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Spring Equinox: Change from Sellers Market to Buyers Market?

 
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 229
Location: Cambridge, MA

PostPosted: Fri Mar 13, 2020 8:40 pm GMT    Post subject: Spring Equinox: Change from Sellers Market to Buyers Market? Reply with quote

Before 9/11, Deputy Comptroller of the Currency Nancy Wentzler reminded reporters that housing values dropped 8% on average during the last recession in 1991. Not only could it happen again, she said, it could “happen rather abruptly.”

When leaders in the Greater Boston Real Estate Board cautioned that prices may have peaked in 4Q2019, none could have envisioned how aburptly things have changed in the last three weeks.

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CROWDSOURCING: Will the change of seasons bring a change from a sellers market to a buyers market in Boston, at least in the luxury price range? Here are 14 downward pressures on prices:

http://bit.ly/LuxRE_TrackingDownBOS

What are buyers seeing in other price ranges? Does anyone remember that condo prices had fallen nearly 6% in April 2019?

bit.ly/RECoverUpTWT

Are 1st-time homebuyers at risk of buying in a #GreaterFoolsHousingMarket? What are Homebuying 101 instructors saying about the risk of artificial purchasing power from record low-interest rates?

http://bit.ly/DebateRE_REonTap_032020

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CALL TO ACTION: Want to discuss online in private room at the #RealEstateCafe or over beer -- aka #REonTap? See link above.
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Bill Wendel
The Real Estate Cafe
Serving a menu of money-saving services since 1995
97a Garden St.
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617-661-4046
realestatecafe@gmail.com
http://realestatecafe.com/blog
http://twitter.com/RealEstateCafe
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 229
Location: Cambridge, MA

PostPosted: Wed Mar 18, 2020 2:08 am GMT    Post subject: Reply with quote

Curious, the site counter says over 175 people have viewed this post and there’s not been a single comment.

What are buyers seeing in different prices ranges and locations? Does anyone remember that condo prices had fallen nearly 6% in April 2019?

http://bit.ly/RECoverUpTWT

If you’re a buyer, does the coronavirus have you putting your house hunting plans on hold?

If you’re a homeowner who’s thinking of selling, looking for a way to sell your home “as is” directly to a qualified buyer, a real family not an “iBuyer?”

https://www.instagram.com/p/B92NaL6AURe/?igshid=1549w0dgzsnfo
_________________
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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optimus



Joined: 23 May 2008
Posts: 39

PostPosted: Thu Mar 19, 2020 12:34 am GMT    Post subject: Reply with quote

I'm a buyer looking at SFHs and what I see are prices are still to high. No idea how coronavirus will effect things.
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RealEstateCafe



Joined: 11 Dec 2007
Posts: 229
Location: Cambridge, MA

PostPosted: Thu Mar 19, 2020 12:39 am GMT    Post subject: Reply with quote

@Optimus -- here's what's unfolding, first paragraph is from @BostonAgentMagazine (see link below). MLS stats are my own analysis:

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#Covid_ImpactRE: The impact is already being seen in the real estate industry, according to a report by real estate marketplace Point2 Homes, which noted that interest in buying a home has taken a nosedive. The firm said that, from March 9 to March 16, Google traffic saw a 35% decrease in home searches.

Over 350 homes withdrawn or canceled from MLS across Mass in past 4 days alone.

1 in 4 = Already reduced price;

1 in 20 = Reduced price 10% or more;

1 in 12 = Already asking less than assessed value!

#RecessionPricing coming soon. How quickly the market has gone from #BiddingWars that have caused prices to go #100KoverAsk to the opportunity to save more than $100K off original asking prices!

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See thread on LInkedIn

https://www.linkedin.com/feed/update/urn:li:activity:6646131892804476928/
_________________
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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