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How New York Real Estate Is Embracing Wellness In 2021

While there will hopefully be many lessons learned from this pandemic—how to make a sourdough starter, how to keep houseplants alive, how to practice gratitude—none is perhaps more important than how to take care of one’s mental and physical health. 

Maintaining mental and physical wellness can be done in a variety of ways—anything from meditation to exercise to a steam shower—and now more than ever these activities are being done in the home. This is perhaps why many new homeowners are making self-care amenities like fitness centers, luxury bathrooms and spas more of a priority.

A fitness center, residents lounge and outdoor garden are among wellness perks of Stella Tower in Hell’s Kitchen, where this two-bedroom residence is listed for $3.399 million. WARBURG REALTY
Nowhere in America is there a greater need for a relaxing and rejuvenating home than New York City where the hustle and bustle that makes the city such a thrill to live in can also begin to tax both body and mind. 

New Yorkers may have notoriously tough resolves, but even the most tenacious need a little respite here and there.

A Manhattan gym with floor-to-ceiling windows brings skyline views inside the workout space. GETTY

Many of New York’s most famous residential buildings have been renovated to include state-of-the-art gyms and indoor swimming pools. Iconic pre-war buildings like the Essex House in Midtown or Stella Tower in Hell’s Kitchen can now feature amenities like 24-hour fitness centers or spas. 

These facilities are not your average basement gyms or saunas. Fitness centers often include modern equipment like pilates machines and smart bikes, but they also don’t leave out classic essentials like kettlebells, heavy bags, and olympic barbells. Spas can offer body and beauty treatments like facials, body scrubs, and of course, massages.

At the Sovereign building in Sutton Place, where this six-room unit asks $1.595 million, wellness amenities include a windowed gym and close access to the neighborhood’s wonderful parks and gardens. WARBURG REALTY

Broker Cecilia Serrano of Warburg Realty offers the JW MarriottEssex House at 160 Central Park South as an example of how residential towers are approaching wellness in 2021.

“They recently renovated as part of the maintenance, and it is really lovely with permanently free individual water bottles in the refrigerator and green apples,” Serrano said. “But what’s best is that they always keep it very attractive and super clean, particularly the sauna, steam room, and showers, which are a pleasure to show to potential buyers. JW Marriott does a terrific job of maintaining its standards.”

Many residential towers are going beyond traditional amenities such as pools and gyms. New wellness amenities seen around New York City’s choice buildings include golf simulators. GETTY

Newer developments also have implemented many health-based and recreational amenities into their designs, like the colossal Moma Tower which includes a stunning indoor lap pool, a golf simulator and a “cold plunge” pool. 

While building amenities offer convenient opportunities to exercise and relax the body, self-care must also take place in the home. This starts with simple design features like huge tilt-and-turn windows that let in natural light and fresh air to brighten rooms and moods or open-concept floor plans that give spaces an airy openness.

Owners are also enhancing their personal spaces with wellness in mind. This $2.7-million apartment inside Moma Tower on West 53rd Street pampers with a lavish bath. Building amenities include a sitting room overlooking Central Park, squash courts and one of the best lap pools in Manhattan. WARBURG REALTY

One of the most important rooms for self-care is the bathroom. Homes that offer spa-like comforts can change a room normally used for utility into an oasis for relaxation and revitalization. 

Luxury amenities like radiant heated floors, steam showers and soaking tubs allow residents to enjoy all of the soothing pleasures of a spa retreat right in their own homes while aesthetic choices like lacquered cabinets, cast iron tubs and Black Zeus tile add a calm elegance to the space.

Skin-care and grooming become further opportunities for wellness and more than just routines with the addition of large, marble vanities, backlit mirrors and brass fixtures. Penthouse properties can many times include expansive terraces that offer gorgeous views of the city skyline and a place of outdoor refuge in a city where such spaces are few and far in between.
The primary bathroom inside this 174 East 74th Street apartment calms the sense with Rohl hardware, a Calcutta gold marble shower, and a Toto smart toilet. WARBURG REALTY

As mental and physical wellness become increasingly important in our chaotic world, a future where self-care amenities are offered to all New York residents is hopefully around the corner.

