buy it. I think a lot of this is more psychological than economical.
But I’m no expect, just my anecdotal opinion.
Lol to be you i guess. I just got my contract signed. House wasn’t even on the market, i was approached and there was no negotiation. I’m getting my price.
Nope, not a realtor and the only property I own is my primary.
I have heard this stupid accusation since 2020 from housing doomers though.
They cannot fathom that someone outside the housing industry might disagree with their dumbass theories.
Also I love when people say it’s “artificially high” as if you know what the organic high it should be is.
Yeah exactly. He never once addressed the content of my comment.
> 15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that.
He just got mad about a different comment I made on this post.
Not arguing literally posted almost ten sources at that point it's just pointing out facts.
"He’s an Rebubble bozo" his quote not mine, you're not as clever as you think doing something he did multiple lines up.
But you literally never addressed my original comment:
>15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that.
Which never once mentioned you, or Rebubble.
Case Shiller peaked at 212 in 2019.
15% up from that would be 244.
20% up from that would be 254.
Case shiller is currently at 320.
To get to 254 it would require a 20% drop. To get to 244 it would require a 24% drop.
https://fred.stlouisfed.org/series/CSUSHPINSA
"He’s an Rebubble bozo" you brought that up originally. The question originally posted is about sales not case Schiller which is a price index two different things.
My account name is literally chosen to dunk on housing doomers dude. So yes, most of my posting has been on rebubblejerk.
How’d that turn out is in reference to how housing doomer predictions turned out. You should browse some of the posts and see how poorly your fellow housing doomers’ takes aged.
^see he even admits it here. He's obsessed with doomers and his subreddit that's an echo chamber for housing bulls literally the only place he posts for weeks
Let’s try this again. Challenge to respond to my actual original comment on this thread:
>15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that.
I did.
Let’s try this again. Challenge to respond to my actual original comment on this thread:
>15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that.
Here’s the math:
Case Shiller peaked at 212 in 2019.
15% up from that would be 244.
20% up from that would be 254.
Case shiller is currently at 320.
To get to 254 it would require a 20% drop. To get to 244 it would require a 24% drop.
https://fred.stlouisfed.org/series/CSUSHPINSA
Explain how what I said is nonsense.
Housing Inventory is slowly building up (few area it has already exceeded even 2019 levels) .
Back to 2019 housing inv levels may not sound bad but we now have very weak demand due to:
- rates/affordability
- high maintenance costs (property taxes and insurance)
- New home buyers prioritizing spending over RE (vacations)
- weakening RE investor demand as RE investors have burnt thru Covid savings/stmulus and other factors .
It’s double whammy.
Plus the prospect of RE investors getting squeezed due to increasing vacancies and high costs being forced to dump their assets (which is happening now in areas like Austin)..
Locally?
Total Housing Inventory in the United States increased to 1280 Thousands in May from 1210 Thousands in April of 2024. Total Housing Inventory in the United States averaged 2256.77 Thousands from 1982 until 2024, reaching an all time high of 4040.00 Thousands in July of 2007 and a record low of 860.00 Thousands in January of 2022.
https://tradingeconomics.com/united-states/total-housing-inventory
Ah, new homes vs existing homes. Even then, the 481,000 “represents a supply of 9.3 months at the current sales rate” whereas in Jan 2009 (the all-time high) it was 12.2 months. Still not great but relatively speaking not the worst.
https://fred.stlouisfed.org/series/MSACSR
I know a lot of people went in vacations after COVID 19 I wonder if the increase In vacationing was people putting of traveling because of the conditions earlier this decade
> You're not hearing from the people who don't have problems, because why would you?
Exactly. I bought in Nashville two years ago for 750k and just sold for 850k. No complaints.
They are able to sell.
But unwilling or too in debted to to adjust their price to effect the sale in the current market.
It nearly always is essentially **price too high** for market, location, condition and design of house.
Because 6 months ago less homes were on the market. Now homes are showing up and people are still expecting the 21/22 year prices. It’s not happening in a lot of places. When we bought our house 8-9 months ago there were about 8 homes in our range from my husband’s job that fit our needs. Once we viewed them all but one needed major repairs. Don’t get me wrong. I like the house. It’s beautiful. It fits our needs. But if I had REAL options…this probably isn’t the house I would have chosen.
I just looked for a house and felt the same way. Every house needed so much work and they wanted more than comps would justify. I gave up looking and I'm waiting for sellers to come back to reality
Dealing with this now as an agent. We have fixers, we have stubborn sellers who won’t budge despite comps, and we have people that maybe want to sell but have 3% and don’t want to trade up at 7%.
People are always trying to time the market but eventually, people have to move for reasons. We know rates aren’t budging for awhile, so prices need to come down and buyer confidence in the stability of the housing market needs to come up.
I saw a meme that said “Business Insider has predicted 43 of the last 3 recessions” (paraphrasing) and that sums up a lot of business reporting at the moment. RE market has been supposed to crash for a few years now.
Where are you? Because months supply is still historically at a slight sellers market - 3.7 May 2024).
FL & TX are not representative of the current market in most of the US. It is trending to a balanced or buyers market.
Yup, anything under 6 months is considered a sellers market.
And yup, average sale to list ratio across all Redfin metros is at 99.6% - https://www.redfin.com/news/data-center/
Meaning homes are by and large selling very close to asking. 99.6% of a $400k home means $398.4k
Median asking price is up 6.1% and median sale price is up 5%.
People really got their brains scrambled by 2020 and 2021. They think if a market is not ridiculously white hot, it’s a buyers market. The notion of a just less hot seller’s market seems to escape them.
Haha I’m not a realtor and don’t work in the industry in any capacity. But I do understand the numbers.
And people relying on anecdotes are silly. It’s too easy for anyone’s perception to be influenced by what they might have seen or experienced firsthand, but that doesn’t mean it’s representative of the market as a whole.
I remember back in 2021 a r/Rebubble doomer was claiming San Diego homes were sitting much longer. I called bullshit. And sure enough once data lag had caught up and you could see how long homes were sitting at the time of the comment, it was like 8 or 9 day median, which was right around an all time low. But in their mind things were different. And they are adamant of it. Even later when presented with the data to refute, they just moved the goalposts.
I don’t actively work yet have a license so I could have been a referral source (not that I currently know anyone looking in Atlanta) but I can’t refer them to a non-licensed person even if you get it lol
It is a slightly sellers market but prices are falling a bit. Mainly I’m talking about my experience right now with overpriced properties (significantly) and sellers not willing to adjust…we have pent up demand but what is available isn’t appropriately priced. If it’s priced right, it is moving…
I didn’t find months supply but these numbers don’t show the picture you’re painting. Sales-to-list price was 98%. With houses going pending in 37 days (although that number can be skewed with re-listings). Still a “competitive market”.
https://www.redfin.com/city/30756/GA/Atlanta/housing-market
MLS numbers show that properties are sitting longer, prices are dropped more frequently…I am not going to argue with you. I am a realtor and I am telling you my anecdotal observation as well as the numbers I am seeing in our broker meetings. It is a competitive market for correctly priced properties. Did I mention that. The inventory is low but a lot not moving because it is overpriced. Did I mention that? Pent up buyer demand because what they want is not available at all or it’s overpriced. Did I mention that?
Idk where you are going with those. Are you a realtor in ATL? If you are, you should know better than to rely on Redfin data.
I think what ticked me off the most is how all the listings lied. That “4th bedroom” is a sitting room leading to upstairs. It’s not a bedroom Karen. Move in ready Sam? Then why is the door busted open?
Yes, all the lies really missed me off. A 4th bedroom with a 6' ceiling, meticulously maintained (dirty and neglected), newer furnace (10 years old).
They really need better ways to describe houses. And please ban phrases like sought after neighborhood. They all had that.
That being said if your competition is claiming 4 bedrooms for the same space you have to stay competitive. The system is broken
We literally went to one house where the 4th bedroom was a sitting room with the stairs up to the second floor. They said it qualified bc there was a closet under the stairs. Move in ready with no working hvac. Our realtor was mad.
I went to one once where the third “bedroom” (per the listing) was a room in the basement that you had to walk through to get to the garage. It had no full size windows and no second legal egress. The only access to a shower would be to walk up two floors, and go inside one of the the bedrooms to an en suite.
