Asking prices falling

oddvan

Asking prices dropping.


It seems sellers are beginning to "adjust" expectations. A lot of listings are just sitting and sitting getting relisted to avoid the huge number of days on market. And more importantly and lot of them are reducing the asking prices. Most are not stating it, but the prices are just trickling down.

Choosing one small area of downtown Kirkland I can see dozens of listings that have dropped the price and many that have done this a few times. Here are just a few, there are many more but why go on.



27132216 was 798 now 785
27113720 was 860 (or higher) now 835
27150676 was 1050 now 998 (also got a new number)
27093280 was near 800 now 765
27113731 was 920 now 898 (listed a few times)
27063378 was 650 or higher now 600
27079874 was 799 now 775
26052931 was 700 now 650

carlislematthew

I second this.

I get daily listings from CBBain for the Issaquah/Sammamish area and am seeing lots of reductions. Perhaps one everyone couple of days or so. Usually in the 10 to 20K range.

It seemed to start a couple of weeks ago...

BallardRat

This one in Ballard started off asking $649k, now after a few weeks and reductions later they're hoping for $529k:

http://redfin.com/stingray/do/printable ... -id=871293

And not a reduction (that I know of), but 2 blocks away this house was sold and is back on the market last week for some reason:

http://redfin.com/stingray/do/printable ... -id=857813

I'm sure they're just anomalies, though, because Ballard is special and everybody wants to live here.

jillayne

What is up with changing the "days on market" inside the MLS?

This does not give the public nor a home purchaser honesty in advertising, which is required if an agent is a Realtor member.

This practice has the potential for making everything look fine when in fact, homes are sitting on the market for a LONG time, and then popped in as a "new listing" with a reduced price. Very deceptive.

marksven

After getting used to seeing 10-20k price drops every day in Renton, I was amazed to see this one reduced from $550k to $500k last week:

http://www.redfin.com/stingray/do/print ... -id=868618

rentalbliss

I have been watching ramblers in my area Finn Hill for about a year. I noticed alot of price reductions about 6 months ago and getting more and more every month, it seems now though the reductions are starting from an even lower base. This one started at $349k now down to $315, I have not seen anything in this price range for about a year.

http://tinyurl.com/ysl6ty

I posted awhile ago about a home asking 30k less than they paid a year ago, now I can't tell for sure but I think it is foreclosed it did not sell the sign is down but post still up there is a lockbox on the door but it is completely deserted. There are 2 foreclosures listed on foreclosure.com on that same street.

EastSider

rentalbliss wrote:

http://tinyurl.com/ysl6ty

This seems to be listed for $669K?

BallardRat

Now listed at $499,000; about $150,000 off the original asking price.
http://redfin.com/stingray/do/printable ... -id=871293

Right up the street is a lovely old craftsman that has been on the market for over 3 months and has been reduced by at least 50k:
http://redfin.com/stingray/do/printable ... -id=817301

Also this McMansion, which was built literally in the back-yard of an older home in Ballard, was reduced after a few weeks and is still on the market:

http://redfin.com/stingray/do/printable ... id=1044718

faster

You can search Zip Realty for "Only show properties with reduced prices"

Only problem with this method is it doesn't show houses that have been relisted with a price reduction.

98117 (Ballard)
146 houses, 51 with price reductions

98116 (West Seattle)
168 houses, 61 with price redutctions

98008 (East Bellevue)
122 houses, 64 with price reductions

98033 (Kirkland)
427 houses, 193 with price reductions

etc.

http://www.ziprealty.com/buy_a_home/log ... l_code.jsp

george

Moral of this story: anybody that's still jacking up the price in the market is:
A) Not serious about selling
A fool

B

With price expectations set by most recent 'comps', I'm looking forward to a virtuous cycle in price competition between F'ed builders, F'ed buyers, people who must sell due to relocation/personal situation, and of course, flippers.

I'm also looking forward to the carpet-bombing of Seattle with condominiums and townhouse inventories. The wild-eyed asking prices of townhome builders/owners over the past few years has been pretty out of control, and it's really refreshing to see a lot of the prices on redfin/craigslist ads start to converge towards what they hope is a sale-making price. Well, the thought is there, but some of them need to try another, lower number.

This has all been said so many times before, and is already well underway around the nation, but I can't help remarking again: The beauty of this is, as a not-so-bitter renter, there is no incentive not to *continue* waiting for further price deflation. This sort of cycle and market expectations is exactly why larger economic deflationary spirals can be so dangerous. Well, in the context of the obvious bloated and overbuilt housing markets, I say let's see that delicious deflation.

deejayoh

you can check asking price trends over at Altosresearch.com. They allow you to see the trend for the median price by community.

I got one of their in depth reports, which shows the trend by zip code. In With the exception of close-in neighborhoods (98109, 98117 (Ballard!)) and stuff on the water, asking prices are almost universally trending down.

Jay

I'm seeing asking prices on the water around Lake Sammamish coming down significantly. Probably seen close to two dozen waterfronts reduced over the last couple of months.