Origination: https://www.forbes.com/sites/forbes-global-properties/2021/08/08/how-new-york-real-estate-is-embracing-wellness-in-2021/?ss=real-estate&sh=6007c0c22549 

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5 Topics to Consider When You Are in a Rental Listing

Whether you are considering renting an apartment, a single-family house, or townhome, or maybe you want to live in the city or in the suburbs, keep in mind that you are going to spend a long time searching online and driving around to see what is best for you. 

Having in mind, and on paper, everything you want will avoid many headaches in your rental process. So, let’s see what’s important to know! 

1. Attention to details 

Decide what you need — how many bedrooms, bathrooms, a big kitchen or you’re ok if it’s a small one. Being very clear about what your necessities are you can avoid the listings that are not targeting your needs. 

Another point here is to know where you want to live and make sure the neighborhood is safe. Someone that is selling a home will tell you it is safe, so our tip here is to make your own search, visit the area at different times, and talk to people to know more about the community. 

2. Amenities 

Every renter has their must-have amenities beyond the basics, like heating and kitchen appliances. The most popular ones people look for are air conditioners, in-unit laundry, big closets, ample storage, and private outside spaces. 

In addition, nice amenities to have are recent renovations, hardwood floor, renovated bathroom, upgraded kitchen, and lots of windows.  You can have more than that, and shared spaces should be included in the listing too, like a pool, fitness center, rooftop deck, rooms for hanging out, etc. 

3. Potentially problematic policies 

What is a dealbreaker for you? The listing should disclose any potential dealbreakers for you. For example, ask about rules about pets, the maximum number of people that can live in the property, noise, smoking policies, parking, and have all of this clear.

Another thing that is very important about the maintenance of the property. The listing should have this information, if it is the landlord or a company that does the maintenance. Who can you call when something happens? So, keep this very transparent for you to avoid problems in the future. 

4. Clearly described costs

It is essential to have all the costs very clear. Everything you need to pay has to be shown in the listing. If not, an affordable dream home can turn into an expensive nightmare. 

Here are some of the costs: What is the monthly rent? How much of a deposit is required, and is any of it refundable? Are there any one-time moving fees? Is there a pet fee or monthly charge? Does parking cost extra? Who pays for utilities? 

Pay attention to all the details to not be surprised by any hidden costs. 

5. Photos 

It might not look so attractive, but it will make a huge difference in your search to have high quality, current photos and from many angles of the property. They should be from the actual property not from a show unit, so make sure the landlord or the real estate agent it is showing where you are actually going to live. 

Once you find the listings that include all these, you’re ready to start. Make sure all your necessities are met, identify the dealbreakers, visit the properties to know if they’re really what you saw online, and enjoy your new home!

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Understanding The Record Absorption Of Manhattan’s New Development

New York City’s new development sales market has rebounded fast and furiously, quieting naysayers who lamented that the city was doomed for a slow and painful recovery. In contrast, our firm’s data show that Manhattan’s 2021 new development sales market posted 980 new contracts signed through June 30, 2021, a 34% increase over the same time period in 2019. Further, by our calculation of the current pace — 163 units per month, on average — the Manhattan new development market is poised to absorb approximately 1,960 new development units in 2021.

So, to what can we attribute this impressive rebound from a once-in-a-lifetime event? 

  • Pent-up demand: As savvy buyers believed the market to have bottomed out, many began their search for a new home or investment property in the third quarter of 2019 and into early 2020. Those buyers did their homework, shopped online and attended virtual tours seeking out the perfect opportunity. Now, as vaccine efficacy became apparent and a new administration took over to implement its distribution, buyers realized that the window of opportunity for slightly lower prices and choice of inventory would be short-lived. They took advantage of this in ready-to-move-in new developments offering concessions such as up to 10 years of free common charges. These perks primed the pump for a quick recovery.
  • Covid cabin fever: Looking at the same four walls for a year created a yearning for new beginnings, more space, outdoor space and views. This helped build demand for new development. Buyers began to realize that their current residences did not meet their needs. With historically low interest rates, a healthy supply of new, ready-to-move-in product and demand growing for re-sale residences, upgrading for that extra bedroom, terrace or alcove was critical.
  • The suburban housing boom: With many fleeing the city as Covid-19 spread, the suburbs saw a resurgence, allowing empty-nesters in particular to sell their homes at prices far above what they could have sold for in the past five years. Many of those empty nesters chose to take advantage of the incentives and price adjustments in the Manhattan market. They scooped up trophy penthouses, pieds-a-terre, and two- to three-bedroom condos.
  • Back to school: With most Manhattan universities announcing the return to in-person classes, many parents have chosen to assist their college-age children in buying a new home by investing in Manhattan real estate rather than renting an apartment. Many of those parents expect to one day move into the city themselves, and thus their children can attend school while their equity grows. When their child moves on, the parents could plan to occupy the apartment either on a permanent or part-time basis.

