Developers, at least, starting to get the message
I have a Redfin alert that tracks 3+BR/2+BA homes under $500K north of the ship canal. Very little action on it for a long time, and most of that consisted of new listings, or listings going contingent. Today, however, had half a dozen townhomes with actions like th following:
The list price was "$449,900" and changed to "$439,900"
The list price was "$455,000" and changed to "$449,500"
The list price was "$469,950" and changed to "$449,950"
The list price was "$447,000" and changed to "$427,000"
SFR owners seem still largely delusional, e.g. toured a 2BR/1.75BA house in Ballard Sunday that's on the market for $650K, with Pergo floors, eyesore bathrooms and a cramped, dated kitchen. (http://www.redfin.com/stingray/do/print ... id=1067487)
To get a non-jumbo loan (<$417K) on that house would require putting down $233K, and you'd still need an income about 50% above Seattle median to qualify.
The list price was "$449,900" and changed to "$439,900"
The list price was "$455,000" and changed to "$449,500"
The list price was "$469,950" and changed to "$449,950"
The list price was "$447,000" and changed to "$427,000"
SFR owners seem still largely delusional, e.g. toured a 2BR/1.75BA house in Ballard Sunday that's on the market for $650K, with Pergo floors, eyesore bathrooms and a cramped, dated kitchen. (http://www.redfin.com/stingray/do/print ... id=1067487)
To get a non-jumbo loan (<$417K) on that house would require putting down $233K, and you'd still need an income about 50% above Seattle median to qualify.