Very Aggressive Price Drops Happening More Often Lately

October 15, 2019 by Ben Jones

A report from the Wall Street Journal. “In 2019, about 19% of U.S. households with six-figure incomes rented their homes, up from about 12% in 2006, according to a Wall Street Journal analysis of Census Bureau data that adjusted the incomes for inflation. Jacob Neuberger, a 30-year-old who works in Denver for an investment firm, considered buying when he moved out of his one-bedroom downtown apartment. He and his girlfriend opted to rent a townhouse for $2,700 a month. The one next door sold for $550,000.”

“Mr. Neuberger estimated that his costs to own would be about 20% higher than renting and that he would need the townhouse to appreciate by about 10% to cover transaction costs if he needed to sell to buy a bigger home or if he had to move for work. ‘The price appreciation can’t go on forever,’ he said.”

From KTVB on Idaho. “Meridian has come in at No. 7 in a Wallethub listing of the fastest-growing cities in the U.S. When matched up against other mid-sized cities – those with a population between 100,000 and 300,000. One effect the growth has is on the housing market. Phil Mount, President of Boise Regional Realtors, said Meridian currently does not have a housing shortage but they are behind.”

“Currently, Meridian has 622 homes available and the majority of those, 409, are new homes. The average home price in Meridian for 2019 is $343,528.”

The Orlando Sentinel in Florida. “Although nationwide mortgage denials are at an all-time low since the housing crisis, homebuyers are most likely not to get loans in Miami, Orlando and other Florida cities, a new report found. The report by Lending Tree, an online lending marketplace, named Miami, Orlando, Tampa and Jacksonville as the top 4 cities with the highest denial rates. In Orlando, more than 1 in 10 people who applied for a loan were denied. Having bad credit and too much debt were the main reasons for denials.”

“Daniel Betancourt, an agent with ReMAX Town Centre in Orlando, said he hasn’t had any problems with clients getting approved, and pointed out that lending standards have actually loosened In the last few years.”

“Brad Siebert, branch manager for The Mortgage Firm in Maitland said he was ‘shocked’ by the report. ‘I will tell you that it’s been years since I submitted a loan that hasn’t gotten approved,’ he said. ‘I’ve had more loans approved every year going back since I can remember. I don’t answer the phone and say, ‘Oh boy, it’s a Florida loan.’”

From The Title Report “During September, a mere 11 percent of offers written by Redfin agents faced a bidding war, according to a report. Redfin said the bidding war rate was down from 41 percent a year earlier. The most-competitive market in September was San Francisco, where 28 percent of offers faced a bidding war, down from 69 percent a year earlier.”

“In San Jose, Calif., 18 percent of offers faced competition in September, down from 83 percent a year earlier. ‘More sellers are pricing their homes a little below the price they expect to sell at, which is encouraging bidding wars to drive up price,’ Redfin San Jose agent Kimberly Douglas said. ‘In addition to teaser pricing like this, I’ve seen very aggressive price drops happening more often lately.’”

From PR Newswire. “Knock, on a mission to make trading-in a home as easy as trading-in a car, today released the results of the Q4 2019 Knock Deals Forecast, predicting which of 45 of the largest U.S. Metropolitan Statistical Areas (MSAs) will have the highest percentage of homes that sell at a discount to their original list prices, or at a ‘Deal,’ among current on-market listings.”

“‘Many cities in the West that saw increased competition during the recent housing market uptick are now experiencing some of the more significant slowdowns in sales activity,’ said Paul Habibi, Economic Advisor to Knock and Lecturer of Real Estate at UCLA Anderson School of Management. ‘This mild softening of the market seen in Knock’s Q4 Forecast is reflective of other recent studies, and the year-over-year increase in the rate of deals in markets like Los Angeles warrants continued observation.’”

“Homes that are priced over market value tend to sit on the market longer, which can result in them selling for less than if they had originally been priced to market. Nearly 20% of homes that sold in the West in Q3 2019 were on the market for at least 90 days, and sold at an average discount of 5.2%, compared to 1.9% for the overall region. In a market like Los Angeles, CA where homes are frequently priced $800,000 and above, that difference could have resulted in an additional discount of at least $26,400.”