Together, these four touchpoints helped make the first half of 2021 a record time for the Manhattan new development market. Low interest rates, high demand for homes convenient to work as employees begin to occupy their offices again and new jobs being added at a record pace have also led to this incredible reboot. 

As we move into the second half of 2021, we can expect demand to continue to be high as the foreign investor market is showing signs of heating up and as the market begins to reach equilibrium between seller and buyer. New York City has long proven to bounce back beyond expectations after significant events, and the same is holding true through Covid-19.

Origination: https://www.forbes.com/sites/forbesrealestatecouncil/2021/08/02/understanding-the-record-absorption-of-manhattans-new-development/?ss=real-estate&sh=73b584cf62e3 

 

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Gloria Vanderbilt’s Unique Manhattan Apartment Is Listed for $1.125 Million

“Decorating is autobiography,” said Gloria Vanderbilt, the late designer, artist, and heiress whose Manhattan apartment has just been listed for sale. The home is an artifact of her keen appreciation for art and home decor and as such has largely been kept the same as it was upon her death in 2019 at the age of 95.

The building, located on Midtown East’s Beekman Place, was constructed in 1931 and was Vanderbilt’s home from 1997 to the time of her death. Her son, the CNN journalist Anderson Cooper, insisted to the New York Times that this long occupancy is a testament to her love for the place — in his childhood their family moved every four years as she’d often grow restless and want to find somewhere new.

An explosion of bright pink greets guests in the entryway. Photo: Anastassios Mentis/Brown Harris Stevens

“It’s a constant laboratory for her,” said Wendy Goodman, a friend of the multi-hyphenate and author of The World of Gloria Vanderbilt, “She’s always repainting and redecorating. It’s like a tonic for her.” The space has numerous unique design elements that would only be found in a former residence of Gloria Vanderbilt, all of which are visible in the listing photos Take, for instance, the mirrored walls, the unique light fixtures, or the mantel she hand-painted with a quote paraphrased from Albert Einstein: “The distance between past, present and future is only an illusion, however persistent.”

The socialite’s former living room. Photo: Anastassios Mentis/Brown Harris Stevens 

The 3 bedrooms 2.5 bathroom residence has been listed for $1.125 million by Ileen G. Schoenfeld and Aracely Moran of Brown Harris Stevens. The apartment has beautiful high ceilings with tasteful beams throughout, ample closet space, and natural light, though the unit has not been renovated since Vanderbilt’s arrival in 1997 and is in need of some updates. The ground floor space she used as a studio is also being considered for sale.

 

CategoriesReal Estate

5 Things to Know When You Buy a New Construction

Can you imagine living in a house constructed only for you? It is very exciting living in a place where you can literally choose all the details from day one. Any homebuyer with any budget can find a new home for sale. How can you know if a new house is for you? This is what we’re going over in this article today. Here are 5 topics you should take into account if you are buying a brand new home. 

1. Knowing where to look for these houses 

New constructions are not usually listed in real estate services. What happens is that the builders have their own people to sell the house to have more control over the selling process and cut costs. When you’re looking for this type of construction, you should ask your agent to look in certain places, like advertisements online, in newspapers, or billboards.

2. New homes are often sold before built

Generally, builders are going to try to sell as many houses as possible before they start to build. They get financing, map out the site, and start the sales process altogether. They have a model house that the buyers can visit and sell the properties based on the floor plans. You, as the buyer, can usually review some floor plans, fixtures, and finishes. The good part is that, depending on the builder, you can add your personal style in this phase of the construction. 

