Craig Rhodes, Real Estate Pro in Sun City West, AZ

I'm seeing modest price drops on listings after the tax credit period that just ended 4/30. Anyone else?

Asked by Craig Rhodes, Sun City West, AZ Thu May 13, 2010

I'm a Realtor in the East of Seattle market. Any inputs?

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I am seeing a few price reductions, but since we are an area that was hit by Hurricane Katrina, our sellers are still trying to determine what the right price is. We are working hard to help them, but the confusion over prices here continues. I am sure each area has specific factors that affect them.
0 votes Thank Flag Link Sun May 16, 2010
I'm seeing and hearing anecdotal evidence of some slowing of activity in north Seattle. But I think it's way too early to attribute any price drops to the end of the tax credit. More likely just nervous sellers that have been on the market for awhile. As Jiruis said, "Prices have been dropping all along. How did you a gauge a real difference?" At least in most neighborhoods in King County prices have been coming down for quite awhile.
Web Reference: http://www.homehounds.com
0 votes Thank Flag Link Fri May 14, 2010
Yeah we are having them here too in the Snohomish, Lake Stevens, Everett area. This has been the pattern here though since the 1st of the year so I don't think ours is related to the tax credit expiring. More or less the non distressed are just competing lowering prices when the waves of bank owned properties come on
0 votes Thank Flag Link Thu May 13, 2010
We are not seeing any slowing on Mercer Island. While we did see a significant uptick as a result of the tax credit, our activitty is continuing in all price points.
Web Reference: http://www.annizilz.com
0 votes Thank Flag Link Thu May 13, 2010
It has been 13 days, and you are already seeing a difference? I run stats in AZ every week...while I have not noticed a "slight" price drop, I have noticed that the number of listings is increasing and the number of pending sales is not going up nearly as fast. It is clearly a sign that the end of the tax credits has probably slowed things down a little bit, but I still think it is too early to tell...watch your statistics each week and see what is happening with inventory vs pendings and closed at the end of each month...then you will know is there has been any impact.
Happy Selling!
0 votes Thank Flag Link Thu May 13, 2010
HI - Reporting in from the east coast!

Not sure about prices dropping off so soon here, (they may in time) but I will say I see a drop in the ( frenzied) activity we saw just prior to the tax credit expiring....especially in the lower price ranges.
I was expecting that......

One house in the lower 400's (our entry level) had multiple offers when it was listed in early March.....it went over asking price. The deal just fell through late last month......the house is still sitting. Similar story with another home.........went $10,000 over it's list price of 439,000.............fell through and it still sits.

Time will tell where we go from here.

Of course - on the opposite end of the spectrum - another home was listed 12 days ago for $1,200,000...............I had planned on showing it this Saturday - well, it went under contract earlier this week..........so...........it's crazy out there!
0 votes Thank Flag Link Thu May 13, 2010
How can you even notice anything different? Prices have been dropping all along. How did you a gauge a real difference?
0 votes Thank Flag Link Thu May 13, 2010
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