For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

[EmpirE231]

There still is. The amount of houses for sale right now are half of what we had for sale at the end of 2019.

then why drop prices at all?

 

[OldSchoolBoats]

then why drop prices at all?

Because people list for too high in the first place and the buyer pool isn't what it was. Also, a lot of new agents are struggling right now so will say whatever they can to get the listing. Just had one of my contracts appraise for $10k over the contract price.....so.......

 

[LargeOrangeFont]

My next door neighbor dropped his price here in Yorba Linda from 1.5M. sold for 1,490,000

Did you advise him to hold onto his hat?

 

[LargeOrangeFont]

Because people list for too high in the first place and the buyer pool isn't what it was. Also, a lot of new agents are struggling right now so will say whatever they can to get the listing. Just had one of my contracts appraise for $10k over the contract price.....so.......

Did you give them a hat to hold onto?

 

[HNL2LHC]

Did you advise him to hold onto his hat?

No he was in the tighten up the belt buckle group.

 

[Bpracing1127]

LOF not sure where you got 1600 homes for sale in ST George?

Saint George, Utah Housing Market Report November 2024 - RocketHomes

There are 434 homes for sale in Saint George, Washington County with a median price of $583,700, which is a decrease of 2.7% since last month. See more real estate market trends for Saint George.

www.rockethomes.com

I am closely watching St George area. I am seeing every home have price drops. Some as high as 100K+ from original listing. I think they were over ambitious on the initial listing price. However, things are headed in the right direction for me right now. I personally would like to see another 50K in drops for my size house I am looking for
(4/2-3 2k+ sq ft.)
if that happens, we will be at early 2021 levels. Pre covid era we would need to see 150-300K price drops from now. I don't see that happening. We got pre-qualified today @ 4.45% as well.

 

[hallett21]

There still is. The amount of houses for sale right now are half of what we had for sale at the end of 2019.

 

[westair]

I'm considering listing our Oceanside house since we spend most of our time either traveling or in havasu ..... our neighbors in Oceanside just got a little over asking price.

 

[LargeOrangeFont]

LOF not sure where you got 1600 homes for sale in ST George?

Saint George, Utah Housing Market Report November 2024 - RocketHomes

There are 434 homes for sale in Saint George, Washington County with a median price of $583,700, which is a decrease of 2.7% since last month. See more real estate market trends for Saint George.

www.rockethomes.com

I am closely watching St George area. I am seeing every home have price drops. Some as high as 100K+ from original listing. I think they were over ambitious on the initial listing price. However, things are headed in the right direction for me right now. I personally would like to see another 50K in drops for my size house I am looking for
(4/2-3 2k+ sq ft.)
if that happens, we will be at early 2021 levels. Pre covid era we would need to see 150-300K price drops from now. I don't see that happening. We got pre-qualified today @ 4.45% as well.

Southern UT area as a whole, not just St George.

Empire referenced more houses this week that had price drops than that are for sale in the city.

I don’t see pre covid pricing coming back to this area.

The prices that are getting dropped are people trying to get Q1 2022 pricing. My house isn’t worth more than I bought it, and they are trying to sell them for $100k more.

 

[JM21]

I'm considering listing our Oceanside house since we spend most of our time either traveling or in havasu ..... our neighbors in Oceanside just got a little over asking price.

I would love to chat with you about listing it. I am a Fallbrook/O-Side specialist.

 

[Runs2rch]

Did you give them a hat to hold onto?

You just might have an idea.

Give out ALL Dry hats.

Or was is So Dry?

Can't remember the thread.

 

[Bpracing1127]

Southern UT area as a whole, not just St George.

Empire referenced more houses this week that had price drops than that are for sale in the city.

I don’t see pre covid pricing coming back to this area.

The prices that are getting dropped are people trying to get Q1 2022 pricing. My house isn’t worth more than I bought it, and they are trying to sell them for $100k more.

Agreed I don’t see pre COVID either. I see 2021 perhaps tho. Inventory is climbing so we will see

 

[rivermobster]

How do you get that information?

Realtor.com works too. Get the app and apply your filters. Easy easy.

 

[westair]

I would love to chat with you about listing it. I am a Fallbrook/O-Side specialist.

I’ll keep you in mind as things progress …. I’m in the Jeffries Ranch area

 

[OldSchoolBoats]

You just might have an idea.