Be aware that the real estate market can change, so if a project in some area was sold for a price and now in the second or third phase is 10% more, that is super normal. It is just the market accepting the quality of the project. 

3. First-time homebuyers may get a discount

First-time buyers can get the best discounts, because the builders want to offer the project to other buyers saying they already have people interested under contract. This makes the properties desirable. This is the time to negotiate the price down and benefit from the project as well. However, if the sales don’t manifest or if you decide you don’t want the house before it is built, you may lose the down payment. 

4.No space for personal attachments 

Builders don’t have personal feelings for the projects. They are just doing business. On the other hand, when you buy a house from a seller, you may notice these sentiments. Some sellers have raised families in the houses and have put some sentimental value on the property. 

5. Negotiate upgrades

If the project is at the end of the sales cycle, you may not get a discount in the price, but you can try to negotiate upgrades in the house, like hardwood flooring instead of carpet, trimming, or high-end appliances. This is a very common negotiation between the buyers and builders. 

This is the information you need to know if a new construction home is for you. Always try to negotiate, and search for what is in your budget. 

 

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24% of home sellers expect to get above asking price. But how much should you offer?

It’s a seller’s market — and those who list their homes have the potential to make a lot of money.

Right now may not be a good time to buy a home. Though mortgage rates are very competitive, home prices are extremely inflated because there’s not a lot of inventory to go around.

But while today’s real estate market may be challenging for buyers, it’s great for sellers. In fact,

Some 53% of sellers expect that they’ll get their asking price once they put a home on the market, according to a recent survey by Realtor.com. But 24% expect to get above their asking price.

Why are homes selling above asking prices?

In a normal housing market, you might find the occasional bidding war, where two or more buyers duke it out over the same home, all the while raising its sale price in the process. But in today’s housing market, record low inventory is making bidding wars more of a mainstay. In fact, around 20% of sellers expect their home to wind up in a bidding war.

Not only are bidding wars driving home prices up, but many potential buyers choose to make an offer on a house that is above the seller’s asking price in an attempt to avoid a bidding war. And if you’ve been having a hard time getting an offer accepted, that’s a tactic you may want to try out, too.

Imagine a home is listed for $300,000. In a bidding war, that home price could eventually be driven up to $350,000 if competing buyers keep raising their offers by $5,000 or $10,000 increments in an effort to win.

Now, let’s say you’re interested in that $300,000 home, and you decide to make an initial offer of $320,000, or $20,000 over asking price. The seller may be so happy with that offer that they decide to accept it on the spot and put the home under contract. That could, in turn, save you money on that home — even if you do end up paying more than what the home is listed for.

In fact, some sellers in today’s market may be slightly underpricing their homes in an effort to drive a bidding war. But again, coming in with an offer above asking price could work to your benefit as a buyer.

How much should buyers offer?

Making an offer above a home’s asking price could lead to a contract. But be careful:  you don’t want to go overboard.

First of all, the higher a price you pay for your home, the higher your mortgage payments will be. Also, if the home you’re buying doesn’t appraise for its sale price, you may not be able to get the mortgage you need to finance that home.

In today’s red-hot housing market, sellers clearly have the upper hand, and their confidence is evident. Making an offer above asking price could help keep the home you want out of a bidding war. And that could, in turn, save you not only a lot of money, but a world of stress.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a disclosure policy.

Origination: https://www.usatoday.com/story/money/personalfinance/real-estate/2021/07/01/24-percent-of-home-sellers-expect-to-get-more-than-their-asking-price/46857561/

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June 2021 Existing-Home Sales Bounce Back as Home Prices Hit Second Highest Pace

NAR released a summary of existing-home sales data showing that housing market activity this June increased 1.4% from May 2021. June’s existing-home sales reached a 5.86 million seasonally adjusted annual rate, and June’s sales of existing homes increased 22.9% from June 2020.

The national median existing-home price for all housing types rose to $363,300 in June, up 23.4% percent from a year ago. Home prices have continued to rise, and this marks the 112th consecutive month of year-over-year gains.

