They're Hiding The Sold Price - Housing Market Deception

Why you'll never learn the actual sold price in the housing market.

#housingmarket #realestatenews #mortgagerates

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[christinec]

I was offered a price 100k less than asking of 750k (so 650k) by the seller's listing agent on a home I showed interest in buying. The realtor has not dropped their price on the mls by even a dollar, but they are lowering the price covertly until the house sells. For me, the 650k price was still too overpriced.

[justmantexas]

I saw a house where the seller offered a $10K concession....after they raised the price $10K. That's a seller who doesn't want to sell their house.

[jonb]

The market won't really fall until it runs out of overpaying suckers.

[jeremyturner]

Some homes are not even making it on the MLS at all. If an agent knows it is a lower price, they are not even listing it and finding a buyer. I have seen several of these over the last several months.

[msingleton]

Seller’s concessions should be recorded and shown in the sold price. It’s a price discount hiding behind smoke and mirrors. America really needs to get over thinking low housing prices are bad. If I buy a $1, 000 TV at a store that’s 20% off, they can just sell it to me for $800 at check-out and everyone cheers. They don’t need to sell the TV to me for $1, 000 and then give me a $200 gift card to “protect the value of the TV.” Oh no! Owners of TVs are losing equity! It’s all so stupid.

[brn]

Of course they're hiding this. It shouldn't be allowed. I believe it should all be public information because it affects everyone, but yes they hide price drops/ concessions, just like they find ways to game.the system to try to make properties that have been listed a long time seem like they're new listings.

[julioramirez]

Homes should be to live in not to flip. Artificially raising prices every flip is what got us here.

[hvNews]

If real estate agents want to sell more houses, they should convince sellers to drop the price. Sales would double if prices drop!

[daveautrey]

I would suggest a serious conversation on how to price a home. I've left money on the table when I listed a property at the agents suggested price and sold in one day. Opposite of that I've had agents tell me I could get way more for a piece of property than what was realistic but they wanted the listing. Bottom line, very few agents can afford to wait. A hungry salesperson will say anything to get the sale. We need to give homeowners tools to be able to at least know when a home is priced competitively.

[wakethebarbarian]

Great job pointing out the headwinds facing the housing market. I made a cash bid a couple of years ago on a house using my stock margin account when rates were extremely low at IBKR (less than 2%). The rates have tripled since then. I'm no longer interested in tapping my margin account for any discretionary purchases.

[ferreiranikolai]

Thank You For The Confirmation! I was having the discussion with my GF & she didn't believe I knew what I was talking about!

[jer]

As someone who lives 30 minutes outside of Hartford CT, its disheartening to hear inventory is still declining around here.

[lawyer]

Todd, here are two comments. (1) Around 2005-2007, I was looking for a house in Prince William County. When I told my agent that I like to search for houses on my own and to prepare spreadsheets for computing the comps, he emailed a link to the MLS that showed seller concessions, etc. What became clear was that buyers who had no skin in the game didn’t care what they paid for the house, and those buyers usually sold later for a big loss. (2) I really hate how the MLS system computes the percentage of selling price above or below asking price because the system ignores the original listing price. For example, if a house is originally listed at $500, 000, is subsequently reduced to $400, 000, and eventually sells for $300, 000, the MLS will show that the house sold for 75% of asking price ($300, 000/$400, 000) instead of 60% of asking price ($300, 000/$500, 000).

[Discovery.]

Housing market now is a big scam guys, rent for now, let it crash and buy.

[danielhayes]

I bought my home for 135 in 2014 and 10 yrs later there is one around the corner(less than a block) listed currently for 377… im shocked this bubble hasn’t burst.

[jimmysjohn]

Make this make sense to me. Homes have doubled and tripled that's+200-300% only in the past 3 years. It excelerated in 2020-2022. Now they put up signs and "deals" stating 25% cut. What?! That's still 175-275% inflated. Come talk to me about a price cut after the total home price goes back to pre-pandemic.

[newjerseygirl]

Thank you so much for your channel. I agree w everything you say. Thank you in particular for today's explanation of why peoples payment can go up. I knew that the sales price and interest is locked in for the life of the loan so I wondered where the monthly increase was coming in, thank you. I still have family members who argue that the market is just going to have a regular winter dip, they have no idea. I live in CA and am considering moving to CO and 2 weeks ago I met w a realtor who was telling me to buy asap because prices will go "way up" in the spring when interest rates come down. Thanks but no thanks!!!!

[mattk]

MLS listings show just as many “new price”, as “just listed”the last week or so. Crazy I’m watching this now!

[LenVanHirtum]

Maybe it’s actually starting to revert to the mean because I’m starting to see for sale signs in my community. The past few years houses would sell within hours and be the subject of bidding wars. The past month I’m staring to actually see for sale signs and for the first time in years a house in my neighborhood has been for sale for three weeks. Maybe some normalcy will eventually return. (Maybe)

[AriAri]

I’d like to know the ratio between sales with concessions vs. sales without. I suspect the number with might be very insignificant.