Give out ALL Dry hats.

Or was is So Dry?

Can't remember the thread.

I have some hats if you want one. You going to Halletts In Havasu? I will bring a box so everyone that's wants one to hold onto can get their chance.

 

[LargeOrangeFont]

No he was in the tighten up the belt buckle group.

Epic Tim

 

[LargeOrangeFont]

I have some hats if you want one. You going to Halletts In Havasu? I will bring a box so everyone that's wants one to hold onto can get their chance.

That would make a great group pic.

 

[77charger]

Seen a home in my neighborhood list at 505k end of June still on market with a few price drops now at 390k. It sold end of May for 440k bought and minor fix up.

Was overpriced at 505k would have sold at 495 in days had it listed a little earlier. We bought ours a bigger remodeled inside home in May 2020 for 305k

This is in az and seeing lots of price drops it will soon be in other parts. My old fullerton neighbor hood I’m seeing price drops as well just not as drastic

 

[NicPaus]

Interesting that you mention him often in real estate threads even though he never patriciates in any of these threads. Come on... Why sit around and talk about real estate with a guy whose too cheap to pay an escrow fee.

BTW- Did you ever find an escrow company that takes coupons or EBT card?

Nice chatting with you earlier about the real estate market!

 

[HNL2LHC]

I have some hats if you want one. You going to Halletts In Havasu? I will bring a box so everyone that's wants one to hold onto can get their chance.

I will be there for the event. I want a hat. I hope that I have better success than I did with my $60 RPD hat in the gorge…..

We circled back twice only to run it over and not ever see it again. LOL

 

[c_land]

Seen a home in my neighborhood list at 505k end of June still on market with a few price drops now at 390k. It sold end of May for 440k bought and minor fix up.

Was overpriced at 505k would have sold at 495 in days had it listed a little earlier. We bought ours a bigger remodeled inside home in May 2020 for 305k

This is in az and seeing lots of price drops it will soon be in other parts. My old fullerton neighbor hood I’m seeing price drops as well just not as drastic

Phoenix is getting nailed right now. Volume leads price.

 

[X Hoser]

The well qualified buyers who didn't want to play the bidding games are coming back into the market. Seller credits are coming back and the market is returning to normal. Agents are even having open houses again!!

Price drops are what happen in a NORMAL market. The last 2 years weren't normal. 4.5% - 5% is still a good 30 year fixed rate.

I remember in the early 80’s when interest rates were 17%! Prior to that the rates were 8-10%, which is what I was told at the time was that investors wanted an 8-10% return on their money. So, 3% was a bonus that many of us took advantage of.

We sold our Redlands house two months ago. Sold in 3 days at asking price, but no multiple or over asking price offers. Appraisal came in $100K under sales price. Buyer wanted the contract reduced by that amount or they were cancelling. We adjusted, closed and now looking in Tennessee and Idaho. Starting to see reductions in both of these places but the adjustments are from properties that were trying to set a new “high”, as we were in CA. They are being reduced to conform with the others on the market. Those priced accordingly are selling and usually at asking price. The search continues for us. Getting exactly what we want right now isn’t as important to us as saving 5-10%. Geez, at our age we only buy ripe bananas!

 

[bentprops]

Phoenix is getting nailed right now. Volume leads price.

View attachment 1144569

Loving this, Keep them coming Please!!

 

[PaPaG]

Haven’t been in here in awhile but checked in and see it’s the same BS thats been posted for weeks. Do you think the more you post the more likely it is to happen ? Being obsessed with wanting a tank is very very odd.

Looks like you do not do any factual research because facts are facts and being a naysayer or burrying your head in the sand and denying facts gets folks in financial trouble....deniers and naysayers hold onto your hats

 

[CLdrinker]

Oh hell guys. It’s simple. Market goes up that’s great this house becomes an even better investment.

Market tanks you buy another house and eventually you have 2 good investments.

I’m rooting for both.

I’m set either way.

 

[LargeOrangeFont]

Looks like you do not do any factual research because facts are facts and being a naysayer or burrying your head in the sand and denying facts gets folks in financial trouble....deniers and naysayers hold onto your hats

Looks like you do not do any factual research because facts are facts and being a naysayer or burrying your head in the sand and denying facts gets folks in financial trouble....deniers and naysayers hold onto your hats

Same lines for 7+ years.. “The end is near”

 

[Englewood]

You guys spend way too much time on price drops. Every seller thinks their shit is special. Focus on closed sales.