Regionally, all four regions showed double-digit price growth from a year ago. The Northeast had the largest gain of 23.6% followed by the South with an increase of 21.4 %. The Midwest showed an increase of 18.5% and the West had the smallest price gain of 17.6% from June 2020.

June’s inventory inclined 4.1% from last month, standing at 1.26 million homes for sale and indicating some slight easing of the tight inventory condition.

However, compared with June of 2020, inventory levels are 18.2% lower. This would mark 25 straight months of year-over-year declines. It will take 2.6 months to move the current level of inventory at the current sales pace, well below the desired pace of 6 months.

Demand remains strong as home buyers are snatching listings quickly off the MLS, and it takes approximately 17 days for a home to go from listing to a contract in the current housing market. A year ago, it took 24 days.

From May 2021, all four regions had inclines in sales except the South, where sales were flat. The Midwest had the biggest gain of 3.1% followed by the Northeast with an incline of 2.8%. The West region had the smallest increase in sales of 1.7%.

From a year ago, all four regions showed double-digit inclines in sales. The Northeast region had the largest gain of 45.1% followed by the West with an incline of 23.7%. The South had an increase in sales of 19.8% followed by the Midwest with the smallest gain of 18.8%.

The South led all regions in percentage of national sales, accounting for 44.3% of the total, while the Northeast had the smallest share at 12.6%.

In June, single-family sales increased 1.4% and condominiums sales were up 1.4 compared to last month. Single-family home sales were up 19.3% while condominium sales were up 56.5% compared to a year ago, reflecting the impact of the pandemic lockdown. The median sales price of single-family homes rose to 24.4% at $370,600 from June 2020, while the median sales price of condominiums rose 19.1% at $311,600.

Origination: https://www.nar.realtor/blogs/economists-outlook/june-2021-existing-home-sales-bounce-back-as-home-prices-hit-second-highest-pace 

 

 

CategoriesNews, Real Estate

What to Unpack First When You Move into Your New House

You are in your new home by now, what an exciting day! After the whole hunting process, filing the papers, your dream home is yours. However, you see yourself surrounded by piles of boxes, so the question now is, what do you unpack first? 

After that, so many questions come up: Where are the kitchen supplies? Where are the towels? Where is the dog’s food? We know that organizing a house can be exhausting, but today we are going to give tips on how to put away everything efficiently, and how to make this process as quick and smooth as possible. 

First things first

To start, it is essential that you prepare the house for the arrival of your stuff. 

Clean and prepare your house

It is way easier to clean up the shelves, vacuum, and mop when you don’t have furniture inside. However, if you don’t get to your new place early enough to do the cleaning, hiring a professional to do the job is always a good option. 

Inspect and organize your belongings 

Check all the delivered boxes and the inventory sheet to make sure everything arrived in your new home and nothing is missing. After that, place the boxes in each room that the items belong to so that it will be easier to find things in the house. 

Set up larger furniture and appliances

Setting up the major furniture, like the bed, dresser, dining table, etc., will make it easier to put all the small things in the right place. Have your interior design already planned so that you don’t need to move the heavy pieces after setting up. 

Tend to the necessities

Kitchen 

The kitchen might take a while to finish due to the number of pieces it has. However, it is the first place you should start unpacking because of the cold food in the refrigerator and, of course, no one wants to be hungry during the organization. 

Bathroom 

Another area that is fundamental is the bathroom. For sure, after a whole day of unpacking, you will want to wash away the weariness and the stress of moving, so having everything within reach is the best option. Therefore, you should unpack the toiletries, like soap, toothbrushes, toothpaste, shampoos, and conditioners. After that, put away all the towels and rags. 

Bedding

A long day of moving needs good rest. You won’t be able to unpack the whole bedroom, but the bedsheets, pillow, and blankets are the most important now. Remember to get the curtains up, as well, so that you will keep your privacy and will not wake up with the sun in your face. The rest of the stuff can wait until the next day. 

Kids and pets 

Unpack what they are going to need for the day, for example, diapers, bath supplies, and clothes for the night. For the pets, have their bed, food, and medicine ready for when they need it. 

