Home Sellers Feel The Pressure As Buyers Are Waiting For Lower Prices

Contract signings for homes fell in July to their lowest level on record, dropping 5.5% from June and 8.5% from a year ago, according to the National Association of REALTORS® (NAR). Despite job growth and increased housing inventory, affordability challenges and uncertainty surrounding the upcoming U.S. presidential election have hindered a recovery in home sales. Some buyers are waiting for potential mortgage rate cuts, which may come if the Federal Reserve reduces interest rates later this year. The Northeast was the only U.S. region to see an increase in contract signings compared to last year, rising 2.4%.
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LIVE STREAMS ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.

[garyfrancis]

This was only 1000% expected. Same at the supermarket. Let it rot until prices come down. That’s the other side of capitalism.

[TropicalTodd]

I bought land for 60k and had to spend 35k to develop it lol sewer, septic, shoot I had pay for 33 dump trucks of top soil. Well worth it though for me. I now have land to plant mango trees and other fruit trees

[deborahcalvert]

So being an election year doesn't just effect real estate. Depending on who is elected will absolutely effect our economy in a huge way. But also, the prices are still inflated and buyers are not willing to pay the inflated prices where the Seller is taking the sellers equity and the new buyers equity. I also think Real Estate Agents could be a huge help by being truthful with these sellers and not make them believe they will be able to get the inflated price. Those times have passed. The extreme price hikes are over and the people are looking for the pre- pandemic normal markets.

[-]

I don't mean to be rude but I can only imagine the type of person that thinks the average person can afford to buy a house cash has likely been given money to them their entire lives and never worked. Even wealthy people use loans against their stocks for income and take out loans for houses because it allows them to leverage their money on hand, despite the interest. Also the statistic you were looking for is from the federal reserve which found that at least 63% of Americans don't have a $500 emergency expense

[ResmithSR]

How many Americans have $500, 000 in cash to buy a median price house? And have another $250, 000 or more nest egg left over to live on? Not many I would guess. Millionaires making 6 or 7 figures income could easily but how many are there?

[JB-ecil]

We just sold our 1, 500 sq. ft. townhome in Northern Virginia for $530, 000. We bought it in 2016 for $290, 000. We moved back to Ohio to take advantage of the much lower home prices. We had 13 offers in 3 days. We feel like we won the lottery. It’s insane.

[Outdooracademe]

I never heard that about election year when I bought a house in the 80's. Didn't start hearing that until recently.

[divergirl]

Just started the video so I haven't seen everything you've talked about yet but just wanted to give an update. I commented on a live stream you did last week that I had an accepted offer on a house. Well it's off unfortunately. The roof is 16 years old and the inspector believes it's at the end of its life and needs to be replaced. The seller wasn't willing to replace it or drop the price because there were multiple other people interested, so I canceled the contract. It was at the high end of my budget so I couldn't afford to have to immediately replace the roof. I know 2 other people who also backed out of contracts that same week for the the same reason, problems found at inspection that the seller refused to fix.

[EliA]

Homes are 2x the max price they should be i

[kt]

Even if interest rates come down the fact that homeowners insurance, property taxes, utilities, food and gas has greatly increased. Middle and lower classes can’t afford to buy or rent.

[williamkleimanjr]

13:43 it’s not updating condos to new state code that caused the special assessments, it’s required maintenance that the owners should of always been paying in to that’s been neglected for decades to keep fees artificially low. Florida isn’t the only state it’s a nation wide issue largely caused by professional condo association management companies.

[jfree]

A recession is defined as two or more quarters of negative economic growth. The problem is that this definition is focused on businesses. That's why politicians can say how great the economy is doing.

Actual people have been in a recession for years because of price inflation and wage collapse. People simply don't have the extra money to risk on taking on a huge purchase/debt. Especially considering that they see others getting laid off left and right and are bracing to be next.

TLDR: People don't have enough money saved and/or don't feel financially secure enough in the long term to purchase a home right now, no matter the interest rate.

[gvon]

My hubby and I are 62 and hope to retire at 67. Even though we have enough saved for cash payment, we STILL don't feel confident affording a home due to living expenses, taxes and insurance (we're conservatively estimating a $2k income per month after retirement). 😅

[akaArria]

I wish I had enough cash for a house. We had 80k saved, bought the house, needed a new roof, plumbing broke 2 weeks after moving in, needed upgraded wiring throughout and have less than 10k left.

[aomeara]

Dental work is expensive because the dentist makes you pay for his or her student loan

[NM-wdpl]

In North Jersey..2 bedroom condos are going for 240k...I want to buy one and the guy wants 320...with no upgrades whatsoever..he had a 3 bed and a loft and turned it into 2 lg bedrooms. My real estate told him I'll buy it for 240 and he freaked out...I guess he realizes he is not going to get 320 now

[toddweavet]

As long as it's individuals not corporations.

[yolie]

No. Not cash on hand. Possibly if I liquidated my assets. ?

[RR-upmy]

Do you have a video covering the law suit that now require prequalification and buyers contract with the sellers realtor?

[sophiasophia]

and some of the condo
assessments are 150k plus