Thread by @RickPalaciosJr

Monthly pulse of resale housing market still rapid according to 4,500 agents we just surveyed. Top 3 themes: 1) Bit of market normalizing. 2) Skittish sellers fearing nowhere to move. 3) End of travel ban boosting international buyers. Commentary across the country to follow…

#Houston resale agent: “A lot of people are not listing because they don't know where they are going next. Seems that many people listed too high even for a sellers' market, so I am seeing more price reductions now than earlier in the year.”

#Orlando resale agent: “Our buyer pool is increasing. We see more buyers from the north connecting with us as they plan to visit the area from the fourth quarter to the first quarter of next year.”

#LosAngeles resale agent: “Market is still very healthy, and I am very confident that it will stay like this for all of 2022.”

#NewYork resale agent: “Listings are remaining slightly longer on market (25 days vs. 15 days) and more are expiring if sellers priced their homes more than a small increase over the last sale.”

#WashingtonDC resale agent: “[Market conditions] easing up a little bit but still roughly 1 month of inventory, a historically strong sellers' market. I've been telling people we've gone from an 11 to a 9 market.”

#Boston resale agent: “Market is slowing. Some normalization due to coming holidays. Low inventory and buyers no longer willing to bid on already high prices.”

#Atlanta resale agent: “I feel home prices overall are high, but I am seeing a quite a bit of sellers coming down a little off their already overpriced homes.”

#Denver resale agent: “Market has leveled off a bit, but I believe it is the return of seasonality. We are optimistic 2022 will be another super-hot year for home sales and prices.”

#Seattle resale agent: “Seller sentiment still of the mindset they deserve to get an astronomical amount for their home. When sellers don't receive offers and homes linger on the market, they get far more nervous than in markets past where 30-45 days on the market was normal.”

#RiversideSanBernardino resale agent: “We’re still seeing multiple offers in all price ranges. We just had a buyer offer $40K over the asking price to win their bid on a home listed at $859K. In the lower price range of $400K–$600K the competition is still fierce.”

#Nashville resale agent: “Market seems to be shifting with some uncertainty given the current rate of inflation. I have watched the Florida market shift and it's starting to happen here too.”

#SanJose resale agent: “Still quite a few buyers, but they're apprehensive about moving forward. Very low number of offers compared to the number of buyers looking (attending open houses & social media views). Most recently very few in attendance at open houses.”

#SanDiego resale agent: “Inventory remains significantly low. Even though we have a few more properties on the market, it is still too low to meet the buyer demand.”

#Philadelphia resale agent: “I think we're in a bubble and all buyers are in a negative equity position because they are all over-paying!”

#Jacksonville resale agent: “There is no inventory at all. The market is unreal here. No listings and what is left is garbage. If your buyer is not a cash buyer, good luck getting your contract accepted.”

#VirginiaBeach resale agent: “Market is difficult for average buyer. Many have had to return to renting due to the inability to compete with fierce all cash buyers. There should some government regulations as to how much property the investors can buy in a given market.”

#MyrtleBeach resale agent: “The market seems to differ substantially at different price points. More available at the high end and not enough listings at the $200,000 to $400,000 range.”

#Baltimore resale agent: “Market is finally getting a little more back to normal. Still multiple offers but more like 2–3 instead of 30. Prices aren’t going $30,000 over asking price, maybe $10,000 or so, which is still big.”

#Newark resale agent: “Conditions beginning to soften, many buyers stepping out of market who have been out bid many times. Very tough time now for flippers and investors. Prices are too high.”

#NewHaven resale agent: “A more realistic approach to pricing is becoming more prevalent among buyers and sellers.”

#Warren resale agent: “Houses that are completely updated and priced at fair market value, are still receiving multiple offers and selling for above asking price.”

#ElPaso resale agent: “Showings have slowed down because buyers are choosing to wait for the market to change. I have 6 buyers I am currently working with and 2 have decided to wait.”

#Burlington resale agent: “Expect more listings as Canadians can now return to Vermont.”

#Omaha resale agent: “Market appears to be returning to what it was prior to COVID.” THE END