House(s) are in Austin for 470-500 I’m sure if I wait those houses will eventually drop another 35% naturally by 2024. TC 200
You're going to have to wait until mass layoffs before someone is willing to lose 20% to move to a worse house.
It’s market dependent, someone who just wants to sell and retire will definitely take a -20% or more on their house, because technically they are still getting huge gains if they bought their house before 2020. I’ve already seen houses getting reduced more than 35% and getting sold in a few weeks. Bag holder or not you need to realize this.
That's just a single case. Most likely if they were living there until retirement they can keep living there until they die.
You’re not going to see a drop like that unless there is huge inventory surplus like there was in 2008. Super unlikely this time around.
20% drop unlikely? Beg your pardon.
Inventory surplus will build next spring/summer when people list their homes. Rates will be above 8% and no one will be buying, we will recover to prepandemic inventory levels by end of 2023 if rates stay that high
The gate swings both ways. People to have live somewhere and they won’t be selling their houses either at lowball prices only to jump in somewhere else at 7-8% interest. The only thing that will correct the market is the market
Lmao everyone thinks that they're the only person lowballing. If you can't afford it, find a cheaper property.
Nah, lowballs are the new norm until market recovers.
OK let me know how that goes lmao.
In cali bay area, they are still offering over the price. 1st: 799k house, sold at 1.1 2nd: 689k house(east bay), we offered 689k with loan contingency only, seller went with other buyer with more offer.
That place never goes down, your only hope is for an earthquake to sweep half of SF into the sea, even then that might hike the prices.
Got my house at 1.89%. I’d rather start sucking dick instead of selling the house to pay the mortgage if I lost my job.
why you have to say it like that bruh!!
We pay 25$ an hour to warehouse workers, no need to get that low unless you’re looking for excuses. Anyway.
You’re going to be waiting forever if you expect a 35% drop. Maybe on overpriced new construction or condos.
I’ve seen houses in Austin getting cut for more than that already, and the crash just started.
Crashing is still coming !!!!
IMO housing prices in lot of markets will drop to pre-pandemic levels by end of next year. Not sure about Austin though. But if you are not in a rush to buy, it doesn’t hurt to lowball by large percent specially if you firmly believe that market is going to drop more for next couple of years
ask for free, does not hurt!!
Start giving lowball offers and you will see. Doesnt take too much time to try.
Yeah exactly, it is all case specific, there cannot be a single rule. Just experiment. In Seattle what I Observe based on sold price versus list at sold is that most sell 5-10% less below, but a few sold at 20% or more discount.