the problem is that a lot of these houses are still priced at “pandemic” levels…so taking a 5% haircut is sometimes barely enough in terms of cost-to-value ratio But if people are willing to pay, then that’s the “market”
EXACTLY! It's all relative...and relatively, a 5%-10% haircut is enough to get the job done right now. But the real fear people should have is how long do sellers continue to do that? Since each new listing will use the previous 90-day listings to decide their pricing, we could see a stair-stepping effect further than anyone wants. It all depends on inventory levels
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the problem is that a lot of these houses are still priced at “pandemic” levels…so taking a 5% haircut is sometimes barely enough in terms of cost-to-value ratio
But if people are willing to pay, then that’s the “market”
EXACTLY! It's all relative...and relatively, a 5%-10% haircut is enough to get the job done right now. But the real fear people should have is how long do sellers continue to do that? Since each new listing will use the previous 90-day listings to decide their pricing, we could see a stair-stepping effect further than anyone wants. It all depends on inventory levels