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Redfin CEO on "Landlord Nation;" Price Cut Nation

 
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 164
Location: Cambridge, MA

PostPosted: Wed Aug 02, 2017 10:09 pm GMT    Post subject: Redfin CEO on "Landlord Nation;" Price Cut Nation Reply with quote

1 in 10 sellers cutting prices! #PriceCorrection coming locally, too? http://bit.ly/PriceCutNation
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bsg61
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PostPosted: Thu Aug 03, 2017 2:12 pm GMT    Post subject: Reply with quote

I've been noticing this in the listings I receive lately. In Malden, several price drops by $20,000 in the last few weeks. Also, a couple in Cambridge.

Perhaps they were just priced too high to begin with?
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 164
Location: Cambridge, MA

PostPosted: Thu Aug 03, 2017 6:16 pm GMT    Post subject: Reply with quote

bsg61 wrote:
I've been noticing this in the listings I receive lately. In Malden, several price drops by $20,000 in the last few weeks. Also, a couple in Cambridge.

Perhaps they were just priced too high to begin with?


That's one possibility author Ilyce Glink offers at the end of the article:

"Trulia is reporting that more than 1 in 10 for-sale listings had a price cut, and most major housing markets saw cuts increase: Sixty-nine of the 100 largest metros saw the share of for-sale listings with a price reduction increase from last year to this year. While that could mean home price increases are flattening, it could also mean sellers, seeing price wars firsthand, are setting pie-in-the-sky prices for their homes, only to re-price them in order to sell."

As price corrections morph into Price Cut Nation, encouraging prudent buyers to do research necessary to "time the market." There are data sources available, as per vendor agreements, to brokers only; but if you like, we can host a MeetUp with one local vendor who's AVM divides market forecasts into four pier tiers.

We offer custom research on bidding wars, and are open to ideas about how to generate a "bidding war backlash." Hope some result in law suits as they did during that last boom / bust cycle:

http://bit.ly/Misled2008
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Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
Cambridge, MA 02138
617-661-4046
realestatecafe@gmail.com
http://realestatecafe.com/blog/
http://twitter.com/RealEstateCafe
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