An Insider’s Look Into How Secondary Marketing Evaluates LOs

In this webinar we’ll explore the long-term financial impacts of renegotiations, extensions and fallouts, plus basic guidelines to be viewed as a professional by your secondary marketing department

HousingWire Annual Virtual Summit

Sessions from HousingWire Annual 2021 are going to be virtually streamed on October 25. Register now for FREE to tune into what housing industry leaders had to say this year!

How servicers can access timely, accurate data insights

Learn how to navigate the challenges in today’s market – for example, the need for ongoing, on-demand access to near-real-time data and the ability to access those data insights in a timely and accurate manner.

Steve Murray on new brokerage models, CFPB crackdowns

Today’s HousingWire Daily features a discussion on the emergence of a new brokerage model and the validity behind the concerns against institutional investors.

CoronavirusReal Estate

Buyer’s market? A quarter of expensive homes listed during the pandemic show price discounts

34% of new home listings in New York have been discounted since February

Now that homes are re-entering the market, about one out of four home sellers who listed their homes for sale since the outbreak of the coronavirus pandemic has priced them at discounts below pre-pandemic price levels, according to a new report from Weiss Analytics.

These lower prices are creating market conditions that are more appealing to buyers.

“These higher discounts for more expensive homes and current relative strength for lower-priced houses is significant,” said Allan Weiss, CEO of Weiss Analytics and co-founder of Case Shiller Weiss. “The implosion of the non-QM mortgage market is contributing to softer demand and more discounting by sellers at these higher price levels.”

According to the report, homes priced higher than $600,000 are more likely to be discounted than the less expensive homes.

Homes that are priced at $200,000 or less have fewer discounted listings, about 30%, while the median discount is lower, at 6.3%.

Sellers of 37% of houses worth over $600,000 have asking prices below their February values, with a median discount of 7.7%, according to Weiss Analytics.

The market share of higher-priced listings that are discounted has increased every week since the pandemic slowed real estate sales in March. New listings for these houses have outpaced sales by three to one, the report said.

New York had the highest percentage of new listings discounted since February, with 34%. Baltimore followed with 31% and Los Angeles was closely after with 30%.

The report said that after 97 months in a row of year-over-year gains, first-time homebuyers and investors have a temporary reprieve from monthly price inflation.

The three markets with the highest average discounts are Pittsburgh, 20%; Baltimore, 10%; and San Antonio, 10%.

While “homes for saleGoogle searches have increased 54%, Zillow said that the number of new listings of higher-end homes are down 46%, while listings for the least expensive homes are down only 32%.

Leave a comment

Most Popular Articles

FHFA to make desktop appraisals permanent

Desktop appraisals, a temporary flexibility implemented in March 2020 amid lockdowns and social distancing, will become permanent, the FHFA said today.

Oct 18, 2021 By

Latest Articles

Rocket Mortgage makes another push for brokers

Rocket Mortgage is now connecting homebuyers with real estate agents and mortgage brokers through its growing Rocket Homes portal. Here’s what else the lender is doing to woo brokers. HW+ Premium Content

Oct 19, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please