“As markets continue to top the list on reports like the S&P CoreLogic Case-Shiller, which reflect data from two months prior to publication, sellers’ expectations of current market value are inflated, leading to price reductions and eventually more deals. Further evidence of this trend in the West is that the three markets that saw the highest increase in homes selling below original list prices in Q3 2019 compared to Q3 2018 were in the West: San Jose, CA (+22.4% YoY), Las Vegas, NV (+18.7% YoY), San Francisco (+13.9% YoY). Las Vegas in particular has been seeing rapid change and made both the top 10 markets for predicted deals in Q4 2019 and the top 10 markets in terms of Q3 2019 home sales.”

From Politico. “‘WeWork Planned a Residential Utopia. It Hasn’t Turned Out That Way,’ by The New York Times’ Matthew Haag, Rebecca Liebson and Andrea Salcedo: ‘After first pledging to upend the way people worked, WeWork vowed to change how they lived: WeLive, a sleek dormitory for working professionals with free beer, arcade games in the laundry room and catered Sunday dinners, would spread around the world. It has not quite turned out that way. WeLive has not expanded beyond its first two locations and efforts to open sites in India and Israel have collapsed.’”

“‘In addition to long-term rentals, WeLive offers rooms at its only locations, in New York City and Virginia, for nightly stays on hotel sites. In fact, New York City has investigated whether units legally meant to be long-term apartments were being advertised as hotel rooms in WeLive’s Lower Manhattan building once billed as a residential utopia with shared living space, communal meals and social gatherings.’”

The Seattle Times in Washington. “The fault lines in the crumbling real-estate empire of formerly high-flying coworking startup WeWork have reached Seattle. WeWork’s first local casualty: a mixed-use project in Belltown, due to be occupied by WeWork and its residential subsidiary, WeLive. Martin Selig Real Estate owns the 36-story project which had been slated to be the third WeLive location in the country.”

“On Friday, the deal was dissolved by mutual agreement between We Co., WeWork’s parent company, and Martin Selig Real Estate, the parties confirmed. Until this summer, WeWork seemingly could do no wrong. In January, the last time it raised funds, the startup was valued at $47 billion.”

“And as WeWork is rocked by turmoil, the company has put on the back burner any new leases, meaning hundreds of thousands of square feet it was considering in Seattle could be up for grabs. WeWork, already one of the Seattle area’s largest office landlords, previously planned to scale up further by subleasing from Amazon close to 400,000 square feet at the Rainier Square skyscraper now under construction. The slowdown throws that deal into question. So far, the company hasn’t inked a contract on the space.”

The Daily Astorian in Oregon. “Attempting to bring timber jobs back comes with risk. There’s greater competition from foreign markets, plus a strong dollar that makes Oregon timber harder to sell. An unstable housing market has sunk the price of lumber during the past year. On private lands, the amount of timber sold is a function of market forces.”

“‘When markets are good, we produce a lot of lumber; if the demand doesn’t catch up, we have too much,’ said Bruce Daucsavage, general manager of Prineville-based Ochoco Lumber.”

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The Bottom Line is WE ARE IN A CRASH — David Jensen

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Helping Short Sale Realtor home owners avoid foreclosure with a short sale.
Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



Red October

Liz Crokin 10-12-19

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Helping Short Sale Realtor home owners avoid foreclosure with a short sale.
Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



The Patriots Just Foiled The [CB] Economic Plan, Patriots Taking Back The Economy

X22Report.com 10-10-19

The Fed had no reason to cut rates, the economy is strong they say, so the question is why would they cut rates if the economy is doing better than 2017,2018 where they were raising rates, patriots are in control. The Fed is now fighting amongst each other. Trump and the patriots shutdown the [CB] economic plan, we have now taken back our port.

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Helping Short Sale Realtor home owners avoid foreclosure with a short sale.
Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



The Economic Show Is Now Playing, Patriots Prepare The Next Move

Get economic collapse news throughout the day visit http://x22report.com
Report date: 10.07.2019

The people of the UK have been promised for 3 years that if they voted to leave the EU the government would listen to the will of the people. But up to now the establishment does not want to abide by the vote. The US is now breaking all economic records statistically, Trump is reversing taxes, regulations and putting currency back into the people's pockets. Trump is now getting ready to go into the next phase, the Fed is already projecting that rates are going to be cut and this was done by an independent [CB].

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Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



Denver housing market slowly getting better for buyers

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Helping Short Sale Realtor home owners avoid foreclosure with a short sale.
Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



EXPOSED: THE TOP SECRET STRAP3 SIGINT PLAN TO DESTROY TRUMP

Here’s further smoking gun proof of the UK-Obama deep state plan to spy on and destroy Donald J. Trump. Mark Anthony Taylor shares the bomb shell top secret strap3 sigint GCHQ document which by itself should be enough evidence to have Barak Obama tried for treason.

