![]() “The average price of a Canadian home sold in August was $637,673, a number that has fallen by more than 20 per cent since February. ‘We’re getting offers but they’re definitely bottom feeders.'” ‘If sellers don’t have to sell, they’re waiting for their number.’ And while sellers are holding out for a return to strong price gains, many buyers today are strenuously arguing for a markdown. ‘The buyers want a deal and the sellers are not in a rush to sell,’ Ms. Elise Stern, broker with Harvey Kalles Real Estate Ltd., says some homeowners have decided they won’t sell for a diminished price. “The Toronto-area fall real estate market appears to be off to a slow start. ‘In this affordability landscape it would take a combination of a 40% rise in incomes, roughly a three percentage point decline in 30-year rates, or a 30% pullback in home prices.'” ‘The record low interest rates that we’ve seen over the last two and a half years have really allowed home price growth to outpace income growth,’ Andy Walden, recently told Yahoo Money. “At last week’s 30-year rate of 5.89%, the buyer of a median-priced home is looking at a monthly payment of $2,100, a 66% jump from last year, according to. I have spoken to too many owners who have been compelled to sell their properties at discounts or while in foreclosure.'” ‘Unfortunately for far too many it is far too late. ‘Hopefully many owners now hanging on by the skin of their teeth will have a chance to survive and avoid foreclosure,’ said Dan Yukelson, chief executive of the Apartment Assn. “Los Angeles County will move forward with a plan to lift its pandemic-era eviction moratorium and other renter protections by the end of the year. ‘For the past two years, Houston housing has been like a runaway train, and what we’ve been seeing most recently is an engineer, finally at the throttle, applying the brakes so the train can pull safely into the next station,’ said HAR Chair Jennifer Wauhob.” The median sales price increased nearly 11 percent over the year to $341,950, but remains below the record $354,440 reached in June. Single-family home sales slid 16.9 percent in August from the same month a year earlier, according to the Houston Association of Realtors. “Houston home sales fell for the fifth consecutive month. There is evidence that sellers are already making adjustments, as more than 40 percent of all properties on the market at the end of August in the Washington area have dropped in price.” Would-be sellers do need to adjust their price expectations. region, there is a noticeable cooling trend. “After more than two years of hot housing market conditions in the D.C. ‘We’ve really seen that in all the price ranges,’ explained Regina Madiera-Gorden, a managing broker of Windermere Abode Lakewood.” ‘We have more inventory now than we’ve had in three and a half years,’ Gorden said. NWMLS data shows Pierce County’s housing inventory has grown over 112% since this time last year. “The median closed sale price for a home in Pierce County was $555,000 in August, down from $575,000 in July. Now the asking price may be the ceiling,’ says Miller.” ‘It used to be that the asking price was the floor of what would be the agreed to sales price. Unlike the last housing bubble, she expects this price decline will even the playing field between buyers and sellers. “For Lynnea Miller, principal broker at Bend Premier Real Estate, declining home prices were nothing to be afraid of. Marsh was on both sides of the aisle, a buyer looking for a home in Statesville and a seller 50 miles away in Vale.” ‘A lot of that was due to interest rates climbing so much in those three weeks, we were a little more concerned about the housing market going down a little more, and if we waited too long to accept an offer, then maybe we would lose out,’ Marsh said. Last night she went under contract again, with a lower offer. “Three weeks ago, Tracie Marsh was set to sell her home for a price significantly higher than expected. What we’re seeing now is going back more to business as usual.'” ‘I’m not kidding when I say you could stick a sign in the yard and the house would be sold in hours. ‘Things have come into balance, is how I would describe it, down from the frenzied pace a year go,’ she said. Ann Kidd, chairperson of the Pikes Peak Association of Realtors, calls the current situation an adjustment. ‘That’s five times where we were six months ago,’ he said. 9, there were 2,699 single-family homes listed for sale with the Multiple Listing Service of Colorado Springs, broker Harry Salzman said. It’s Friday desk clearing time for this blogger.
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