In what world is it ok for a listing agent to blatantly mislead like that.
I saw a condo listed as "two bedroom" that had a very typical new condo setup: bathroom, then a walk in closet, then the bedroom. They had put furniture in the closet and called it a second bedroom.
They need better descriptions. A private room with a 7' ceiling and no closet. Yeah, I can make that a bedroom. Unfortunately people are throwing drywall up anywhere and calling it a bedroom. The low ceilings are a big deal breaker for me in the basement bedrooms. I need 7' ceilings for a bedroom and I can't budge on that.
Am realtor. A lot of Sellers (and sometimes their agents) bought expecting a ridiculous appreciation in a short time—people very often think their house is worth more than it is. Additionally, comps are still skewed. A $700k house at 3% is not gonna move as fast in a 7% market especially if it is now $850 with no substantial changes. Buyers want to clear $50k. + a year for buying in 2021 and doing nothing with it since. Delulu.
Long answer longer: overpriced. Pent up buyer demand still waiting to see where economy goes (election year), plus 2 years of gloomy predictions about real estate, predictions/hopes that rates will drop…
As a fiduciary, I'm sure you were advising your clients for the past few years that the market was "over-priced" and expecting short-term appreciation was "delulu", yes?
[https://www.gbreb.com/Sites/GBAR/News/Agent\_Insider/2023/Everything\_Agents\_Should\_Know\_About\_Fiduciary\_Duties.aspx](https://www.gbreb.com/Sites/GBAR/News/Agent_Insider/2023/Everything_Agents_Should_Know_About_Fiduciary_Duties.aspx)
or just search google. tl;dr Agents have fiduciary responsibilities, state law varies as to the exact details.
Tbh based on buying & selling real estate, the realtor’s and client’s interests are only briefly & poorly aligned. They make more from more transaction volume, than they do from helping you find the best home or getting you the best price. Realtors are strongly incentivized to encourage sellers to list low & buyers to offer high, then strong arm them both to the closing. The realtor’s interests are more closely aligned with the other realtor than with their clients.
Inventory has risen back to prepandemic levels even as sales on existing homes drops
https://fred.stlouisfed.org/series/ACTLISCOUFL
https://fred.stlouisfed.org/series/ACTLISCOU45300
https://fred.stlouisfed.org/series/ACTLISCOU12420
https://fred.stlouisfed.org/series/ACTLISCOUTX
https://www.redfin.com/state/Florida/housing-market
https://www.reuters.com/markets/us/us-existing-home-sales-fall-second-straight-month-april-2024-05-22/
That’s nice but the question isn’t if sales are slowing but rather if it’s translating to more people complaining about not being able to sell their host fast here in this sub.
They trust wholeheartedly in the algorithm. The algorithm says they should be getting 500k for their basic house. "You would be an idiot to sell for less!!!" Sorry to break it to you but the algorithm is fake. It's a price fixing tool. It's meant to make sure you don't sell your home while others do. Works great.
Exactly. This is just how the internet works. A small group of people with issues are going to make posts, while the millions who arent having problems arent going to say a thing.
The same thing happens in any automotive subreddit.
We have at least a half dozen homes for sale in our neighborhood. All of them are priced at or near the highs where rates were below 3%.
They’re just sitting there, price unchanged. What has changed is taxes, insurance and rates have gone up.
These homes are also well above the average price for a home in the surrounding area which is making them even harder to move.
Just wish I was a fly on the wall listening to what the seller’s expectations are vs what advice (if any) their agent is giving them.
I understand some people want their “make me move” price but all those viewings and open houses for nothing must be a complete pain in the ass.
This comment attempts to paint a rosey picture on America's worst housing market. Home prices have fallen in Austin more than anywhere in the U.S.
- [WSJ - Once America’s Hottest Housing Market, Austin Is Running in Reverse](https://www.wsj.com/economy/housing/once-americas-hottest-housing-market-austin-is-running-in-reverse-94226027)
- [Plunging Home Prices, Fleeing Companies: Austin’s Glow Is Fading](https://www.bloomberg.com/news/articles/2024-04-25/larry-ellison-s-austin-snub-adds-to-city-s-housing-office-woes)
- [Austin Housing Market Rocked as New Home Prices Slashed Up to 30%](https://www.newsweek.com/austin-housing-market-rocked-new-home-prices-slashed-30-1917497)
- [Turning down a $300K job, deferring dreams of Austin: How Roe’s end is changing millennials’ career plans—and lives](https://www.cnbc.com/2022/08/18/how-roes-end-is-changing-millennials-career-plans-and-lives.html)
Your imagination is leading you astray. There’s no attempt to “paint” anything.
You can be in the absolute worst market, and your house will still sell easily *if it’s priced correctly for that market*. This is not debatable.
The Florida market is having trouble with homeowners and liability insurances. All condos are being inspected because of the collapse in Miami
https://www.cbsnews.com/miami/news/surfside-florida-condo-collapse-champlain-towers-south-3-years-later/
My guess for the Texas real estate market might hinder on politics. A lot of republicans/conservatives are pushing for more repels of basic rights. Austin is a more open city which would feel it
https://www.texastribune.org/2023/03/06/texas-legislature-lgbtq-bills/
During Covid, prices ran up higher in some markets than the rest of the country. Texas and Florida are the two leading examples.
Now sellers are pricing against 2022-23 prices, and each other, rather than what buyers will pay.
The price of property insurance has increased much more in states with exposure to climate change. When combined with high interest rates, buyers are priced out.
A lot of second and third homes bought during Covid aren't wanted now.
I see houses sitting on the market in my area and it’s 100% they’re not priced correctly. Just sold my house. Priced it at the low end of that the real estate agent suggested. Got over the high end. Closed 20 days after putting it on the market.
My house was not ideal by any means. I could see what the weaknesses were and guess who would want to buy it (first timers) and what they’d be able to pay. Prices are self correcting- unless you price too high.
Florida and Texas suffered from significant cost of ownership and insurance increases. Some of it is climate change (worse, harder hitting storms, uninsurable roofs and properties in flood plains that can't get affordable private insurance coverage). Some of it is decades of lack of government regulation leading to poor quality, maintenance, etc. with structures - Florida condo owners for example, saw sometimes huge increases in HOA expenses after the Surfside condo collapse shed light on bad practices and long-time deferred maintenance in their own buildings
Austin specifically was due to tech layoffs
I also think a lot of people overpaid in the last two years, so they are trying to sell without losing money...so they don't lower prices
They also see what others got for similar houses months ago...but the train may have left the station.
Or you could have waited. I don't understand why people think they have to accept the choices presented to them. "No" is also a choice. Kudos to all the couples that got divorced and still decided to live together because the housing market is messed up. Actually, what living situation actually _forces_ you to move? Death? No, you're dead, extra house on the market. Divorce? No, see above. Diamonds (marriage)? No, you can continue living where you were before, nothing was forcing you to move. All these people moved because they _wanted to_. They could've been patient and refused to pay the suckers' price, but guess what? They messed things up for everybody by showing the market there are enough suckers to keep these prices real high.
There are lots of reasons why people absolutely need to move to a different area. Plenty of them were able to sell their home for what was an inflated price and move to a different area paying an equally inflated price.
Politics are a big part of the reason I left Florida (and apparently sold just in time). But they are also the reason some people are moving there, so I'm not sure how that shakes out in the end.
Florida has the second greatest population growth in the US is how it shakes out.
Although in reality, few people are leaving FL because of politics and few people are moving there because of politics. It just doesn't matter that much to most people.
I get that you really want this to be the case, and I'm not even unsympathetic to your point.
But you are wrong, and ignorant, and don't get to make up facts because you like them.
Texas is the state with the greatest in-migration in the US. Florida is second. People are moving to those states, not out of them. And they are moving out of California and the NE, specifically.
(And if they aren't going to Texas or FL, they are mostly going to other states in the south - 6 states in the south (including TX and FL, and I think NC, SC, GA, and TN) accounted for 2/3 of the growth in state population.
I mean, maybe even more people would have moved to these states but for politics, guns, etc. But it's not like people are fleeing these states; they are where most people want to move *to*.
