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OfflineGorlax
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Registered: 05/06/08
Posts: 6,695
Last seen: 15 days, 13 hours
Re: The housing market. [Re: Forrester]
    #28033577 - 11/04/22 11:12 PM (1 year, 2 months ago)

I tried to sell my house and my realtor dropped the ball. Won't go into specifics because it just generates massive anger. I fired that agency and just pulled off the market. I was planning on relisting here soon however. I've had multiple offers but from the peak I have accepted I'll be getting 10% less than what I would have gotten in June of 2022 if my realtor was actually competent.

There's a lock-in effect right now from people getting good rates on mortgages prior to the FED rate hikes. If you look up the data sales are down but the median listing prices are holding pretty steady because of this. Once inventory from these investors starts to dry up and housing builders finish up what they started already. Things should tighten back up.

If you look up the median rent in your area that's likely where you should gravitate your pricing towards. Example if median rent is $2100 month for a comparable home then the median listing price should be around $330,000 with a 6% 30-Y mortgage.

Housing is also hyperlocal, variable, and location matters more in large metros than anything.


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