Nearly half of Dallas home sellers are slashing prices amid buyer’s market
Posted by NicolasCageFan492@reddit | Dallas | View on Reddit | 127 comments
Posted by NicolasCageFan492@reddit | Dallas | View on Reddit | 127 comments
yarmulke@reddit
What “Slashing prices” looks like:
*email from Zillow*: $5,000 price cut!
*clicks link*: $750,000 home, now $765,000
*looks at listing history*: House bought in 2018 for $198,0000
loves2ride1@reddit
I built my house in Frisco in 2014. 2600 sq feet 3 car for $314. Sold it in 2024 for $1.1. It’s just the nature of the beast
yarmulke@reddit
Cool fucking story bro.
BeachStrandBiker@reddit
Those homes will also remain listed. The owners want to capitalize on this equity they built but also most likely can't afford the current property taxes.
jobohomeskillet@reddit
I mean clearly they can afford the property taxes…if they truly couldn’t they’d sell for $400k and still get a huge return on investment
syzygialchaos@reddit
There also the popular Posted for 755 Price raised to 765 Price immediately lowered to 755 Zillow: $10,000 price cut! (Repeat indefinitely)
MadScallop@reddit
Interest rates not likely going down due to inflationary pressure + soft economy.
Unfortunately not a surprise prices are also trending down slightly, but it’s still wildly unaffordable for most first time buyers 🤷♂️
The 3-4% decrease depending on which city is not a nothing burger, but is quite marginal compared to the increase in price since 2020.
UnknownQTY@reddit
Tax rates are forcing a lot of older homeowners out finally.
ShimeUnter@reddit
I'm not so sure, if your older than 65 your taxed amount is locked.
UnknownQTY@reddit
Older is relative. 60+ folks are the folks I’m talking about. Bought nice suburban 3000sq fr homes in nice school districts in the 90s and haven’t fucking moved since. Rounding out 65 about now.
IIRC it’s the year after you turn 65 before it takes effect (ie the tax year you turn 65 is the last year you get an increase).
Empress_Clementine@reddit
It’s more than a lock though. There’s a bunch of cuts too. Ours dropped by almost half overall the year my husband filed his +65 exemption.
UnknownQTY@reddit
Again, old is relative. If you bought a house for your new family in McKinney in 2004, that kid is now out of college, but you might only be 50 or 55. Those people are just getting REAMED on valuations.
Denton county is even crazier. I know people who couldn't afford to wait for the 65 lock and cuts because their bill for this year was going to be more than they could afford and they had lost their job, and they're not alone.
Empress_Clementine@reddit
Well this is a Dallas subreddit, and the age being discussed was 65+.
UnknownQTY@reddit
McKinney and Frisco are part of the Dallas area.
Empress_Clementine@reddit
McKinney and Frisco are part of the Dallas-Fort Worth metroplex. They are absolutely not Dallas, not in Dallas county and have nothing to do with Dallas home sales or property taxes.
UnknownQTY@reddit
This subcovers DFW.
Empress_Clementine@reddit
And yet the subject title is “Dallas home sellers”. Not “DFW home sellers”.
UnknownQTY@reddit
People routinely use the word “Dallas” to refer to the wider area whether you like it or not.
Empress_Clementine@reddit
Sure, when out of the country. There’s no need to do it in Texas. Selling a home in Dallas or the taxes on a home in Dallas have nothing to do with a home in McKinney.
UnknownQTY@reddit
People *live here* say that.
The example I brought up is valid regardless, and if you don’t think homes sales in Dallas don’t have any impact on homes elsewhere in he metroplex I hope to god you’re not realtor.
Go forth and multiply.
TCBloo@reddit
I have my doubts. The exact reason Trump has been trying to chase Powell out of the Fed is because he wants to cut interest rates.
Chewy966996@reddit
Home Mortgage rates also not directly tied to fed.
MadScallop@reddit
Inflation above 3% target then cutting rates would be kind of wild.
In a perfect world the Federal Reserve needs to pull it back to 2% inflation target. There are going to potentially be devastating consequences to purchasing power for people at retirement if 3% becomes the new benchmark.
ihatemendingwalls@reddit
Land value tax would fix this
rohrloud@reddit
How would a Land Value tax work differently than the current property tax? People already pay taxes on vacant land.
ihatemendingwalls@reddit
That tax rate would likely be higher and they/future developers wouldn't be punished for building on it
ShimeUnter@reddit
All that would do is make homes on that land cost more.
ihatemendingwalls@reddit
Land taxes stay the same no matter how many units you put on the parcel, that's the point of the tax
Delicious_Hand527@reddit
Yes, in theory, but in reality, land value tax is either a fixed tax quickly destroyed by inflation or it is a 'roundabout' property tax, instead of a direct property tax - ie: the valuable land near stuff (which is currently priced higher) would be worth more than the less valuable land that is not close to stuff. It's outcome would pretty much be the exact same as sprawl, if land prices were a primary driver.
ihatemendingwalls@reddit
No it isn't, they're still a percentage of assessed value that rise or fall in relation to land value
Sprawl is a demand driven supply failure. People aren't buying cheap land just because it's cheap, they're buying it because it's cheap and they have nowhere else to go.
The point of LVT is to incentivize housing and development in job centers and the urban core. By forcing a downtown parking lot owner and a high rise owner to pay virtually the same tax, that parking lot most likely gets converted to something more productive, increasing supply of housing and reducing demand for sprawl.
