Friday, September 21, 2018

It's finally hit the main stream.

Home sellers slash prices, especially in California.

"In the four weeks ended Sept. 16, more than one-quarter of the homes listed for sale had a price drop, according to Redfin, a real estate brokerage. That is the highest level since the company began tracking the metric in 2010. Redfin defines a price drop as a reduction in the list price of more than 1 percent and less than 50 percent."

Really,  this is starting to come in from everywhere. Not just California. These sorts of events start a feedback loop. I've started hearing about houses getting zero offers.

Hope everyone has a cup on because it might be about to get crazy up in here.


  1. I met with a redfin agent to discuss a 1% listing and there entire pitch was to try and get me to list the house 30% below market to attract more offers. When i suggested the price was too low they refused the listing unless i agreed to lower the price in 30 days if it didnt sell. Durng the 30 days they wouldnt agree to an open house. I dont disagree that things are frothy at the top but Redfin is being run as a scam and articles like this are suspect after you see their pitch. DF ;)

  2. So Redfin sells easy-to-sell houses?

    WHO KNEW? :-)

  3. Hey Stranger! Good to see you. I didn't think you read me anymore.

    About your Redfin experience. I don't know what their policy was before - but if they are only going to charge you 1% - they absolutely want to move that house fast, But they can't right now. It's not always a problem to list at a lower price, as those sometimes can create a lot of eyes and buyer frenzy. But not right now. Sometimes listing well under can bring you an over asking price. But again. NOT RIGHT NOW.

    I would not count the Redfin source out because of your experience because I thought that number was super low. I would say that 80% of houses have price drops right now. And huge drops. Like 8%.

    If you can hold on D - do it. I doubt with Trump that a real estate pullback will be as long and savage as the last one.

    I'm super happy to see you still kicking around here. I kinda missed you. You could always turn that place into a rental.