Okay
 

Okay, a market where most pay less than listed price! . Exactly 74% sold below listed price. Does that sound more accurate to you? It’s exactly what is listed for December 2023 on records. Or maybe it’s helpful to list all the new and pre owned properties that are at “reduced prices” now? Maybe the lots that were cut by 40%. Wherever I can help. Maybe county records, Zillow, Redfin, Realtors.com and Rocket can help?

No one I know of believes everything is great right now. Do you have any sources for your presumption that things are going well?

Yes, I was also going to ask what he bases his claim on because I don't see that. I've been watching the housing market in TV almost every day for 2 months and like Margaret said, above, I see many over-priced houses, also lots of reduced prices and plenty on the market.

Most definitely not a sellers market right now. Realtor.com shows 6.25 pages of Reduced Price homes for sale. 42 listed per page = over 260. That doesn't include the TV listings and prices are being trimmed on those too and many are sitting.
See The Villages Reduced

(1) Don't forget who sets "list price". Marketing people set retail prices high in order to discount and make the consumer feel like there are getting a deal. Hook, Line & Sinker.

(2) Jus talking to the family...........we'll jus say, the business is doing very well.

2%, 5%, 8% discounting...........is that really discounting, or is it marketing??

$200, $250, $300 per SF is not cheap.

:beer3:

When you say "over-priced" are referring to listings that are asking way more than they will sell for, or are you referring to homes that have actually sold, but for more (in your opinion, anyway) than they should have sold for?

You can only go down in price so it’s listed high. Realtors do it to get the listing. Bidding wars are history.

Seller’s Market
 

In a Seller’s Market bids are received and paid usually above listed price. We aren’t in that market here. Homes are mostly if not all selling at or below listed price. December saw the opposite as more than 70% of homes in the Villages Florida sold BELOW listed price.

Add to the discussion that many in the past have said that people are waiting for Eastport where properties will be more in demand for various reasons. The lots in those areas though generally cheaper at face value are not selling either. As a future villager, I believe what has been lost is an overall affordability that folks look for in retirement. I personally started looking at TV when the top end homes were 400k-500k now a 3br 2bth with a glimpse of a pond is 800k plus. Retirees are not looking to upsize, so it limits the folks that can buy in the current price ranges.

I'm an amateur in this business. Is that some sort of "professional" definition? It seems to me that defined that way, a sellers market would be quite rare. Am I wrong?

If you go to VLS and type in the model of home you like, all available come up. You will see most comparables (same sqft, flooring and the like) are within the same price range. But, there will be one or two who want $50,000 - $200,000 more. Lot is not better, no pool, or extended lanais. They are just asking more. They are hoping a buyer who wants to live in that particular village will pay much more to do that. Sometimes that strategy works.

Neither. But, actually some of the first one. I'm referring to many houses sitting for too long and, very often, the reason for that, in any geographic market, is that they are over-priced. Click the link in my last post...over 260 markdowns. And many of them still sit.

My experience over more than a couple decades is that real estate agents are often late to notice a shift in the market and so don't have their listings priced accordingly when one occurs. One agent did tell me something, years ago, that I have found to be spot-on and all would benefit to realize it. It is that: The first 30 days of a listing is the primo time for sellers to get the most attention and best sales price. After that, the listing starts going stale and the seller is often chasing the price down.

So, the lesson there is: Clean up the property, cull a lot of the excess junk out and price it right if a seller wants it sold without prolonged agony. Example - putting a price that is 30 to 40% higher than the price you paid less than two years prior and you've done no major improvements is pretty much a joke. I've seen many of those recently in TV.

It appears that the county assessor is in on the joke.

A sellers market usually occurs when inventory is low and demand is high. This happened in the Village of Richmond. There was a list of 30 interested buyers for nearly every available home. When this occurs, there will be no discounts given on the price of the home. If it is a preowned home, the asking price could get raised.

This is not what is occurring at the moment. Inventory is sitting and prices of homes are being reduced. Sellers who are asking for more are doing it without concern of the downward.trend. They believe they can find one buyer who is willing to pay much more for the same model of home. Like I said, sometimes this strategy works. However, the buyer will be sitting in a home that is worth less than he/she paid. Buyer Beware!

Not necessarily. The appraiser will use comparable prices of homes when assessing the property for taxes. Usually, the only winner is the seller who received MUCH MORE than the home was worth.

This is why buyers are waiting to see what the real estate market brings. How low will the prices go? No one wants to own a home they paid far too much or be upside down on the mortgage.

Again, as a layman, your definition makes sense to me. Obviously even to me is the dynamic that the higher the supply relative to demand, the more pressure there will be to price lower, and vice versa to all that.
I'd just never heard a seller's market so strictly defined as a market wherein asking price always invites a bidding war. I'm sure that's a sign of an extreme seller's market, but I wouldn't have thought that was, by definition, a requirement.

It seems to me that being "overpriced" would be to ask considerably more than what the recent comps would indicate. I get the impression that some people use the term to mean "more than what I think anyone should pay", or "more than I'm willing to pay".

A new home in the Villages is never negotiated. The price is the price. They will not waiver or ask more even if many buyers are interested in the same home.

Bidding wars can occur with preowned homes. If a seller has several buyers interested in his property, he/she will obviously take the highest offer.

Bidding wars do not happen with every home and are not indicative of a seller's market. It is one or a few homeowners who have a property that has plenty of buyer interest.

The last seller's market occurred when Covid lockdown and restrictions were lifted. As we all know, prices soared. We are now experiencing a softening of home prices. It is a cautionary market. Home prices can continue to decline or they can rise.