Keep in mind that you are going to be unpacking for a while. It may take a week or so, but now you know what is more important to organize when you first arrive at your new home. Just keep going until you have finished everything, and don’t freak out with the stress of moving, try to have fun, put on some music, and this can be fun as well!

CategoriesNews

Share of U.S. Homes Bought in Cash Hits 30 Percent

Largest Percentage of Cash Buyers Since 2014

National property broker Redfin is reporting that nearly one-third (30%) of U.S. home purchases this year were paid for with all cash.

That’s up from 25.3% during all of 2020 and represents the largest share since 2014, when 30.6% of homes were purchased with all cash. Redfin analyzed county records published from January 2021 to April 2021.

Cash purchases are on the rise as Americans reap the benefits of a strong stock market. The S&P 500 Index has gained 36% in the past 12 months alone, as of July 14, 2021.

“I’ve never seen more cash in Boise’s housing market than I’ve seen in the past year,” said Shauna Pendleton, a Redfin real estate agent in Idaho. “I just sold a $700,000 home to a cash buyer last week. The entire $700,000 came from his E*Trade account.”

Additionally, remote work has allowed homeowners in expensive cities, including San Francisco and New York, to sell their homes and move to less expensive areas, where they can often afford to buy properties in cash.

“Affluent homeowners in Seattle, Portland, and parts of California are selling their homes for $1 million or $2 million,” Pendleton said. “Then they’re coming to Boise, where they’re buying houses that are twice the size for half the price.”

Investors, who often pay in cash, are wading back into the housing market after pressing pause at the onset of the pandemic. U.S. home purchases by investors rose 2.7% year over year in the first quarter, marking the first period of growth since the coronavirus pandemic began.

The rise in all-cash home purchases is posing challenges for many first-time and lower-income homebuyers, who are having trouble competing with cash offers. While competition is easing slightly, about two-thirds of the home offers written by Redfin agents still face bidding wars.

In Parts of Florida, More Than Half of Homes That Have Sold This Year Were Bought With Cash

In the West Palm Beach, FL metro area, 52.6% of home purchases this year were paid for with all cash. That’s the largest share of the 86 metropolitan areas in Redfin’s analysis. Metros must have had at least 3,000 recorded home sales from Jan. 1, 2021, and April 30, 2021, to be included in this report. West Palm Beach was followed by Naples, FL (52.5%), Nassau County, NY (50.2%), North Port, FL (49.4%), Port St. Lucie, FL (46.2%), Greenville, SC (45.4%), Palm Bay, FL (44.1%), Cape Coral, FL (44.1%), Des Moines, IA (41%) and Jacksonville, FL (40.1%).

“Florida is a big second-home market, and second-home buyers often pay with cash,” said Dina Blau, a Redfin real estate agent in the West Palm Beach area. “During the pandemic, folks also flocked to Florida to buy primary homes. They sold their houses in New York, New Jersey, Chicago, or California and used the proceeds to pay cash for properties in Florida.”

California Has Lowest Share of Cash Transactions

Expensive California metros, where it’s more challenging to pay with cash because home prices are relatively high, were at the bottom of the list. In both San Jose, CA and Oakland, CA, 12.5% of reported home purchases this year used all cash–the lowest share of the metros Redfin analyzed. Next came Richmond, VA (16%), Los Angeles (16%), San Diego (16.2%), Lake County, IL (17.2%), Sacramento (17.7%), San Francisco (17.8%), Oxnard, CA (18%) and Bakersfield, CA (19.3%).

Still, buyers in California aren’t out of the woods, according to Steven Moore, a Redfin real estate agent in Los Angeles.

“I recently put in a $1.8 million offer on a home that was listed at $1.7 million,” Moore said. “The top 10 offers–out of 40 total–all came in at around $2 million and were all cash.”

Origination: https://www.worldpropertyjournal.com/real-estate-news/united-states/seattle/real-estate-news-cash-home-buyer-data-for-2021-redfin-housing-reports-percentage-of-homes-purchased-in-cash-in-2021-covid-19-impact-on-real-estate-hom-12625.php

CategoriesNews

Housing Market Update: Pending Sales Dip, Price Drops Becoming More Common

Over 4% of homes for sale had price drops, and pending sales are down more than 10% from their 2021 peak.

