Do you ever feel like it’s going to be a good week? I’m definitely feeling that way as I finally got rid of a nagging cold that wouldn’t go away. I tested negative multiple times, so this really was a cold. But besides that, season four of Ozark is coming out on Friday, so I’m doing the happy dance. Anyway, here are a few things on my mind.
January public speaking gigs:
FOUR THINGS ON MY MIND:
1) She became a meme: I was watching the 49ers and Cowboys play on Sunday and I knew right away this woman became a meme. In fact, during the game I tweeted this. To me this is a perfect expression to sum up buyers feeling exhausted in today’s housing market. Am I right? By the way, this isn’t a statement about the Cowboys, so please keep your hate mail.
2) Housing market temperature in one picture: I saw this picture the other day from Realtor Rico Rivera and I think it captures how competitive the market is right now. As I said last week, we just got done with the most aggressive housing market ever and we’ve started 2022 at a really competitive place. Anyway, real estate agents left their business cards on the kitchen counter and this property ended up having over 30 offers. What advice would you give to buyers about getting an offer accepted in a situation like this? I’d love to hear your take.
Graph of offers: By the way, getting 30 offers is wild, but thankfully it’s not common to have that many. However, it does happen. This visual shows the number of offers for the past 45 days of sales and how each property sold in relation to its original price. What do you see?
NOTE: Real estate friends, I appreciate when you input the correct number of offers in MLS because your data-entry matters for credible stats. My sense is we’re still getting an accurate reading about the overall trend, but I wish there weren’t as many zeros (obviously a sale had at least one offer).
3) Is it more aggressive at the top or bottom? I’ve been asked several times if the market is just as aggressive at higher prices compared to lower prices. What would you conclude by looking at stats? And what has your experience in the trenches shown you?
A) There is more cash at the highest prices.
B) There is more competition at lower prices as shown with more multiple offers and taking less time to sell. By the way, take under $300K with a grain of salt as there isn’t much in that range.
C) The higher the price, the longer it typically takes to sell.
In short, the market is freakishly competitive in EVERY single price range, but it’s technically more competitive at the bottom half of the market. There is more cash at the higher end, but that’s not a new trend because it’s been the case for years when I pull stats.
4) Since the bottom: Okay, last thing. If you wanted to compare the bottom of the market in 2012 with this past year, here’s some fresh stats for you. This is the annual median price each year (not adjusted for inflation).
I hope that was interesting. Thanks for being here.
Questions: What do you think of the meme? Any thoughts on the stats?