Some Sellers Have Been Burned
A report from the Tennessean. "Unsustainable home-price growth and an inventory surplus helped move Nashville into the top 10 markets for home buyers in the United States, according to a new report that provides further evidence of cooling demand in the area. Realtor.com, ranks Nashville ninth among the top 10 markets for home buyers in the U.S., along with Albany, N.Y.; Chicago; San Antonio; Jacksonville, Fla., Riverside, Calif.; Los Angeles; Providence, R.I.; Dallas; and Tampa, Fla."
"''Slowing sales and growing inventories have caused months supply to increase in many markets across the country,' Danielle Hale, realtor.com®'s chief economist said in an Associated Press report. 'These buyer-friendly markets are areas where inventory already outpaces sales relative to other large markets and they are continuing to move in a buyer-friendly direction, but they're not the only areas trending this way.'"
"The Tennessean previously reported that the number of unsold Nashville homes as of March was 11,510, which is the largest since January 2015."
From Queens News in New York. "A new report takes a look at which neighborhoods in New York City experienced a decline in real estate listing prices throughout the month of May. RealtyHop recently released an interactive map that tracks the number of price drops throughout the five boroughs. According to their findings, Cambria Heights had the highest median price drop in Queens with a 10.4 percent decrease, with the price drops averaging at a $52,000 decrease."
"The second highest median price drop was found in the Hammels-Arverne-Edgemere area, which experienced an 8.14 percent decrease, with price drops averaging $59,000. The Briarwood-Jamaica area of Queens is the third highest in the borough, with a 6.35 percent decrease and price drops averaging at a $44,500 decrease."
The Denver Post in Colorado. "What sets Board apart from traditional loan originators? It turns every offer into an all-cash offer by using a stockpile of backer cash to buy homes on behalf of approved borrowers. Board buys the home, then closes the loan — usually within two weeks, according to the company’s marketing materials — and transfers ownership to new owners for the exact same price."
"After setting records for lowest inventory and fewest days on the market in recent years, the Denver-metro area’s housing market finally appears to be cooling in 2019. Jill Schafer, chairwoman of the Denver Metro Association of Realtors, said that she advises her clients who are selling to weigh their options carefully."
"'I think some sellers have been burned' by accepting the first all-cash offer they receive, she said. 'I think as agents, we’re all getting savvier and understand that we have to look at every aspect of an offer beyond if its just cash or not to make sure it works for clients.'"