If Someone Is Way Overpriced, Those Properties Still Sit
A report from News 3 LV in Nevada. "It was only a matter of time before the blistering hot real estate market in Southern Nevada cooled down a little. The slower sales mean home sellers won’t see multiple offers piling up within hours of their home going on the market. 'If you’re competing against your neighbor down the street,' said past GLVAR president Christopher Bishop. 'You want to make sure that you’re priced effectively for buyers to look at that home. You’re not going to be able to overprice your home and think that you’re going to have multiple offers. It’s just not this market.'"
From The Gazette in Colorado. "Colorado Springs-area home prices continued to climb last month, even as Denver’s slipped for the first time in several years. The supply of homes listed for sale totaled 1,518 in February, up nearly 24 percent on a year-over-year basis."
"'Sellers are getting at or above asking price, when they’re priced correctly,' said Donna Major, board chairwoman of the Pikes Peak Association of Realtors . 'If someone is way overpriced, those properties still sit.'"
"Jill Schafer, who chairs the market trends committee for the Denver Metro Association of Realtors, said prices fell partly because of sluggish sales in outlying portions of the 11-county metro area. The Denver-area inventory has increased at a much higher pace than in Colorado Springs, so buyers also have more choices and can negotiate a more favorable price, she said."
"But Denver’s market remains strong and February’s price drop 'was a little bit of a blip,' Schafer added."
The Post and Courier in South Carolina. "There’s no cause for alarm, but the number of borrowers who owe more on their mortgages than their homes are worth edged up oh-so slightly during the fourth quarter in the Charleston region and across the nation."
"Nationwide, that figure edged up 1.6 percent to 2.2 million homes, or 4.2 percent of all mortgaged properties during the fourth quarter of 2018 from the third quarter last year. It was the first quarterly increase in the U.S. since the fourth quarter of 2015."
From News 10 in California. "There are still people fixing and flipping houses, but if you want to make it in San Diego, you have to be a smart and savvy investor. Take the home Elijah Zuniga purchased in late November for example. It’s a 1974 single family home in San Carlos."
"In November when Zuniga bought the house, Zuniga’s agent Lisa Becker, figured after renovations it could sell for $750,000. Fast forward to the end of February, with more homes on the market, suddenly the home is valued at $720,000. 'The buyer of this home is going to get a gorgeous home $30,000 less than they could have purchased at the end of last summer,' Becker said."
The Carlsbad Current Argus. "A booming and fluctuating oil and gas industry stimulated New Mexico’s housing market in recent years, causing shifts in home sales and valuation, particularly in areas known for extraction of oil and gas.:
"Sam Todd, broker at RE/MAX of Farmington said changes in San Juan County’s economy – as the natural gas industry began its exodus from the area, bringing many workers and their families with it – drove up the amount of available homes and drove down the prices."
"'Our sales are going up, because our prices have trended downward to where they needed to be,' he said. 'When oil and gas busted, we felt it here. All it was cause people to make adjustments in their values. We’re no longer a seller’s market. We’re a buyer’s market.'"
"But across the state in the southeast, Carlsbad is seeing almost the opposite trend. Russel Hardy saw that growth during his 20 years as a home owner in Carlsbad. He recently put his family home up for sale, planning to retire from his job and move north to Roswell."
"Hardy wouldn’t divulge how much he bought the home for originally, but the $445,000 price tag on it today, he said, gave him 'sticker shock.' The 3,118-square-foot home was valued at about $100 per square foot when he first bought it, Hardy said. Today, he said it’s worth about $150 per square foot."
"That means Hardy’s house grew in value by up to $150,000 in 20 years, which could allow Hardy to recoup about $100,000 in renovations he said he made during his two decades of ownership."
"'I’m ashamed by how much I’m asking,' Hardy said. 'Affordable homes are hard to come by. I’m used to what prices used to be, not what they are now. It’s because of all the workers coming in and putting stress on the market. They can’t build enough to keep up with demand.'"