Not sure how accurate this is...

Martin Q. Blank said:

---

ever recorded? or ever recorded by Redfin?

---

The latter. But there are plenty of indicators showing the cracks in housing. Quite similar to 2006-2007.

Quote:

---

One would think property taxes would come down

---

The only one that matters is the government. And lol

anecdotally this is what my realtor base is saying as well. plenty of listings, would kill for a buyer client.

Yesterday said:

---

It's weird because I don't think sellers are trying to sell because they have to like 2008. Sellers are happy to sell or stay put which keeps prices inflated. That's my opinion of course.

---

I agree with you. Prices remain elevated around us and homes are not moving. Seeing homes for $300k over what they were in 2022 and not budging on price. We would love to move as we have 3 kids now and need the space but prices in our area at the square footage we would want are through the roof.

As far as property tax goes, it seems like enough of the best properties available are still selling and seem to be going for slightly higher or at least flat. Enough of them to outnumber the few people having to dump properties for low prices. So there is way fewer sales, and everybody can see the market is soft, but when you're dealing with comparable sales with the CADs or ARBs the transactions that have actually occurred aren't indicating lower prices.

Part of the tax code definition of market value is " exposed for sale in the open market with a reasonable time for the seller to find a purchaser;" so they have like a built in sliding scale where (arguably) it doesnt technically matter if things are selling in 5 days or if theres a bloated market where things are sitting for 180 days and 90% find no buyers but 5% are still selling at ok prices.

JJxvi said:

---

As far as property tax goes, it seems like enough of the best properties available are still selling and seem to be going for slightly higher or at least flat. Enough of them to outnumber the few people having to dump properties for low prices. So there is way fewer sales, and everybody can see the market is soft, but when you're dealing with comparable sales with the CADs or ARBs the transactions that have actually occurred aren't indicating lower prices.

Part of the tax code definition of market value is " exposed for sale in the open market with a reasonable time for the seller to find a purchaser;" so they have like a built in sliding scale where (arguably) it doesnt technically matter if things are selling in 5 days or if theres a bloated market where things are sitting for 180 days and 90% find no buyers but 5% are still selling at ok prices.

---

Kindof unrelated to most of your post, but I thought this was interesting ---

About a half hour ago I was talking to someone living in montgomery county.

Guy bought his home (DR Horton Build) for just over 300k 2 years ago.

Same exact floorplan just sold for 250k.

I think the market is stagnant in his general area, but a 50k dif in sales price???

Either they're building cheaper, or they shafted the guy with an appraisal waiver possible, but that is nuts. I didn't take the time to get more info.

was it resale at that point or still offered by Dr Horton?

Saw this happen in Walden by Lake Conroe around 2007-2009 timeframe

200k house went down to about 160 something from same tract home builder for same floor plan.

I mean, depending on the area is that all that crazy? I imagine in non-major markets the market is exceptionally soft.

I mirror what JJxvi is seeing - in major metro good areas the better properties are still moving at flat or slightly higher. A lot of off market stuff moving. We've missed on now 3 properties that were gone within a day of hitting the market.

when the builder offers $40k to buy down the rate, what do we think will happen?

That's happening in our area. It's $500k for a "used" house, but $600k + a rate buy down for new builds. No one can sell no matter how desperate they can get. Homes finally start moving in the 300's. It's going to get real bad soon.

In my neighborhood in Houston, houses would have multiple offers before they'd even be officially listed. Now there are tons of them just sitting and sitting. I'm sure the asking prices aren't helping. One house 2 doors down from me, very similar floor plan and level of remodel as mine, is listed for almost $200/ft more than what I paid for mine just 5 years ago.

TXAG 05 said:

---

In my neighborhood in Houston, houses would have multiple offers before they'd even be officially listed. Now there are tons of them just sitting and sitting. I'm sure the asking prices aren't helping. One house 2 doors down from me, very similar floor plan and level of remodel as mine, is listed for almost $200/ft more than what I paid for mine just 5 years ago.

---

Hot potato. Eventually the music ends and someone gets stuck with it.

what area?