According to some realtors, our local housing market is declining quickly. One friend in particular noted that there simply aren’t comparable properties available to prove the values of homes that already have sales pending. She says that homes listed prior to September are now overpriced if no reductions have been made.
I guess I was lucky on timing… I sold the Seymour house before this latest crunch.
I hope the buyers of that house can sell it for what they’re asking, but I have my doubts. And, I could care less what the barndo is worth. I have no intentions of selling it, and figure I got it at a good price even though we’ve done quite a bit of work and improvements. I don’t care that it looks like I live in a garage. 🙂
This realtor backed up her claims by relating actual experiences.
She explained that just yesterday, she had the same challenge 4 times… median priced homes for our area that sold weeks ago have declined in such a short time that they are priced $20-$30K above their current value. If you can’t get a property to appraise for what the buyer needs/wants, banks won’t loan the money.
The buyer either pays the difference out of pocket, or the seller must come down on price.
Economic downturn and uncertainty about the future are factors, but high interest rates make monthly payments out of reach for many. Fannie Mae predicts rates won’t drop below 6.5% in 2024, but the Mortgage Bankers Association predicts 4.9% by then.
Basically, the housing market is as volatile and unpredictable as everything else in the world right now.
I may not be able to solve the world’s problems from here, but it sure is easier to forget about them. 🙂
As an aside, I took this photo last night — November mind you — right before going inside. It was a bit over 60°. Today, it’s supposed to reach 80°.
Now you know: None of Abraham Lincoln’s great-grandchildren had any children. His descendants died out in the 1970s-80s.