If we want to get “factual”, we are still technically in a sellers market, although trending towards buyers market.

 

[OldSchoolBoats]

0.2 beat in CPI over forecast. Quite a good rally happening in mortgage backed securities, especially in the lower coupons.

 

[FishSniper]

Looks like you do not do any factual research because facts are facts and being a naysayer or burrying your head in the sand and denying facts gets folks in financial trouble....deniers and naysayers hold onto your hats

Your factual research entails finance companies laying off employees, it doesn’t take a brain surgeon to tell you when the interest rates spike refinances are going to drop hence no longer the need for as many finance people. Never once have I said the market wasn’t gonna drop quite the opposite just don’t understand the constant cheerleading for it to take a major drop.

 

[HNL2LHC]

So yesterday we started calling about building a pool in Havasu. I can’t tell you how many we so willing to meet us this or next week to get things moving forward. It is like they are seeing fewer opportunities out there. We will see what the start times are and how long the build will take. Oh yeah and what the cost will be….

 

[schweeng]

So yesterday we started calling about building a pool in Havasu. I can’t tell you how many we so willing to meet us this or next week to get things moving forward. It is like they are seeing fewer opportunities out there. We will see what the start times are and how long the build will take. Oh yeah and what the cost will be….

Deal time..... good for you ! Most of these construction companies killed it for the last 2+ years.... Maybe its getting back to normal build prices and times.

 

[satellitemike]

So yesterday we started calling about building a pool in Havasu. I can’t tell you how many we so willing to meet us this or next week to get things moving forward. It is like they are seeing fewer opportunities out there. We will see what the start times are and how long the build will take. Oh yeah and what the cost will be….

Would love to see/hear the comparisons of how the contractors bent people the last few GOOD years and see how they are treating people today now that things are drying up so to speak.

 

[El Rojo]

I don’t see how the price of of pool will be any cheaper next year than this year. Are labors costs going down? No. Are workers going to take less pay next year than this year? No. Are material costs going to be cheaper ? No…maybe you can actually get a pool built in a timely manner now, but it’s still gonna the most expensive it’s ever been…this is the new normal. All the slow down does is get the wanna be contractors out of the game and let the pros keep doing what they’ve been doing.

 

[Havasu blue label]

Wow the housing market is hot maybe I should sell my homes in California and downsize to Utah and be a baller on the boards

 

[Bpracing1127]

Wow the housing market is hot maybe I should sell my homes in California and downsize to Utah and be a baller on the boards

you mean upsize!!

 

[badgas]

Wow the housing market is hot maybe I should sell my homes in California and downsize to Utah and be a baller on the boards

I would do it if I could get my kids to relocate with us.

 

[LargeOrangeFont]

So yesterday we started calling about building a pool in Havasu. I can’t tell you how many we so willing to meet us this or next week to get things moving forward. It is like they are seeing fewer opportunities out there. We will see what the start times are and how long the build will take. Oh yeah and what the cost will be….

Going to wait a couple more months and start that stupidity here too.

 

[LargeOrangeFont]

Wow the housing market is hot maybe I should sell my homes in California and downsize to Utah and be a baller on the boards

With how out of touch you are with the Havasu market, let us know how that works out for you.

 

[77charger]

Phoenix is getting nailed right now. Volume leads price.

View attachment 1144569

Yup. I ain’t a real estate expert but know it was gonna happen. I’m not worried ain’t going anywhere I expected a drop but not this much.in sure it will spread to other states soon though. Then in a few years people will say we should have bought in 22 lol.

 

[Havasu blue label]

Good one havasu market make me laugh we owned properties there for 20 years my sons for 4 years it’s a great city but it needs to slow down

 

[LargeOrangeFont]

Good one havasu market make me laugh we owned properties there for 20 years my sons for 4 years it’s a great city but it needs to slow down

Do they know RE is gonna drop 50% in 45 days there, and no snowbird will pay over $3K/month?

Oh and did they buy MGM stock?

 

[D19]

Nice chatting with you earlier about the real estate market!