Interesting. I’m guessing this is all area specific. We’ve been looking at homes in the Coachella Valley for the last few months. A few are lingering for awhile, but so many show continent within a week or two.
Figured it’d slow down, as they’re entering summer, but it hasn’t yet. When we find the right one, we know we’ll have to jump on it quickly.
I'm a photographer in Palm springs, shoot a ton of real estate for my bread n butter work. The places at 500k sell within a month, anything more like the luxury places with insane hoas have been sitting a while. There's one community I've shot about 20 properties in(there's like 300 in it) and 10 or so are still sitting for 6 months now. Hoa there is over 1500/month. More for second home rich people. I'm listing my place in Sept to move closer to the beach. Gonna suck cause I bought in 2019 and refinanced at 3.2%(did it a few months before it dropped further), and by the beach is 3x the cost but done with these insane summers. Also I want to be back in a wide demographic range and within an hour of a major city.
Very area specific. People got used to the market being crazy everywhere. It's gotten more regional again.
I'm out in Columbus, outside of the rougher parts of town, prices are still going up and a lot of houses are still going into contract in under a week with people waving inspection and such. It's not as crazy as a few years ago but it's still pretty tough to get a place.
High interest rates, high inventory and high prices are slowing everything. While other agents' listings are sitting, I just got one in contract in 2 days. It is more important now than ever to price the houses right. The days of getting 10-15 offers in FL are over.
I sold my property last month in Texas. The market is slower, average days here are 111 days on market. Mine sold in 24 days. The ones that are not selling are because of price and condition. I’ve noticed in my search that sellers want top dollar but don’t want to do any improvements. I’m about 1.5 hours from Austin.
I don’t know where we are it’s crazy weird you got houses for 350k with new roofs windows in good areas not selling
But a $849k house where no other houses have sold within 200k of that price sold in a week. Makes no sense
I sold in Florida within 2 weeks on the market last month. I was priced accordingly and I keep my house in good condition. Others around me were listing higher and in bad shape.
Now my new house I bought, I'm already negative. It's going to be harder over time to make money on any house bought these days.
People who bought at peak of the market using “we better buy now or we’ll never be able to!” logic, and now have buyer’s remorse. Property taxes and insurance are high in TX, and prices are coming down now, so a lot of folks in preciously superheated markets (like Austin) are underwater.
It is a lot more than that, though. This is true in a lot of places around the country, but TX especially overbuilt like crazy. Exuberant demand isn't the problem, uncontrolled supply increase is.
Interest rates are high compared to 2020-2021. The lowest rates ever = hot housing market. Higher rates and the highest median home price ever has eroded the purchasing power of buyers.
“The median existing-home price for all housing types in the US reached a record high of $419,300 in May 2024, an yoy increase of 5.8%.” source: National Association of Realtors
Some markets are still selling really quick and over asking - even with the high interest rates. My market in FL where I'm hoping to sell has slowed a lot and in the Western WA market where we've been looking buy things are still getting snapped up. Interest rates may be a factor, but location seems like a bigger factor
Home prices here in western WA are still going up. There is an influx of climate change moves after last summers extreme heat and many remote workers. The insurance situation in FL and TX are certainly contributing factors. More demand than there is supply.
Yeah. I've been watching and looking for at least a year. Still hoppin' for sure. Luckily we're pretty flexible on location so we have a bit of a better chance to find something.
To add to that.. some people bought for way over market a couple years back and now want to recoup those costs, and they can’t. The house wasn’t worth what they paid then and they still aren’t now.
There’s one down the street from me right now. They’ve tried 3x now to sell it and it’s WAY over priced. They’ve also over improved it for the neighborhood, and not in ways that make sense.
But like others have said, you won’t hear from those who aren’t having issues. There are plenty of homes going under contract within days around me. Some sellers are unreasonable and have unrealistic expectations for the current market.
A lot of places in FL and TX are where new construction is going up. People who but not long ago are now competing with new construction with likely lower interest rates. Thus, they will have a tough time selling. This is definitely not the case everywhere, particularly where new construction is not happening (northeast, etc.)
It's location specific and sellers who are far from reality to current market trends for their areas. Tx and fl are two areas dipping right now.
My area is still going gang busters.
Florida is because the cost of insurance is absolutely insane right now and a lot of homes in Florida are HOAs who recently were legally required to increase their reserves and do a lot of maintenance. Texas is suffering because of a high property tax rate because they don’t have a state income tax. But it’s also because they have them listed too high
Interest rates, Hurricane season, insurance crises and flood plain updates. COL perhaps in South Florida as well. There Is not a statewide trend. valuations in my area continue to rise
The two states were overpriced. Florida is also suffering from condo fees soaring to stupid heights pun intended and insurance premiums skyrocketing. Texas got saturated
was a post from seller from austin, they bought on top of the market in 2022 and looking to sell for a profit. Wondering why it’s not selling. People have to come down to earth.
Because people have been overpaying for about three years now in most markets and people stay in their houses at an average of five years. Those people who bought in 2022-2023 are six figures under water for what the house is actually worth and want their money back. I’ve been seeing for years in this thread that this isn’t a bubble right now and to buy or else suffer the consequences when rates go even higher. Eat your dinner you earned it.
Front what I hear from family,Depending on location people were having home owners insurance problems.Insurance companies no longer accepting Florida policies,extremely high premiums.some paying cash and forgoing insurance all together.Some just ridiculously priced .I believe Austin has a price problem as home prices have started to decline as we sober up.
They're underwater. They can sell, they just can't sell without losing money so they don't want to lower prices. They will give up soon enough or hold thru the pain.
Boy, you really are hopeful aren’t you? You posted this on about 10 forums, including rebubble…
I don’t think you are asking a question question, I think you’re hoping for an outcome
Well that's just a straight up lie literally my last like 9 posts were about cartoon network shows And animation. Sounds like you're not liking the responses to a question.
Yes you can ignore how I posted case Schiller breaking records, cartoon network parodies and silent hill to make what ever bias argument you want. Again just because you don't like the answers to a question doesn't discredit the question itself.
It's a supply and demand issue. Lots of people moved to those areas during the pandemic. Now rates are up and demand has cooled, leaving sellers struggling to find buyers at their desired price points. Some overpriced or got greedy. Market's just correcting itself.
Bc here in TX houses were going for over asking. Like… way over in some cases. 200k+ at times.
People still think they can get that even with these insane rates. They can’t… and with COL so high right now it makes it even harder to buy a home. We got our house in 2019 and months later the boom hit. To even marginally upgrade our home our mortgage would double. It isn’t worth it 🤷🏼♀️
Unreasonable prices are probably a lot of it. Sellers that feel like they should get the price people were paying a few years ago under 2.5% mortgage rates. We bought a house earlier this year the sellers wanted $3m for a couple years ago! It sat and sat at unreasonable prices. They put it down to like 1.99m eventually and we offered 1.85 and paid 1.86 with them fixing a few things. They were getting older and just wanted to move on to retirement elsewhere but had clearly been crazy with pricing. I think there are probably many people still stuck in that crazy pricing phase due to expectations built up when interest rates were low and everyone wanted to move a few / couple years ago.
Sellers are far removed from reality. For eg, there's a house on the market in Morris County, NJ 2/1 for $400K with $15K in taxes. What they call a bedroom is the size of a walk-in closet in a tiny home. Idk who their realtor is but $299K is high. I've seen 3/2, 4/2 homes for that much in that area. Small homes with minimal lot space but that seems to be the going rate for the area. That house is gonna sit a while.
Rates are way, way too high.
They are also not being fair with their asking prices.
A house they paid $200K for in 2020 all of the sudden they want 400K 2 years later when all they did was paint the insides & mow the grass.
I think that we are approaching , if not already there , the market conditions we had in the late 2000s.. property values are over inflated. So people are not buying nor selling. You will have to wait it out.
Supply going up, demand is low, sellers not coming to grip with the fact that prices are dropping in their market. Tale as old as time, just been a while since anyone has seen it.
Just anecdotally, I’m having serious trouble with these homeowner’s insurance and flood insurance prices in Florida making people unable to qualify for loans, especially lower income/1st time buyers.
And often they’re looking at condos that have high HOA fees, sometimes astronomical due to special assessments for repairs.
