You Know, I Don’t Want To Sound Like It Was The Worst Idea Of My Life, But…
A report from the Washington Post. "Bidding wars, which terrify buyers and spark joy for sellers, have practically disappeared in many of the formerly most competitive markets, according to a new report by Redfin. Nationwide, just 13 percent of offers written by Redfin agents on behalf of their clients in January faced competition, which followed a record-low number of bidding wars in December. The January number represents a dramatic drop from the year before, when 53 percent of Redfin buyers faced competition for their offers."
"In the Washington area, 10 percent of buyers faced competition in January. While that’s a bit above December’s 7 percent, it’s a big drop from the 48 percent of offers that faced competition in January 2018."
"The biggest decline in bidding wars was in San Francisco, which dropped from 82 percent of offers facing competition in 2018 to 18 percent in 2019. Los Angeles and Seattle had the next biggest drops."
The Las Vegas Sun in Nevada. "For February, the median going rate for an existing home in the Las Vegas area — as recorded through the association’s multiple listing service — was $296,200."
"'Our home prices have been going up faster over the past year than almost anywhere else in the country, but they’ve been slowing down lately,' said Janet Carpenter, the 2019 president of the association. 'This is consistent with what’s happening nationally. We’re also following national trends with our increasing housing supply and the decreasing number of homes being sold here.'"
"She said some sellers have been lowering their listing prices. In fact, the February GLVAR report showed more than 7,000 homes listed without any type of offer. That’s up more than 95 percent from early 2018."
From KTVZ on Oregon. "Bend’s median home sale price dropped sharply from record territory in February, but Redmond’s market kept on reaching new heights, a report shows. Redmond-based Beacon Appraisal’s analysis of home-sale data found that Bend, which soared to a record $450,000 median sale price in January, had dropped $23,000 to $427,000 in February, as the number of sales fell to just over 100."
The Los Angeles Times in California. " The price of Jenny Craig’s beachfront abode in Del Mar just got a bit thinner. After asking $39.5 million for the home five years ago, the weight-loss guru has trimmed it to $27.9 million."
From Mansion Global on New York. "A quirky modern compound stretching along 300 feet of ocean in Montauk, New York, has sold for $18.1 million—a spot of good news for the otherwise sleepy Hamptons luxury housing market."
"A popular place for wealthy New Yorkers to buy second homes, the Hamptons have felt the reverberations of a depressed housing market in the Big Apple. The number of luxury sales in the Hamptons in 2018 declined 13.2% compared to 2017, and sellers are having to slash listing prices. The average luxury home sold at a whopping 20% discount in 2018, according to appraisal firm Miller Samuel for brokerage Douglas Elliman."
From My Northwest. "Thirty-seven-year-old Marissa Sullivan bought her first house two years ago in Portland. 'You know, I don’t want to sound like it was the worst idea of my life, but…'"
"But, she definitely has regrets. And so do a lot of her peers. A new study by Bankrate.com says nearly two-thirds of millennials (23 to 38 year olds) regret buying a home. That’s more than any other age group. 'Learning how to say no to brunch, learning how to say no to vacations, that’s definitely where the regret kicks in,' said Sullivan. 'Which was something I didn’t have to do before because my rent was so cheap. I’d been able to live a fun lifestyle.'"
"A total of 12 percent of people said they regret buying such a small home, and 8 percent say they picked a bad neighborhood. Seattle’s Jamie Deadmond, 36, regrets moving so close to Highway 99. 'We get a lot of homeless people jumping our fence,' said Deadmond. 'We’ve actually had three people try to break in when I had a brand new baby in the house.'"
"Also, 79 percent of people surveyed for this study consider buying a home to be the epitome of achieving the so-called 'American Dream.' Deadmond admits she got a little wrapped up in getting to the next stage of adulthood. 'It was definitely the next step in our lives together. We thought we needed to buy a house if we were going to be in Seattle, especially if the rents were rising like they were. And it just felt like this sense of urgency.'"
"Sullivan felt similarly. 'Maybe I let ego get in the way a little bit, like, I’m old enough to own something, this is something I should do. Almost like it looks good on paper, you know? I probably wasn’t quite ready but I have been making it work. But it’s not without a lot of stress.'"
"Sullivan has made it work by renting out her spare bedrooms on Airbnb. But after one too many negative experiences and feeling isolated in the part of town she chose to buy in, she made a big change. 'I didn’t tell you this yet but I actually moved out of my house and I’m Airbnb’ing the whole house, full time, because I’ve had these regrets and these struggles with trying to staying afloat and to have some sort of social life,' Sullivan said. 'So that’s sort of the newest chapter in this home owning.'"
"And through her regret, Marissa acknowledges that the equity will eventually be worth it. 'I know it won’t be this hard forever and it’s only year two and year one of owning a home is definitely the hardest year,' said Sullivan. 'Everybody says that. And then you start seeing the market go up and everything starts making sense. Because I know it’s going to pay off. Just because I regret it right now and it’s really hard, I haven’t had a lot of hardship in my life so maybe it’s good for me. But it doesn’t stop me from having regrets.'"