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Helping Short Sale Realtor home owners avoid foreclosure with a short sale.
Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



TRUMP CALLS FOR MILLION MAN MARCH IN D.C.!!!! ARMED MILITIAS & AMERICAN PATRIOTS UNITE!!!!!!!

BREAKING NEWS: UNITED STATES MILITARY RECEIVES ORDER ON DEPLOYMENT *** WITHIN USA *** TO ASSIST CIVIL AUTHORITIES

Things just got incredibly serious here in the United States. With widespread talk of "Civil War" potentially breaking out in America, the United States Marine Corps was issued the signed ORDER, shown below, on deploying inside the United States to assist civilian authorities in event of an "emergency."

This is the first tangible proof that people inside FedGov are extremely concerned about events taking place inside the country; and what may develop here in America.

With radicals in the US Congress attempting to undertake the IMPEACHMENT of President Trump, absent the constitutionally-required "high crimes and misdemeanors" citizens are now openly talking about REVOLT if their freely-cast ballots are negated. Those citizens are saying that the negation of their votes would be outright "tyranny" and that the Founding Fathers of this nation assured citizens were armed with guns (Second Amendment) to put a stop to any outbreak of tyranny!

Click Here To Read The Rest of The Story & See The Orders

Leatherneck Reserves to be Activated

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Helping Short Sale Realtor home owners avoid foreclosure with a short sale.
Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



Metro Denver home sales take another tumble in September, but it’s not yet a “buyer’s market”

Sellers face the most competition since 2013; year-over-year, though, sales up 2.2%

By ALDO SVALDI | asvaldi@denverpost.com | The Denver Post PUBLISHED: October 3, 2019

Autumn’s chill has come early again to metro Denver’s housing market, with the pace of sales in September down sharply from August and median prices gliding gently lower.

The number of homes and condos sold in September in metro Denver fell 20.2% from August, but remain up 2.2% year-over-year, according to a monthly update from the Denver Metro Association of Realtors.

That decline in sales wasn’t as severe as the 28.2% drop between August and September last year, which confirmed the end of what had been a strong seller’s market.

Jill Schafer, chair of the DMAR Market Trends Committee, which puts together the Market Trends Report, said the market last month was the most competitive that sellers have seen in a September since 2013.

But she dismissed calls that buyers now have the upper hand.

“There have been changes, but we have not shifted to a buyer’s market. Let me repeat that. We have not shifted to a buyer’s market,” Schafer said in an opinion included with the report.

What are some of the changes? Home are taking longer to sell, price reductions have become more common, and sellers are having to make more concessions.

Listings in metro Denver now spend an average of 32 days on the market, with another 37 days under contract, according to the DMAR report. But if a listing undergoes a price reduction, something that happens with 37% of homes now, the time to achieve a sale quadruples.

A price reduction stretches out the average time a listing is active on the market to 58 days, versus only 13 days when there isn’t a price reduction.

Sellers are having to give ground in other ways. About 41% of the homes sold came with a seller’s concession, which averaged $3,682. Two years ago, only 29% of homes received a concession.

The median sold price of a single-family home in September was $450,000, down 1.3% from August, but up 4.65% from a year earlier.

The median sold price of a condo was $312,000, down .08% from August and up 3.24% from September 2018.

The number of properties listed for sale didn’t budge much, coming in at 9,286 versus 9,350 in August. There were 5.4% more homes available on the market than a year earlier.

The report also noted that more short-term rental properties are coming up for sale as Denver cracks down on owners who violate city rules.

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Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.



BREAKING: Denver is Still a Seller’s Market!

DMAR Real Estate Market Trends Report | OCT. ’19

Homes priced between $300,000 and $499,999 have greatest buyer demand in Metro Denver. The price segments for which homebuyers have gained more negotiating power are condos priced between $750,000 and $999,999 and the single-family homes priced over $1 million.

October 2, 2019

September ended with 2.04 months of single-family home inventory and 2.12 months of condos for sale. According to DMAR, housing inventory under five months is considered a seller’s market.

“In the Denver area, the real estate season is usually busiest from March through September,” said Jill Schafer, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “This year, you could say we’ve been turning from an extremely fast-paced market to a slower moving, healthier one. There have been changes, but we have not shifted to a buyer’s market. Let me repeat that. We have not shifted to a buyer’s market. Sellers still hold the upper hand.”