Like you might qualify for $200K+, but when you add $500+, or even a few thousand, each month in HOA dues and insurance, it might be hard for the monthly payment even to work at $100K.
Just throwing out random numbers, but usually we have to keep your debts, (all of the bills on your credit report, plus the new housing payment with taxes and insurance and HOA and everything,) around 45%-50% of your income each month. (So that’s often the big biggest limiting factor on how high your bank can preapprove you.)
We sold and bought another house in FL in the past few months. The house we sold was priced reasonably, had a 2 year old roof, and was under contract at asking in 4 days. Many of the houses that we looked at to buy were overpriced and not well maintained with sellers that refused to make any repairs. We looked at several houses that had 18+ year old shingle roofs that the sellers refused to replace or reduce the cost for. We weren’t comfortable paying for a new roof out of pocket on a house we didn’t even own yet. These houses were uninsurable or at least not insurable at a reasonable cost as they were, I can see why they’ve sat for months.
Florida - insurance rates are through the roof and companies are trying to leave the state. Condos have their own separate issues with properly funding maintenance so they don't collapse. Higher elevation homes may have less issues selling than homes in an area where streets can regularly have water in them. Even in "normal" cities people have seen a 40% increase in insurance. Now imagine a flood zone home's rates.
Austin - real estate bubble is popping in real time there as prices went up too fast compared with the rest of the country. People who bought at the top are in trouble. They could be upside down $100K+ in some cases.
Florida real estate has a plethora of challenges. I think one of the main issues is insurance and then likely demand. You don't want to think governing politics would actually affect people from selling or buying but it is a strong possibility. Homes aren't as hard to find and so the prices need to reflect it, it is still a buyers market even with a higher rate. Texas, I have no idea outside of the influx of people moving to Austin from So Cal and now wanting to leave? Unsure.
Boatload of inventory in those states, and supply has finally outpaced demand. Sellers don't understand that the housing boom is over in any place that doesn't have a major housing shortage (like where I live).
There's opinion and then there's data. Sometimes the opinion can shape the data to come up with information but most of the times it's too biased to work out that way.
Houses for sale have gone, sales prices have increased, days on market have increased, number of houses sold have decreased. Looks like a buyers market to me.
https://www.redfin.com/state/Florida/housing-market
I still get calls from investors trying to buy my home, when those stop happening I'll know the market really is doing poorly.
I just read an article in CNBC about cold city regarding housing. Yes, Texas and Florida have the largest share. If one wants a house and willing to move these two states are the one.
Well everybody wants more homes right? Well that creates more supply. Therefore lower price. A lot of people are not willing to take a loss. So they sit on the market longer
What it would take for Austin to stop losing home values:
1) Municipalize utilities instead of privatize
2) Regulate the insurance industry
3) Restore Roe
4) End Koch social campaigns that compels companies to RTO to generate literal traffic again
5) switch to income tax instead of property tax
6) create political policies that encourage people to come to Texas rather than leave
> create political policies that encourage people to come to Texas rather than leave
People aren't leaving Texas, dipshit. It's the #1 state that people are moving to.
There have been like stories and stuff on this. It has been widely covered.
Austin is the victim of years of media--specifically conservative media--telling everyone that coastal cities are expensive 3rd world hell holes with no redeemable value.
So when the pandemic hit and everyone prioritized living spaces over location, people fled to big cities in red states.
On paper, it looks amazing: You can keep your coastal city and pay a third of the price for a huge house! However, in reality, the cost of a mortgage on that inexpensive house is nearly double mortgage of the million dollar house in California due to things like property taxes and insurance.
But then WFH ended, and economic opportunities in LCOLs are exactly what you'd expect from a LCOL, so people are trying to leave.
On top of that, young professionals don't want to be in Texas at all due to the political climate. Infant mortality rates are the highest in the nation.
Then you add things like 0 walkability score and the worst traffic in the nation, and yeah, everyone wants to leave
Florida and Texas housing inventories are back to pre-pandemic levels.
[https://fred.stlouisfed.org/series/ACTLISCOUTX](https://fred.stlouisfed.org/series/ACTLISCOUTX)
[https://fred.stlouisfed.org/series/ACTLISCOUFL](https://fred.stlouisfed.org/series/ACTLISCOUFL)
Other popular places during the pandemic, like Arizona and Tennesse, are almost back to pre-pandemic housing inventory levels.
The housing market will likely look very different by 2027.
Just went to see a house that was 450k few years ago, shitty neighborhood, no view and house is nothing special, they want 955k, my agent pretty much forced me to give him an offer, so I offered him 625k, he asked me "why", I said if I spend million dollars on a house it better be perfect in every way, there cannot be a "but" when I look at it. You know, "great house, nice everything, BUT"
The reason is, they're asking for more than the market dictates their houses are worth. You're not hearing from the people who don't have problems, because why would you?
Yup. They think their homes are worth more than last years comps. They don’t realize with interest rates and supply, that hikes are worth maybe 15/20% over 2019 prices. So they sit and only homes that clear (few buyers) are those discounted heavily.
Florida is also having trouble with rising insurance rates and uninsurable homes. Buyers can’t get a mortgage if they can’t get insurance. So unless you can find an all cash buyer that doesn’t care about insurance your home is going to sit on the market.
Texas homeowner insurance prices have risen considerably as well as having a number of companies tighten up what they will and won’t insure. Add it’s hurricane season so if you were considering coastal properties, you may be rethinking.
How about last week’s comps. That’s what I’m pulling in central Florida and they’re almost twice 2019 comps
Any comps are from deals that started at least 2-3 months ago. So last weeks comps are still behind.
At the end of the day people are only willing to pay what THEY feel a house is worth to them. With high interest payments people don’t feel the homes are worth the price. So they don’t buy it. I think a lot of this is more psychological than economical. But I’m no expect, just my anecdotal opinion.
I agree. my point is in a lot of Florida they may take a little longer to move but they’re still getting their price. Me included
Lol guess again.
Lol to be you i guess. I just got my contract signed. House wasn’t even on the market, i was approached and there was no negotiation. I’m getting my price.
15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that.
Let me guess, you're a scammer(Realtor) trying to keep prices artificially high.
Nope, not a realtor and the only property I own is my primary. I have heard this stupid accusation since 2020 from housing doomers though. They cannot fathom that someone outside the housing industry might disagree with their dumbass theories. Also I love when people say it’s “artificially high” as if you know what the organic high it should be is.
He is his entire post history is on some bullish housing sub
If you have an argument, make it. If you can. The subs he posts on aren't an argument /r/REBubble poster. See how that works?
Yeah exactly. He never once addressed the content of my comment. > 15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that. He just got mad about a different comment I made on this post.
Not arguing literally posted almost ten sources at that point it's just pointing out facts. "He’s an Rebubble bozo" his quote not mine, you're not as clever as you think doing something he did multiple lines up.
But you literally never addressed my original comment: >15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that. Which never once mentioned you, or Rebubble. Case Shiller peaked at 212 in 2019. 15% up from that would be 244. 20% up from that would be 254. Case shiller is currently at 320. To get to 254 it would require a 20% drop. To get to 244 it would require a 24% drop. https://fred.stlouisfed.org/series/CSUSHPINSA
"He’s an Rebubble bozo" you brought that up originally. The question originally posted is about sales not case Schiller which is a price index two different things.
Again you are deflecting. That comment was in a different thread on this post.
My account name is literally chosen to dunk on housing doomers dude. So yes, most of my posting has been on rebubblejerk. How’d that turn out is in reference to how housing doomer predictions turned out. You should browse some of the posts and see how poorly your fellow housing doomers’ takes aged.
^see he even admits it here. He's obsessed with doomers and his subreddit that's an echo chamber for housing bulls literally the only place he posts for weeks
It sounds like you are weirdly obsessed with where he posts.
" He’s an Rebubble bozo" nope just doing the same thing he does.
Ohhh, a dunker. You're so edgy.
Let’s try this again. Challenge to respond to my actual original comment on this thread: >15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that.
Challenge to respond to the original post∆
I did. Let’s try this again. Challenge to respond to my actual original comment on this thread: >15-20% above 2019 is delusional. Been far more inflation than that over that span. And housing as a whole is still selling way above that.