The average weekly share of homes for sale with a price drop passed 4% for the first time since September, another signal that the hyper-competitive housing market is cooling. Other indicators corroborate the slowdown: the share of homes sold over list price, the share of homes sold within a week and median days on market are all also either cooling off or plateauing.

Pending sales were up 11% from a year ago, but down 11% from the 2021 peak, and asking prices have been relatively flat since late May. Even amid this shift, sellers remain in the driver’s seat, as home prices continued to rise more than 20% from a year ago and the number of homes for sale sits 30% below the same time last year.

Looking ahead, some indicators of early-stage homebuyer interest like tour activity, mortgage purchase applications and requests for service from Redfin agents have shown signs of picking back up. It’s too early to call it a trend, but we’ll continue to track whether this continues and leads to sales and competition heating back up.

Unless otherwise noted, the data in this report covers the four-week period ending July 11. Redfin’s housing market data goes back through 2012.

“Asking prices are still high, but the share of listings with price drops is rising steadily and could soon reach pre-pandemic levels,” said Redfin Chief Economist Daryl Fairweather. “That’s an early indication that we are past the peak for this intense seller’s market. Buyers may begin to regain some negotiating power on properties that have been on the market for more than a week.”

Key housing market takeaways for 400+ U.S. metro areas:

Data based on homes listed and/or sold during the period:

  • The median home-sale price increased 21% year over year to $365,500, a record high.
  • Asking prices of newly listed homes were up 12% from the same time a year ago to a median of $361,700. This is up 0.5% from the four-week period ending July 4, but down 0.6% from the all-time high two weeks ago.
  • Pending home sales were up 11% year over year, the smallest increase since the four-week period ending July 5, 2020. Pending sales were down 11% from their 2021 peak during the four-week period ending May 30, compared to a 4% decrease over the same period in 2019.
  • New listings of homes for sale were up 3% from a year earlier. The number of homes being listed is in a typical seasonal decline, down 8% from the 2021 peak during the four-week period ending May 23, compared to an 11% decline over the same period in 2019.
  • Active listings (the number of homes listed for sale at any point during the period) fell 30% from 2020—the smallest decline since the four-week period ending January 31—and have climbed 9% since their 2021 low during the four week period ending March 7.
  • 53% of homes that went under contract had an accepted offer within the first two weeks on the market, well above the 44% rate during the same period a year ago, but down 4.2 percentage points from the high point of the year, set during the four-week period ending March 28.
  • 38% of homes that went under contract had an accepted offer within one week of hitting the market, up from 32% during the same period a year earlier, but down 5.1 percentage points from the high point of the year, set during the four-week period ending March 28.
  • Homes that sold were on the market for a median of 15 days, an all-time low that has been flat for the last four weeks, and down from 38 days a year earlier.
  • A record 55% of homes sold above list price, up from 28% a year earlier. This measure is plateauing, having been 54-55% since the four-week period ending June 27.
  • The share of homes for sale with price drops rose to 4.1%, continuing to surpass 2020 level, and climbing closer to 2019 levels (4.7% at this time in 2019).
  • The average sale-to-list price ratio, which measures how close homes are selling to their asking prices, increased to 102.3%. In other words, the average home sold for 2.3% above its asking price. This measure is an all-time high and 3.5 percentage points higher than a year earlier, but growth has slowed and it may be at or near its peak for the year.

Other leading indicators of homebuying activity:

  • Mortgage purchase applications increased 8% week over week (seasonally adjusted) during the week ending July 9. For the week ending July 15 30-year mortgage rates fell to 2.88%, the lowest level since mid-February.
  • From January 1 to July 11, home tours went up 23%, compared to a 50% increase over the same period last year according to home tour technology company ShowingTime.
  • The seasonally adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other services from Redfin agents—rose sharply during the week ending July 11, and is currently up 15% from a year earlier.

Refer to our metrics definition page for explanations of all the metrics used in this report.

Origination: https://www.redfin.com/news/housing-market-update-price-drops-over-4pct/