Likewise. Thanks for all your help with our house! BTW I had some shirts and swag in my truck for you and totally spaced out on giving them to you. Lets link up again soon.

 

[MSum661]

Phoenix is getting nailed right now. Volume leads price.

View attachment 1144569

Inline with 2006-07

 

[rivrrts429]

No he was in the tighten up the belt buckle group.

I’m worried about the group that is going tighten up their hat buckles. Those guys are brutal

 

[LargeOrangeFont]

I’m worried about the group that is going tighten up their hat buckles. Those guys are brutal

I think some members already have.

 

[Badchoices03]

I’m worried about the group that is going tighten up their hat buckles. Those guys are brutal

I am more of a holding onto my belt buckle kinda guy...

 

[Havasu blue label]

You should of bought Mgm at 9

 

[Sportin' Wood]

Not science, but not fake news. I look at the Flathead Lake market every day. Back in May, stuff was going gangbusters. Season plays a big part in this region, and spring had sprung. By July, we hit a wall. Maybe this will help expand the view beyond SoCa and Havasu.

Some stuff is selling, but it is pending backup offers, or it was liquidated. The good liquidation sales are not making it onto the open market; we bought a rental right at the rate increase, FSBO below market value. Anything good is going via the GoodOlBoy network for the demanding rental market in this area.

Here is what I am seeing in this area as of today.
Increase in listings that seem like VRBOs. Some are listed with furnishings. Some are honest and say it is an STR.
Some listings are homes I've looked at in the last two years. In many cases, they used the same pictures from the previous listings. These homes did sell during the FOMO days. Some have had nothing done, look like they have not been lived in the last two years, and are listed for up to twice the sales price in cases where the home sold in 2019.

Some of these homes have had some remodeling started or completed but are now back on the market.
Some homes seem like the OG homeowner may have passed away, and now the house is for sale. (This is how we got ours)

Some of the homes listed are complete dog crap, and the owner is throwing a hail mary.

I would not say we have a glut of inventory. Inventory remains pretty tight, but nothing seems to be sold unless the owner is negotiating. I don't have visibility into this, and I am assuming based on our transaction. Days on the market continue to climb.

I don't have a crystal ball, but I will attempt a prediction. Anything not moving by Late Sept/Oct is likely not selling in 2022 in this market. I suspect people will pull the listing at the end of summer. I have one house I am watching like a hawk that is a train wreck, I plan to make a cash offer before we leave for the winter, but it will be an offensive offer. It needs a lot of work and is not liveable at the moment. It will be another rental if I can make it happen.

It's pretty common to see some big price reductions, but they are already way overpriced.

Next spring could be interesting up here if something does not drastically change with rates and consumer confidence. If we stay on the same path, I see an additional increase in VRBO homes hitting the market in this region. Previously you needed to book a year in advance, that has been greatly relaxed, with a decrease in summer visitors. The winter is hard on these homes, and maintenance is not cheap. Housecleaning services are not easy to come by here either.

Our strategy is to locate homes we like, look at the previous sales prices and set a target price for each.

I'm still not sure which way this all will go and won't rule out a housing crash, but I think the election is the wildcard. If Trump gets back in the office, I think the hat holding will be due to the speed at which the economy roars back. Anybody who did not make a move before that may get left behind, or it could all go to hell. Who knows?


Last night we looked at an interesting property that needs some work. $125K price reduction. Price needs to come down about another $200K for me to swing it, but even if it did, the seller would net a healthy profit from his purchase price in 2019. Would that be so bad for either party? That's all I want to see so far as RE pricing. I don't consider that a crash, but some might.

 

[2FORCEFULL]

Facts show prices are slowly steadying and a lot of areas have been dropping, some dramatically, sales are slowing, inventory is growing, fed rate may be increased another .75 in Sept. and away we go lol...I am not a doomsdayer and I positively NEVER said the world would be falling apart, we are slowly heading deeper into a MARKET CORRECTION and the Inflated housing price market will DROP FOR SURE...I am FACT FOLLOWER and the facts are facts...we will see where this ends and I guarantee I will still be laughing at the naysayers trying to justify the housing price drop....

it's smoke and mirrors.... even if the prices drop 20%.... the dollar lost 50%....

 

[Havasu blue label]

Will see the smoke 20% thats funny