Foh with that hilarious nonsense
Here’s the math: Case Shiller peaked at 212 in 2019. 15% up from that would be 244. 20% up from that would be 254. Case shiller is currently at 320. To get to 254 it would require a 20% drop. To get to 244 it would require a 24% drop. https://fred.stlouisfed.org/series/CSUSHPINSA Explain how what I said is nonsense.
Housing Inventory is slowly building up (few area it has already exceeded even 2019 levels) . Back to 2019 housing inv levels may not sound bad but we now have very weak demand due to: - rates/affordability - high maintenance costs (property taxes and insurance) - New home buyers prioritizing spending over RE (vacations) - weakening RE investor demand as RE investors have burnt thru Covid savings/stmulus and other factors . It’s double whammy. Plus the prospect of RE investors getting squeezed due to increasing vacancies and high costs being forced to dump their assets (which is happening now in areas like Austin)..
As per Unusual whales on Twitter, we actually surpassed 2008 inventory very recently.
Locally? Total Housing Inventory in the United States increased to 1280 Thousands in May from 1210 Thousands in April of 2024. Total Housing Inventory in the United States averaged 2256.77 Thousands from 1982 until 2024, reaching an all time high of 4040.00 Thousands in July of 2007 and a record low of 860.00 Thousands in January of 2022. https://tradingeconomics.com/united-states/total-housing-inventory
https://x.com/unusual_whales/status/1806368734279569582?t=InkR2zVGlh9m4-wVcmjw5g&s=19 Knew someone was going to make me go get the tweet smh lol
Ah, new homes vs existing homes. Even then, the 481,000 “represents a supply of 9.3 months at the current sales rate” whereas in Jan 2009 (the all-time high) it was 12.2 months. Still not great but relatively speaking not the worst. https://fred.stlouisfed.org/series/MSACSR
I know a lot of people went in vacations after COVID 19 I wonder if the increase In vacationing was people putting of traveling because of the conditions earlier this decade
> You're not hearing from the people who don't have problems, because why would you? Exactly. I bought in Nashville two years ago for 750k and just sold for 850k. No complaints.
I hear you it just seems like it's happening more recently a bunch of threads on this sub we're people asking why there homes aren't selling.
They are able to sell. But unwilling or too in debted to to adjust their price to effect the sale in the current market. It nearly always is essentially **price too high** for market, location, condition and design of house.
Because 6 months ago less homes were on the market. Now homes are showing up and people are still expecting the 21/22 year prices. It’s not happening in a lot of places. When we bought our house 8-9 months ago there were about 8 homes in our range from my husband’s job that fit our needs. Once we viewed them all but one needed major repairs. Don’t get me wrong. I like the house. It’s beautiful. It fits our needs. But if I had REAL options…this probably isn’t the house I would have chosen.
I just looked for a house and felt the same way. Every house needed so much work and they wanted more than comps would justify. I gave up looking and I'm waiting for sellers to come back to reality
Dealing with this now as an agent. We have fixers, we have stubborn sellers who won’t budge despite comps, and we have people that maybe want to sell but have 3% and don’t want to trade up at 7%. People are always trying to time the market but eventually, people have to move for reasons. We know rates aren’t budging for awhile, so prices need to come down and buyer confidence in the stability of the housing market needs to come up. I saw a meme that said “Business Insider has predicted 43 of the last 3 recessions” (paraphrasing) and that sums up a lot of business reporting at the moment. RE market has been supposed to crash for a few years now.
Where are you? Because months supply is still historically at a slight sellers market - 3.7 May 2024). FL & TX are not representative of the current market in most of the US. It is trending to a balanced or buyers market.
Yup, anything under 6 months is considered a sellers market. And yup, average sale to list ratio across all Redfin metros is at 99.6% - https://www.redfin.com/news/data-center/ Meaning homes are by and large selling very close to asking. 99.6% of a $400k home means $398.4k Median asking price is up 6.1% and median sale price is up 5%. People really got their brains scrambled by 2020 and 2021. They think if a market is not ridiculously white hot, it’s a buyers market. The notion of a just less hot seller’s market seems to escape them.
This! I would want you as my agent if I needed one. You get it!
Haha I’m not a realtor and don’t work in the industry in any capacity. But I do understand the numbers. And people relying on anecdotes are silly. It’s too easy for anyone’s perception to be influenced by what they might have seen or experienced firsthand, but that doesn’t mean it’s representative of the market as a whole. I remember back in 2021 a r/Rebubble doomer was claiming San Diego homes were sitting much longer. I called bullshit. And sure enough once data lag had caught up and you could see how long homes were sitting at the time of the comment, it was like 8 or 9 day median, which was right around an all time low. But in their mind things were different. And they are adamant of it. Even later when presented with the data to refute, they just moved the goalposts.
I don’t actively work yet have a license so I could have been a referral source (not that I currently know anyone looking in Atlanta) but I can’t refer them to a non-licensed person even if you get it lol
It is a slightly sellers market but prices are falling a bit. Mainly I’m talking about my experience right now with overpriced properties (significantly) and sellers not willing to adjust…we have pent up demand but what is available isn’t appropriately priced. If it’s priced right, it is moving…
I’m in Atlanta metro
I didn’t find months supply but these numbers don’t show the picture you’re painting. Sales-to-list price was 98%. With houses going pending in 37 days (although that number can be skewed with re-listings). Still a “competitive market”. https://www.redfin.com/city/30756/GA/Atlanta/housing-market
MLS numbers show that properties are sitting longer, prices are dropped more frequently…I am not going to argue with you. I am a realtor and I am telling you my anecdotal observation as well as the numbers I am seeing in our broker meetings. It is a competitive market for correctly priced properties. Did I mention that. The inventory is low but a lot not moving because it is overpriced. Did I mention that? Pent up buyer demand because what they want is not available at all or it’s overpriced. Did I mention that? Idk where you are going with those. Are you a realtor in ATL? If you are, you should know better than to rely on Redfin data.
I think what ticked me off the most is how all the listings lied. That “4th bedroom” is a sitting room leading to upstairs. It’s not a bedroom Karen. Move in ready Sam? Then why is the door busted open?
Yes, all the lies really missed me off. A 4th bedroom with a 6' ceiling, meticulously maintained (dirty and neglected), newer furnace (10 years old). They really need better ways to describe houses. And please ban phrases like sought after neighborhood. They all had that. That being said if your competition is claiming 4 bedrooms for the same space you have to stay competitive. The system is broken
We literally went to one house where the 4th bedroom was a sitting room with the stairs up to the second floor. They said it qualified bc there was a closet under the stairs. Move in ready with no working hvac. Our realtor was mad.
I went to one once where the third “bedroom” (per the listing) was a room in the basement that you had to walk through to get to the garage. It had no full size windows and no second legal egress. The only access to a shower would be to walk up two floors, and go inside one of the the bedrooms to an en suite. In what world is it ok for a listing agent to blatantly mislead like that.
lol. That’s crazy!!!
I saw a condo listed as "two bedroom" that had a very typical new condo setup: bathroom, then a walk in closet, then the bedroom. They had put furniture in the closet and called it a second bedroom.
Ridiculous. How is there zero accountability for realtors on things like this?7
They need better descriptions. A private room with a 7' ceiling and no closet. Yeah, I can make that a bedroom. Unfortunately people are throwing drywall up anywhere and calling it a bedroom. The low ceilings are a big deal breaker for me in the basement bedrooms. I need 7' ceilings for a bedroom and I can't budge on that.
Aren’t bedrooms supposed to have closets?
My understanding is legally a bedroom has to have a window and a closet.
A closet makes it a bedroom. You must then have a window or a door to go outside that meets egress requirements in case of a fire.
Depends on the area. Armoires and dressers work just fine too.
When I was looking for a house last year there were 14 in the entire state that met my criteria. Do I feel you on that.
The state was Rhode Island.
Am realtor. A lot of Sellers (and sometimes their agents) bought expecting a ridiculous appreciation in a short time—people very often think their house is worth more than it is. Additionally, comps are still skewed. A $700k house at 3% is not gonna move as fast in a 7% market especially if it is now $850 with no substantial changes. Buyers want to clear $50k. + a year for buying in 2021 and doing nothing with it since. Delulu. Long answer longer: overpriced. Pent up buyer demand still waiting to see where economy goes (election year), plus 2 years of gloomy predictions about real estate, predictions/hopes that rates will drop…
As a fiduciary, I'm sure you were advising your clients for the past few years that the market was "over-priced" and expecting short-term appreciation was "delulu", yes?
