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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote]Are people seeing significantly lower closing prices?

In the markets I'm following, there are some slight price cuts from list prices and lots of inventory, but the closing prices are still high.

[b]For example, a house sold in 2021 for $800K, lists at $1.9M, reduces the price to $1.75M, and the house just sits. [/b]Lots of similar listings. I'm seeing lots of inventory sitting longer, but not much reduction in the prices for the houses that close.[/quote]

This sounds like someone who bought, did major renovations, and now flipping it. ?? They can probably afford to come down more. [/quote]

PP here. That would make sense, but I saw the pics from the 2021 sale and it doesn't look like they did any updates.

I'm seeing some price reductions but the sellers are already starting from such a high number. Even if they cut the price more and sell for $1.6M, then that's double what they paid 4 years ago. This is what I'm seeing in the RE markets that I'm following - the closing prices are still 75% or more than the value of the home just 4-5 years ago.

I guess my point is how much of a value is a $100-300K list price cut if the closing price is still 75-100% more than the sellers paid 4 or 5 years ago?[/quote]

I have been following FL, but see the exact same thing.  Sometimes yes they will at least advertise stuff they remodeled...but in one case a home purchased for like $800k in 2022 brand new, they are now trying to sell for like $1.3MM (this is a particular house in Tampa that they have now dropped to $1.1MM).

I don't really get it.  It makes you look like an unserious seller...yet inventory has absolutely exploded but people are trying to somehow realize 50% gains in 3 years?

You are seeing people selling their homes in new home developments for less than what they paid in 2022/23.  This the huge risk of buying in a cookie cutter development where the builders can still make a profit selling a brand new home for less than what they sold them 2 or 3 years ago.  At least the sellers know they need to eat the loss because the completely understand that a buyer will take a new home over a lived-in home.

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