Home Sellers Are Pulling Properties off the Market at Record Pace
A record number of homes are being delisted as sellers face a sharp drop in demand, according to real estate brokerage Redfin.
On average, 2% of homes for sale were delisted without being sold each week during the three months ended Nov. 20, Redfin said. That compares to 1.6% a year earlier and is yet another sign that the decade-long housing boom is over. #CoSoFinance https://www.bloomberg.com/news/articles/2022-12-02/will-home-prices-drop-record-number-of-sellers-are-pulling-their-properties
@RealSeanBrodrick: Many aren't for sale but for several weeks to a three months anyway. They're already owned by companies who normally rent or lease them but once tenants move out they put it on the market, usually at a higher price than it's worth. and then rent or lease it again when it doesn't sell.
Median value in my neighborhood is allegedly +/-$260,000, but 10 of the 22 houses on my street are rentals/leases. Average rent/lease is $2300/month. 20 years ago there was only 1.
@thedisasterautist Thanks for the insight. What state do you live in?
@RealSeanBrodrick: Currently I live in Aiken, SC.
@thedisasterautist Huh. And I'd heard South Carolina was more affordable. That's where many expats from Florida are fleeing, as things get too expensive here.
@RealSeanBrodrick: They're coming here because it's more affordable, and many of them can afford more than people that already live here. They're buying homes and driving up demand and home prices. Vicious cycle, that is.
The home I built near Richburg, SC, in the country but only 20mins. from town, in 2000 (mid-bubble) for $120K I was able to sell only for $148K (after $19,000 work on it) in 2016 is now valued at around $260K, looking now a little worse for wear. No way the house is worth it.
@RealSeanBrodrick: On the cul-de-sac that branches off at the end of my street there are 8 houses. 4 are rentals/leases, all bought by different companies over the last ten years as the elderly original homeowners (from the 1980s and 1990s) died off or had to move to nursing or retirement homes.
Legit overly inflated home prices have been a problem since the late 1990s everywhere, of course.