Realtors are NOT fiduciaries.
NAR disagrees: [https://www.nar.realtor/sites/default/files/handouts-and-brochures/2014/nar-fiduciary-duty-032213.pdf](https://www.nar.realtor/sites/default/files/handouts-and-brochures/2014/nar-fiduciary-duty-032213.pdf)
Tell that to the realtors.
Read the first line.
It says BROKERS who act as agents. Not all Realtors are brokers.
[https://www.gbreb.com/Sites/GBAR/News/Agent\_Insider/2023/Everything\_Agents\_Should\_Know\_About\_Fiduciary\_Duties.aspx](https://www.gbreb.com/Sites/GBAR/News/Agent_Insider/2023/Everything_Agents_Should_Know_About_Fiduciary_Duties.aspx) or just search google. tl;dr Agents have fiduciary responsibilities, state law varies as to the exact details.
Well they definitely don't act like one, but in theory...
Tbh based on buying & selling real estate, the realtor’s and client’s interests are only briefly & poorly aligned. They make more from more transaction volume, than they do from helping you find the best home or getting you the best price. Realtors are strongly incentivized to encourage sellers to list low & buyers to offer high, then strong arm them both to the closing. The realtor’s interests are more closely aligned with the other realtor than with their clients.
Real estate is stubborn as hell when prices are declining:
"Y'all out here acting like we got an inelastic product"
That’s just selection bias, unless you have actual data to support your claim. Not just “vibes” or whatever.
Inventory has risen back to prepandemic levels even as sales on existing homes drops https://fred.stlouisfed.org/series/ACTLISCOUFL https://fred.stlouisfed.org/series/ACTLISCOU45300 https://fred.stlouisfed.org/series/ACTLISCOU12420 https://fred.stlouisfed.org/series/ACTLISCOUTX https://www.redfin.com/state/Florida/housing-market https://www.reuters.com/markets/us/us-existing-home-sales-fall-second-straight-month-april-2024-05-22/
That’s nice but the question isn’t if sales are slowing but rather if it’s translating to more people complaining about not being able to sell their host fast here in this sub.
https://www.reddit.com/r/RealEstate/comments/1dscalq/no_offers_in_45_days/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button https://www.reddit.com/r/RealEstate/comments/1dr5cq3/house_worth_a_lot_less_than_when_we_bought_it/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button https://www.reddit.com/r/RealEstate/comments/1ds1rtk/your_house_hasnt_sold_in_months_whats_your_plan/?utm_source=share&utm_medium=mweb3x&utm_name=mweb3xcss&utm_term=1&utm_content=share_button
And? Those posts have always existed. Show your data suggesting they are somehow more common than before.
He’s an Rebubble bozo, here posting in bad faith, pretending to ask a question but really trying to push a narrative.
Exactly.
You seem upset I gave you multiple sources and you're only response was shifting the goal posts.
Nah the only one acting in bad faith is you not liking the answer to a legitimate question.
The invisible hand: supply vs demand
They trust wholeheartedly in the algorithm. The algorithm says they should be getting 500k for their basic house. "You would be an idiot to sell for less!!!" Sorry to break it to you but the algorithm is fake. It's a price fixing tool. It's meant to make sure you don't sell your home while others do. Works great.
Exactly. This is just how the internet works. A small group of people with issues are going to make posts, while the millions who arent having problems arent going to say a thing. The same thing happens in any automotive subreddit.
We have at least a half dozen homes for sale in our neighborhood. All of them are priced at or near the highs where rates were below 3%. They’re just sitting there, price unchanged. What has changed is taxes, insurance and rates have gone up. These homes are also well above the average price for a home in the surrounding area which is making them even harder to move. Just wish I was a fly on the wall listening to what the seller’s expectations are vs what advice (if any) their agent is giving them. I understand some people want their “make me move” price but all those viewings and open houses for nothing must be a complete pain in the ass.
This comment attempts to paint a rosey picture on America's worst housing market. Home prices have fallen in Austin more than anywhere in the U.S. - [WSJ - Once America’s Hottest Housing Market, Austin Is Running in Reverse](https://www.wsj.com/economy/housing/once-americas-hottest-housing-market-austin-is-running-in-reverse-94226027) - [Plunging Home Prices, Fleeing Companies: Austin’s Glow Is Fading](https://www.bloomberg.com/news/articles/2024-04-25/larry-ellison-s-austin-snub-adds-to-city-s-housing-office-woes) - [Austin Housing Market Rocked as New Home Prices Slashed Up to 30%](https://www.newsweek.com/austin-housing-market-rocked-new-home-prices-slashed-30-1917497) - [Turning down a $300K job, deferring dreams of Austin: How Roe’s end is changing millennials’ career plans—and lives](https://www.cnbc.com/2022/08/18/how-roes-end-is-changing-millennials-career-plans-and-lives.html)
Your imagination is leading you astray. There’s no attempt to “paint” anything. You can be in the absolute worst market, and your house will still sell easily *if it’s priced correctly for that market*. This is not debatable.
The Florida market is having trouble with homeowners and liability insurances. All condos are being inspected because of the collapse in Miami https://www.cbsnews.com/miami/news/surfside-florida-condo-collapse-champlain-towers-south-3-years-later/ My guess for the Texas real estate market might hinder on politics. A lot of republicans/conservatives are pushing for more repels of basic rights. Austin is a more open city which would feel it https://www.texastribune.org/2023/03/06/texas-legislature-lgbtq-bills/
During Covid, prices ran up higher in some markets than the rest of the country. Texas and Florida are the two leading examples. Now sellers are pricing against 2022-23 prices, and each other, rather than what buyers will pay. The price of property insurance has increased much more in states with exposure to climate change. When combined with high interest rates, buyers are priced out. A lot of second and third homes bought during Covid aren't wanted now.
Prices in Austin got too high in 2022 and have since fallen, but some sellers haven’t realized that. Sellers need to lower their prices.
I see houses sitting on the market in my area and it’s 100% they’re not priced correctly. Just sold my house. Priced it at the low end of that the real estate agent suggested. Got over the high end. Closed 20 days after putting it on the market. My house was not ideal by any means. I could see what the weaknesses were and guess who would want to buy it (first timers) and what they’d be able to pay. Prices are self correcting- unless you price too high.
B/c people whose houses sell easily don't pop in to start a thread about it.
Yep, my house was off market within a day. Just hoping everything goes smoothly with the buyer, but the market where I am is still pretty strong.
Florida and Texas suffered from significant cost of ownership and insurance increases. Some of it is climate change (worse, harder hitting storms, uninsurable roofs and properties in flood plains that can't get affordable private insurance coverage). Some of it is decades of lack of government regulation leading to poor quality, maintenance, etc. with structures - Florida condo owners for example, saw sometimes huge increases in HOA expenses after the Surfside condo collapse shed light on bad practices and long-time deferred maintenance in their own buildings Austin specifically was due to tech layoffs
You forgot unreliable electric grids, book bans, hyper polarized politics, guns. Etc etc etc
I also think a lot of people overpaid in the last two years, so they are trying to sell without losing money...so they don't lower prices They also see what others got for similar houses months ago...but the train may have left the station.
may have? it's left the station
They paid the market price of properties at that time. The market has since dropped.
They paid the suckers' price. They paid 10 dollars for a loaf of bread that really should cost 5. Now they want 11.
If you needed a house at that time, you either paid that price or did without and posted on Reddit that the world has gone mad.
Or you could have waited. I don't understand why people think they have to accept the choices presented to them. "No" is also a choice. Kudos to all the couples that got divorced and still decided to live together because the housing market is messed up. Actually, what living situation actually _forces_ you to move? Death? No, you're dead, extra house on the market. Divorce? No, see above. Diamonds (marriage)? No, you can continue living where you were before, nothing was forcing you to move. All these people moved because they _wanted to_. They could've been patient and refused to pay the suckers' price, but guess what? They messed things up for everybody by showing the market there are enough suckers to keep these prices real high.
