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

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with Rick Palacios Jr.

Rick Palacios Jr. Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @RickPalaciosJr

16 Nov
Over the last few months I’ve spoken with dozens of real estate & mortgage industry executives, trying to gauge what impact (if any) #crypto is having on the #housing market. Here’s what I’ve concluded. (1/)…
The number of home buyers w/documented crypto accounts has risen from ~0% one year ago to between 5% & 10% today. Platforms such as @coinbase $COIN were noted most often in my conversations, with $BTC & $ETH common plays. (2/)
It's more difficult tracking the % of home buyers using crypto gains towards the down payment on a home purchase. Most mortgage lenders & home builders estimate ~5% or less. However...(3/)
Read 12 tweets
10 Nov
Home prices still accelerating through October in majority of housing markets we track. Handful below finally moderating (#Austin, #Boise, #Phoenix, #Seattle, & #DC). Here's #Austin.
#Boise home prices
#Phoenix home prices
Read 5 tweets
8 Nov
Fresh October home builder survey results. Top themes: 1) Builders are finally lifting sales caps (though not all). 2) Lack of lots & land development delays will hold back growth in 2022. 3) Most builders expect prices to keep rising. Market commentary to follow…
#ColoradoSprings builder: “One cautious trend to watch is single-family rental businesses paying more for land than builders. This will suck up trade capacity & supply at a time we can't afford it.”
#Denver builder: “Traffic & sales definitely slowing down, but also following a more seasonal pattern as compared to 2020. Resale inventory is still historically low. Rents are skyrocketing again.”
Read 25 tweets
23 Oct
Some new data & market commentary on who's buying land from our 3Q-2021 land broker survey. Build-for-rent operators snapping up 15% of raw land in #Florida & outbidding home builders on deals across many markets. Couple charts & market commentary to follow...
Here's the chart where we asked land brokers if they've observed build-for-rent operators outbidding home builders on land deals in their market. 46% said 'yes' when we rolled it up nationally, and as high as 77% in the Southeast.
#Phoenix land broker: “A lot of speculators in the build-for-rent space that are tying properties up & going through entitlement process, then flipping the property for an increased price. Equity requirements for the build-for-rent projects are getting larger.”
Read 12 tweets
21 Oct
Yesterday's Fed Beige Book commentary on #wages was pretty eye-opening. I'm hearing this daily across housing sector, but definitely spiking across the board.
#Dallas Fed wage commentary
#Atlanta Fed wage commentary
Read 7 tweets
7 Oct
Just published September home builder survey results (sales, prices, costs, communities, etc.). Big themes: 1) Supply chain, supply chain, supply chain. 2) Monthly price hikes no longer the norm. 3) Some of the hottest markets sounding toppy. Market commentary to follow…
#Austin builder: “No end in sight for labor & material issues. Told by logistics guy last week that his company believes it will take at least a year to get the supply chain back to working.”
#Austin builder: “Availability of windows has limited closings this year & availability of appliances has caused closings to slide to a later month. Availability of paint is stressing Q4 closings & causing even more bunching toward late in the year.”
Read 36 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Thank you for your support!

Follow Us on Twitter!