Schafer adds, “Don’t get me wrong, we have been seeing changes. The number of price reductions has gone up. The spread between the list price and the sold price has widened. And the average days on market went up.”

The rate of housing price appreciation has slowed, but it has not reversed. Overall, while it decreased month over month, the average sold price of a home in September was still up 6.06 percent year over year and 2.52 percent year to date, $483,734 and $487,814 respectively. Year to date, the close-price to list-price ratio was at 99.31 percent in September, whereas it has been slightly over 100 percent since 2015. Furthermore, the days on market has increased 25 percent year to date from 24 days last year to 30 days.

Schafer notes that there are two segments of the housing market for which homebuyers have “a little more buying power”: condos priced between $750,000 and $999,999 and the single-family homes priced over $1 million.

On the other hand, homes priced between $300,000 and $499,999 have greatest buyer demand in Metro Denver. Andrew Abrams, DMAR Market Trends Committee member and Metro Denver REALTOR®, shares: “Months of inventory for homes priced between $300,000 and $499,999 were an astonishing 1.33 for single-family homes and 1.97 for condos. This means that if no houses hit the market in this price range, there would not be any more single-family homes to sell in 5-6 weeks and only two months for condos. This price range has the lowest months of inventory compared to all other segments of the housing market.”

Looking at the numbers, the record-high housing inventory for the month of September was in 2006 with 31,450 active listings, and 2015 represented the record low with 7,516. For comparison, September 2019 ended with 9,286 active listings.

Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999), “Premier Market Report” (properties sold between $500,000 and $749,999), and “Classic Market” (properties sold between $300,000 and $499,999). In September 2019, 177 homes sold and closed for $1 million or greater – down 23.38 percent from August and up 39.37 percent year over year. The closed dollar volume in the luxury segment year to date was $2.88 billion, up 10.73 percent from last year.

The highest-priced single-family home that sold in September was $7,200,000 representing three bedrooms, five bathrooms and 5,075 above ground square feet in Boulder. The highest-priced condo sale was $2,800,000 representing two bedrooms, three bathrooms and 3,042 above ground square feet in Denver.

“Like the sizzling hot temperatures, we had in September, the Luxury Market was hot too,” stated Brigette Modglin, DMAR Market Trends Committee member and Metro Denver REALTOR®.

Sales of single-family homes were up 32.48 percent and condo sales were up 120 percent from one year ago. Modglin adds, “Even with the extremely warm temperatures we still welcomed the fall season, which is when we start to see things slow down.”

Month over month, single-family homes in the Luxury Market had price depreciations with homes selling 96.49 percent from list-price to close-price, down 0.88 percent month over month and 0.42 percent from one year ago. Slowing down too was the single-family sales volume that fell 16.47 percent month over month but was still up year over year with an increase of 45.09 percent.

“Don’t slow down too much though,” comments Modglin. “If buyers are wanting to buy a single-family luxury home, now may be the time. With over six months of inventory for homes priced $1 million plus, we’ve moved from a balanced market slightly into a buyer’s market, and home sellers may be willing to give a little more than they did a month ago and even a year ago.”

The luxury condo market was in demand with condos selling 98.11 percent close-price to list-price, up 1.12 percent month over month and up 6.56 percent year over year. Luxury condo sales were ‘scorching hot’ according to Modglin with, year over year, 12 more condos that sold over $1 million and luxury condo sales volume up 135.07 percent.

Like a hot commodity, luxury condos weren’t taking as long to sell with only 37 average days on market, which was down 28.85 percent month over month and down 57.95 percent from one year ago when it averaged 88 days to sell. Luxury condo buyers are paying $191 more per square foot this year than last year with the price-per-square foot up 52.04 percent at $558.

Download The Report Here

Peter is a Real Estate Broker at Professional Brokers Group (License No. 023000), covering the greater Short Sale area of Colorado.
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Helping Short Sale Realtor home owners avoid foreclosure with a short sale.
Peter Janisch specializes in short sales in Short Sale Realtor. I am your Short Sale Realtor Short Sale Specialist Realtor and Short Sale Realtor loan modification and distressed property expert. This article and content is for general informational purposes and may not be accurate. This should not be taken as legal advice, technical or tax advice under any circumstance. Seek legal advise and representation in all legal matters.