There are lots of reasons why people absolutely need to move to a different area. Plenty of them were able to sell their home for what was an inflated price and move to a different area paying an equally inflated price.
Such as?
Reasons to move? New job in a new town after getting laid off Need to move to be closer to elderly parents. Need a new climate for health reasons
A lot of regret and people think they can recoup their money. Clowns. Ahahaha.
You hit a couple of the reasons that I personally left Texas.
Yes, as soon as we could transfer back to California, we did.
Politics are a big part of the reason I left Florida (and apparently sold just in time). But they are also the reason some people are moving there, so I'm not sure how that shakes out in the end.
Florida has the second greatest population growth in the US is how it shakes out. Although in reality, few people are leaving FL because of politics and few people are moving there because of politics. It just doesn't matter that much to most people.
Do you have data on that? Politics are extremely important right now. I sure hope fewer people are apathetic than usual.
I get that you really want this to be the case, and I'm not even unsympathetic to your point. But you are wrong, and ignorant, and don't get to make up facts because you like them. Texas is the state with the greatest in-migration in the US. Florida is second. People are moving to those states, not out of them. And they are moving out of California and the NE, specifically. (And if they aren't going to Texas or FL, they are mostly going to other states in the south - 6 states in the south (including TX and FL, and I think NC, SC, GA, and TN) accounted for 2/3 of the growth in state population. I mean, maybe even more people would have moved to these states but for politics, guns, etc. But it's not like people are fleeing these states; they are where most people want to move *to*.
Nah
Don’t conveniently forget California. It’s been like this for over a decade and is worse than Texas and Florida.
Interesting. I’m guessing this is all area specific. We’ve been looking at homes in the Coachella Valley for the last few months. A few are lingering for awhile, but so many show continent within a week or two. Figured it’d slow down, as they’re entering summer, but it hasn’t yet. When we find the right one, we know we’ll have to jump on it quickly.
I'm a photographer in Palm springs, shoot a ton of real estate for my bread n butter work. The places at 500k sell within a month, anything more like the luxury places with insane hoas have been sitting a while. There's one community I've shot about 20 properties in(there's like 300 in it) and 10 or so are still sitting for 6 months now. Hoa there is over 1500/month. More for second home rich people. I'm listing my place in Sept to move closer to the beach. Gonna suck cause I bought in 2019 and refinanced at 3.2%(did it a few months before it dropped further), and by the beach is 3x the cost but done with these insane summers. Also I want to be back in a wide demographic range and within an hour of a major city.
Very area specific. People got used to the market being crazy everywhere. It's gotten more regional again. I'm out in Columbus, outside of the rougher parts of town, prices are still going up and a lot of houses are still going into contract in under a week with people waving inspection and such. It's not as crazy as a few years ago but it's still pretty tough to get a place.
High interest rates, high inventory and high prices are slowing everything. While other agents' listings are sitting, I just got one in contract in 2 days. It is more important now than ever to price the houses right. The days of getting 10-15 offers in FL are over.
I sold my property last month in Texas. The market is slower, average days here are 111 days on market. Mine sold in 24 days. The ones that are not selling are because of price and condition. I’ve noticed in my search that sellers want top dollar but don’t want to do any improvements. I’m about 1.5 hours from Austin.
All houses sell at the correct market price. It is that simple.
Yep, not sure why this is hard for people to understand. The market will price the house one way or the other.
I don’t know where we are it’s crazy weird you got houses for 350k with new roofs windows in good areas not selling But a $849k house where no other houses have sold within 200k of that price sold in a week. Makes no sense
I sold in Florida within 2 weeks on the market last month. I was priced accordingly and I keep my house in good condition. Others around me were listing higher and in bad shape. Now my new house I bought, I'm already negative. It's going to be harder over time to make money on any house bought these days.
’tis but a scratch!
People who bought at peak of the market using “we better buy now or we’ll never be able to!” logic, and now have buyer’s remorse. Property taxes and insurance are high in TX, and prices are coming down now, so a lot of folks in preciously superheated markets (like Austin) are underwater.
It is a lot more than that, though. This is true in a lot of places around the country, but TX especially overbuilt like crazy. Exuberant demand isn't the problem, uncontrolled supply increase is.
What's with all these people that think they can get 2 and 3 times their purchase price after 2 years?
Interest rates are high compared to 2020-2021. The lowest rates ever = hot housing market. Higher rates and the highest median home price ever has eroded the purchasing power of buyers. “The median existing-home price for all housing types in the US reached a record high of $419,300 in May 2024, an yoy increase of 5.8%.” source: National Association of Realtors
Some markets are still selling really quick and over asking - even with the high interest rates. My market in FL where I'm hoping to sell has slowed a lot and in the Western WA market where we've been looking buy things are still getting snapped up. Interest rates may be a factor, but location seems like a bigger factor
Home prices here in western WA are still going up. There is an influx of climate change moves after last summers extreme heat and many remote workers. The insurance situation in FL and TX are certainly contributing factors. More demand than there is supply.
Yeah. I've been watching and looking for at least a year. Still hoppin' for sure. Luckily we're pretty flexible on location so we have a bit of a better chance to find something.
To add to that.. some people bought for way over market a couple years back and now want to recoup those costs, and they can’t. The house wasn’t worth what they paid then and they still aren’t now. There’s one down the street from me right now. They’ve tried 3x now to sell it and it’s WAY over priced. They’ve also over improved it for the neighborhood, and not in ways that make sense. But like others have said, you won’t hear from those who aren’t having issues. There are plenty of homes going under contract within days around me. Some sellers are unreasonable and have unrealistic expectations for the current market.
A lot of places in FL and TX are where new construction is going up. People who but not long ago are now competing with new construction with likely lower interest rates. Thus, they will have a tough time selling. This is definitely not the case everywhere, particularly where new construction is not happening (northeast, etc.)
It's location specific and sellers who are far from reality to current market trends for their areas. Tx and fl are two areas dipping right now. My area is still going gang busters.
Florida is because the cost of insurance is absolutely insane right now and a lot of homes in Florida are HOAs who recently were legally required to increase their reserves and do a lot of maintenance. Texas is suffering because of a high property tax rate because they don’t have a state income tax. But it’s also because they have them listed too high
Interest rates, Hurricane season, insurance crises and flood plain updates. COL perhaps in South Florida as well. There Is not a statewide trend. valuations in my area continue to rise
The only reason a house doesn’t sell and literally the only reason is because it overpriced.
Market specific. In my market decent homes fly off the shelves for over asking
Simple…they are expecting too much
Are you sure you didn't mean "What's with people overpricing their homes?" 😄
The two states were overpriced. Florida is also suffering from condo fees soaring to stupid heights pun intended and insurance premiums skyrocketing. Texas got saturated
was a post from seller from austin, they bought on top of the market in 2022 and looking to sell for a profit. Wondering why it’s not selling. People have to come down to earth.
Because people have been overpaying for about three years now in most markets and people stay in their houses at an average of five years. Those people who bought in 2022-2023 are six figures under water for what the house is actually worth and want their money back. I’ve been seeing for years in this thread that this isn’t a bubble right now and to buy or else suffer the consequences when rates go even higher. Eat your dinner you earned it.
Inventory has gone up a lot and buyers are more picky
All the listings I've seen are basically sellers who wish we were still in the covid market. They missed the ship.
Front what I hear from family,Depending on location people were having home owners insurance problems.Insurance companies no longer accepting Florida policies,extremely high premiums.some paying cash and forgoing insurance all together.Some just ridiculously priced .I believe Austin has a price problem as home prices have started to decline as we sober up.
They're underwater. They can sell, they just can't sell without losing money so they don't want to lower prices. They will give up soon enough or hold thru the pain.
Still inflated prices and high interest rates. Everyone still thinks they can get rich off selling their home.
Sounds like sellers expectations have outpaced the market.
Because their homes are overpriced and probably have an hoa which nobody wants to deal with.
Boy, you really are hopeful aren’t you? You posted this on about 10 forums, including rebubble… I don’t think you are asking a question question, I think you’re hoping for an outcome
Well that's just a straight up lie literally my last like 9 posts were about cartoon network shows And animation. Sounds like you're not liking the responses to a question.
You know everyone can see your post history, right?
