Good info about new normal housing market
Good graphs at link showing
individual metro area impacts
https://www.curbed.com/2020/5/21/21264167/coronavirus-housing-market-prices
The economy is tanking. So why arent home prices dropping?
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Usually, a huge drop in demand would put downward pressure on prices; home sellers would be competing with each other to attract a limited number of buyers by dropping their asking price. But while housing demand has dropped substantially, housing supply also dropped in lockstep as potential home sellers pulled out of the market for many of the same reasons buyers are.
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While both supply and demand have dropped, the relationship between the two went largely unchanged, meaning the drops in supply and demand were generally proportional to each other. Furthermore, home sales also dropped after the pandemic hit, and its hard for prices to move when there arent as many housing transactions to make prices move in aggregate. Together, this leaves prices much where they were before the pandemic.
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While the current conditions havent led to a short-term price drop, the long-term economic trends induced will likely effect prices in the future. Zillow economist Skylar Olsen says Zillow is forecasting a price drop of 2 to 3 percent through the end of 2020, depending on the city, compared to where prices were in February.
(In box me if you need some free, no strings real estate info. I'm licensed in three states and happy to help.)
LizBeth
(9,946 posts)I have been watching particular areas of the country almost daily and have noticed there was not any move of prices and just way fewer homes on the market. Excellent me that I was able to read this correctly and already knew this.
Doodley
(8,976 posts)3catwoman3
(23,820 posts)Last edited Sun May 24, 2020, 01:29 PM - Edit history (1)
...in Rochester NY just sold for $11,000 over the asking price. It was on the market for 5 hours.
Sedona
(3,769 posts)3catwoman3
(23,820 posts)I had expected the house to appraise for about $99,000, and was surprised when the realtor listed it for $139,900, and shocked when the buyer offered $151,000.
Seeing as I was doing this from 700 miles away in the greater Chicago area, that first offer sounded damn good to me, so I took it. I didn't want to be fiddle-farting around for days or weeks.
SouthernIrish
(512 posts)My Mom just put her house on the market about a month ago. She actually priced it lower than what it should have been. She has downsized and has already moved into another house. The good thing is that she doesn't have to live in the house while it is being shown. We have only had 3 people look at it, and that is disappointing because Zillow shows almost 100 views and several saves. It is an immaculate house but is on the larger size (apparently harder to sell). Needing all the good vibes anyone could send her way.