3 ms·

SFH sellers (and agents) dont seem to have accepted the change yet. No NWMLS data to back it up, but list pricing has stayed roughly at the same crazy high leve

SFH sellers (and agents) dont seem to have accepted the change yet. No NWMLS data to back it up, but list pricing has stayed roughly at the same crazy high levels of spring 2018. Units are instead sitting for weeks or months. The rare ones that are relisted are reduced by maybe 1-2%. As you said, will be very curious to see what May 2019 looks like. PS: IIRC it was the may 2018 sales and inventory data that deviated from the recent trend lines. Slightly earlier than June.

DenisM 8y ago
Oh, it's just the usual waiting game. Happens every time. Sellers will stubbornly hold on to the last "fair" prices they were told, even if they can't sell, the RE agents will suggest waiting out the winter and taking the house off the market till the next spring. Buyers are aware of the inventory increase are waiting to see if it grows further and the they snatch up a bargain from a desperate seller. That's how it went down 10 years ago, it will be same this time - come spring and the "for sale" signs will pop up on every single corner. You can just count those signs to tell if it's the buyers or the sellers market. However there are differences too. 10 years ago we were facing a catastrophic recession, including an unprecedented level of banking shenanigans (undermining business financing) and a huge hit on the employment (undermining consumption), but this time it seems pretty stable. So that's a bull development. On the bear side, strong overall economy might embolden the Fed to keep increasing the interest rates, decreasing housing affordability and pushing the prices further down. Also Seattle has seen a huge amount of construction recently, a lot of old properties on the Capitol Hill were torn down and rebuilt in the last 3-5 years (at this point we are talking not just a number of affected properties but a percentages of the entire inventory in the Madison-Aloha area), the downtown sees a large number of constructions and SLU has been a giant construction site since like 2010. Also notably there is no shortage of rental properties downtown and Capitol Hill at stable prices. The rental market was positively nuts in the run-up to the 2008 implosion which was somewhat distressing to me personally. Fun times! Are you looking for a place to settle down?
- donavanm 8y ago
  Oh Ive been in Seattle for about 8-9 years now. I've already thrown my money in to the crazy market based on expected long term residency, historical low interest rates, & diversification of assets. But some of the insanity in SFH the last year or two is just ... wow. If there is a major housing market correction in the next few years I wouldnt mind "upgrading" or taking a flyer on a vacation/hobby property. On my infinite "todo" list to pay more attention to commercial/industrial space.

DenisM 8y ago

Oh, it's just the usual waiting game. Happens every time. Sellers will stubbornly hold on to the last "fair" prices they were told, even if they can't sell, the RE agents will suggest waiting out the winter and taking the house off the market till the next spring. Buyers are aware of the inventory increase are waiting to see if it grows further and the they snatch up a bargain from a desperate seller. That's how it went down 10 years ago, it will be same this time - come spring and the "for sale" signs will pop up on every single corner. You can just count those signs to tell if it's the buyers or the sellers market. However there are differences too. 10 years ago we were facing a catastrophic recession, including an unprecedented level of banking shenanigans (undermining business financing) and a huge hit on the employment (undermining consumption), but this time it seems pretty stable. So that's a bull development. On the bear side, strong overall economy might embolden the Fed to keep increasing the interest rates, decreasing housing affordability and pushing the prices further down. Also Seattle has seen a huge amount of construction recently, a lot of old properties on the Capitol Hill were torn down and rebuilt in the last 3-5 years (at this point we are talking not just a number of affected properties but a percentages of the entire inventory in the Madison-Aloha area), the downtown sees a large number of constructions and SLU has been a giant construction site since like 2010. Also notably there is no shortage of rental properties downtown and Capitol Hill at stable prices. The rental market was positively nuts in the run-up to the 2008 implosion which was somewhat distressing to me personally. Fun times! Are you looking for a place to settle down?

donavanm 8y ago
Oh Ive been in Seattle for about 8-9 years now. I've already thrown my money in to the crazy market based on expected long term residency, historical low interest rates, & diversification of assets. But some of the insanity in SFH the last year or two is just ... wow. If there is a major housing market correction in the next few years I wouldnt mind "upgrading" or taking a flyer on a vacation/hobby property. On my infinite "todo" list to pay more attention to commercial/industrial space.