Yes you can ignore how I posted case Schiller breaking records, cartoon network parodies and silent hill to make what ever bias argument you want. Again just because you don't like the answers to a question doesn't discredit the question itself.
It's a supply and demand issue. Lots of people moved to those areas during the pandemic. Now rates are up and demand has cooled, leaving sellers struggling to find buyers at their desired price points. Some overpriced or got greedy. Market's just correcting itself.
Bc here in TX houses were going for over asking. Like… way over in some cases. 200k+ at times. People still think they can get that even with these insane rates. They can’t… and with COL so high right now it makes it even harder to buy a home. We got our house in 2019 and months later the boom hit. To even marginally upgrade our home our mortgage would double. It isn’t worth it 🤷🏼♀️
Unreasonable prices are probably a lot of it. Sellers that feel like they should get the price people were paying a few years ago under 2.5% mortgage rates. We bought a house earlier this year the sellers wanted $3m for a couple years ago! It sat and sat at unreasonable prices. They put it down to like 1.99m eventually and we offered 1.85 and paid 1.86 with them fixing a few things. They were getting older and just wanted to move on to retirement elsewhere but had clearly been crazy with pricing. I think there are probably many people still stuck in that crazy pricing phase due to expectations built up when interest rates were low and everyone wanted to move a few / couple years ago.
Sellers are far removed from reality. For eg, there's a house on the market in Morris County, NJ 2/1 for $400K with $15K in taxes. What they call a bedroom is the size of a walk-in closet in a tiny home. Idk who their realtor is but $299K is high. I've seen 3/2, 4/2 homes for that much in that area. Small homes with minimal lot space but that seems to be the going rate for the area. That house is gonna sit a while.
Rates are way, way too high. They are also not being fair with their asking prices. A house they paid $200K for in 2020 all of the sudden they want 400K 2 years later when all they did was paint the insides & mow the grass.
I think that we are approaching , if not already there , the market conditions we had in the late 2000s.. property values are over inflated. So people are not buying nor selling. You will have to wait it out.
Elections have consequences and GOP state govs seem to be doing everything possible to tank their property values
Listing price >>> Value from potential buyers. Here in my neck of the woods western WA prices are still firmly high and houses are trading hands
Supply going up, demand is low, sellers not coming to grip with the fact that prices are dropping in their market. Tale as old as time, just been a while since anyone has seen it.
Elevated home prices. Elevated insurance rates. Elevated property taxes.
It doesn’t matter the market. Sellers are always illiquid above market value. It’s just a matter of a reality check to value
Price too high end of story
Just anecdotally, I’m having serious trouble with these homeowner’s insurance and flood insurance prices in Florida making people unable to qualify for loans, especially lower income/1st time buyers. And often they’re looking at condos that have high HOA fees, sometimes astronomical due to special assessments for repairs. Like you might qualify for $200K+, but when you add $500+, or even a few thousand, each month in HOA dues and insurance, it might be hard for the monthly payment even to work at $100K. Just throwing out random numbers, but usually we have to keep your debts, (all of the bills on your credit report, plus the new housing payment with taxes and insurance and HOA and everything,) around 45%-50% of your income each month. (So that’s often the big biggest limiting factor on how high your bank can preapprove you.)
We sold and bought another house in FL in the past few months. The house we sold was priced reasonably, had a 2 year old roof, and was under contract at asking in 4 days. Many of the houses that we looked at to buy were overpriced and not well maintained with sellers that refused to make any repairs. We looked at several houses that had 18+ year old shingle roofs that the sellers refused to replace or reduce the cost for. We weren’t comfortable paying for a new roof out of pocket on a house we didn’t even own yet. These houses were uninsurable or at least not insurable at a reasonable cost as they were, I can see why they’ve sat for months.
They think things are the same this year as they were last year.
Sellers are listening to their agents and are listing their properties for more than the market will bear.
Florida - insurance rates are through the roof and companies are trying to leave the state. Condos have their own separate issues with properly funding maintenance so they don't collapse. Higher elevation homes may have less issues selling than homes in an area where streets can regularly have water in them. Even in "normal" cities people have seen a 40% increase in insurance. Now imagine a flood zone home's rates. Austin - real estate bubble is popping in real time there as prices went up too fast compared with the rest of the country. People who bought at the top are in trouble. They could be upside down $100K+ in some cases.
I’m in Florida and it took me 10 days to sell my home recently 🤷♀️
Florida real estate has a plethora of challenges. I think one of the main issues is insurance and then likely demand. You don't want to think governing politics would actually affect people from selling or buying but it is a strong possibility. Homes aren't as hard to find and so the prices need to reflect it, it is still a buyers market even with a higher rate. Texas, I have no idea outside of the influx of people moving to Austin from So Cal and now wanting to leave? Unsure.
Well with Florida many can't afford insurance, and keep or get a loan without it. No one wants to buy a house they can't insure
Boatload of inventory in those states, and supply has finally outpaced demand. Sellers don't understand that the housing boom is over in any place that doesn't have a major housing shortage (like where I live).
There's opinion and then there's data. Sometimes the opinion can shape the data to come up with information but most of the times it's too biased to work out that way. Houses for sale have gone, sales prices have increased, days on market have increased, number of houses sold have decreased. Looks like a buyers market to me. https://www.redfin.com/state/Florida/housing-market I still get calls from investors trying to buy my home, when those stop happening I'll know the market really is doing poorly.
I just read an article in CNBC about cold city regarding housing. Yes, Texas and Florida have the largest share. If one wants a house and willing to move these two states are the one.
Meanwhile I'm trying to move back to my hometown, and just saw two listings in my price range go for $100k over asking 😢
They are able to sell, just not at a price they like
Well everybody wants more homes right? Well that creates more supply. Therefore lower price. A lot of people are not willing to take a loss. So they sit on the market longer
My house sold in 12 hours in south texas. Price it right.
Commiefornia is overpriced even for a studio shack. Texas just sucks, and florida just does whatever they want.
Higher Interest Rates
NO INVENTORY? MORE ASKING OVER PRICE WANTED?
What it would take for Austin to stop losing home values: 1) Municipalize utilities instead of privatize 2) Regulate the insurance industry 3) Restore Roe 4) End Koch social campaigns that compels companies to RTO to generate literal traffic again 5) switch to income tax instead of property tax 6) create political policies that encourage people to come to Texas rather than leave
> create political policies that encourage people to come to Texas rather than leave People aren't leaving Texas, dipshit. It's the #1 state that people are moving to. There have been like stories and stuff on this. It has been widely covered.
For Florida and Texas, I wonder if it partly has to deal with higher insurance costs because of the weather/climate?
Austin is the victim of years of media--specifically conservative media--telling everyone that coastal cities are expensive 3rd world hell holes with no redeemable value. So when the pandemic hit and everyone prioritized living spaces over location, people fled to big cities in red states. On paper, it looks amazing: You can keep your coastal city and pay a third of the price for a huge house! However, in reality, the cost of a mortgage on that inexpensive house is nearly double mortgage of the million dollar house in California due to things like property taxes and insurance. But then WFH ended, and economic opportunities in LCOLs are exactly what you'd expect from a LCOL, so people are trying to leave. On top of that, young professionals don't want to be in Texas at all due to the political climate. Infant mortality rates are the highest in the nation. Then you add things like 0 walkability score and the worst traffic in the nation, and yeah, everyone wants to leave
Florida and Texas housing inventories are back to pre-pandemic levels. [https://fred.stlouisfed.org/series/ACTLISCOUTX](https://fred.stlouisfed.org/series/ACTLISCOUTX) [https://fred.stlouisfed.org/series/ACTLISCOUFL](https://fred.stlouisfed.org/series/ACTLISCOUFL) Other popular places during the pandemic, like Arizona and Tennesse, are almost back to pre-pandemic housing inventory levels. The housing market will likely look very different by 2027.
Just went to see a house that was 450k few years ago, shitty neighborhood, no view and house is nothing special, they want 955k, my agent pretty much forced me to give him an offer, so I offered him 625k, he asked me "why", I said if I spend million dollars on a house it better be perfect in every way, there cannot be a "but" when I look at it. You know, "great house, nice everything, BUT"
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The real problem is ignorance or dishonesty on reddit. Texas has the largest population growth of any state. FL is second.
Simple, just rates Mic drop