Delicious_Hand527@reddit
No need to change taxing structure, just change zoning. BTW: in bad times, parking lots pay more straight income than high rises do! Seriously read up on the effects of downtown areas during the depression. Almost 20% of Chicago/LA/Austin downtown was destroyed because parking paid and empty buildings don't.
"By forcing a downtown parking lot owner and a high rise owner to pay virtually the same tax, that parking lot most likely gets converted to something more productive, increasing supply of housing and reducing demand for sprawl. "
Land value tax would have to be confiscatory to even have a construction effect. I mean, the cost of construction for an extra room is $100k, the taxes are $2.5k per $100k in assessed value. that's a giant gap.
ihatemendingwalls@reddit
Changing zoning is good but zoning doesn't prevent developers from being punished for building.
You're quoting something that happened under the current property tax schema (or a close relative of it at least) and using that as evidence of what will happen if we completely change the tax structure, but that's backwards. Building owners during the Depression demolished their old buildings in favor of parking lots because the tax structure at the time taxed structures and land. They were disincentivized from improving their decrepit buildings by the tax system that existed. But a land value tax doesn't punish a building owner for tearing down a 10 story, falling apart complex and replacing it with a 25 story shiny new one. While also making the carrying costs of a parking lot which generates very little $/sq. ft. too high to justify. It's just matter of rate.
Yes, the optimal rate would need to be higher than 2.5%. That isn't a structural argument against the tax though. But quoting construction costs is also the wrong approach. The point of the LVT isn't to save on construction costs, it's to make the carrying costs of holding undeveloped/underdeveloped land too high to justify.
CuriousCamels@reddit
A “soft economy” would make interest rates more likely to be lowered. There is still some mild inflationary pressure though.
rwhockey29@reddit
Sounds like every other increase in price the past few years.
Blame 20% price increase on economy, shipping, distributors, lack of resources. 3 years later advertise "new loser price" that is 5% lower than the price hike.
Handsoffmygats@reddit
Loser price is a great typo.
Pooja-church-7065@reddit
Not in plano area, the slashing is when people are WAYYY over pricing their homes compared to recent sales
tigers018@reddit
I’d also like to see the numbers broken up by price points. I keep hearing K shaped economy and many of the homes in my area($600-$1M) that are properly valued are moving within a week.
FatherOften@reddit
Its not a buyers market. Its a grossly overpriced market needing a collapse.
arlenroy@reddit
That should have been the headline, "Grossly over estimated home value finally losing value because no one is buying them". In reality, it would take a home selling for $400k to drop down to $300k or a little less for a real difference maker. The first time home buyer is alienated with anything over $300k in most cases, unless that market opens up, I don't see anything changing
Palatz@reddit
People need to get their shit together pricing their belongings.
I am in the market buying an used car and some people need to get a grip selling their 200k miles toyotas at 20k dollars lol
PsychicStardust@reddit
They probably still owe the bank 20k on it because they got that 29.99% apr
Palatz@reddit
Yeah thats what I have noticed when messaging some people.
You give them a fair offer and they answer with "i owe more than that"
You owing money on a car doesn't make worth that amount of money.
bubba53go@reddit
A new car is a much better deal now. It has to be because so many buyers don't qualify for credit, even at usurious interest rates.
Palatz@reddit
Yeah im just staying with my old car. Used car market is insane and honestly I don't want to spend over 20k on a new car so my old car will have to do.
ShimeUnter@reddit
Rising water lifts all boats. It won't happen unless new car prices drop or employee wages/material cost fall.
texan01@reddit
yeah what was a $1,000 beater car a few years ago, is now a $5,000 beater.
No_Internal9345@reddit
or 50,000 for a new car that spies on you.
MagicWishMonkey@reddit
What would you consider a collapse? Prices to drop 20%? I don't think prices moved that much even back in 2008 and if that somehow happened prices would still probably be higher than before covid.
The problem is a serious shortage of housing, more than a million people have moved to the DFW area in the last 10 years and we definitely have not built a million more houses. All the companies that have moved their headquarters here in the last few years have brought along thousands and thousands of highly paid white collar employees who are now competing with everyone else for single family homes.
Now we're in a position where folks who could previously afford a $500k home can only afford a $300k home due to much higher interest rates (a 1-2% rate increase doesn't seem like a lot but it can easily mean a mortgage bill that is hundreds or thousands of dollars more than it was previously). So instead of buying the "crappy" home that they can afford with current rates people are holding off on buying until rates drop, or until prices drop enough for them get the house they want.
So factor all of that in with the current economic and geopolitical climate where everyone is scared because who the fuck knows what the idiot in chief is going to do next, no intelligent person is making any big or risky moves right now, and you end up with the situation we're in now.
So, no, it's not a buyers market, it's a totally fucked situation and it's not going to get better until Trump is no longer setting things on fire.
OddSand7870@reddit
Prices absolutely dropped more than 20% based on certain areas. Two houses in my neighborhood sold for way way less. One was $1.2 million (actual build cost) 7k square feet and short sold for $525. Another one was $950k (build cost) 5500 square feet and short sold for $495k. There were 8 houses built at the same time as mine (2005-2006) and mine was the only one that didn’t go into foreclosure/short sold.
MagicWishMonkey@reddit
Sure there were special cases here and there but on the whole google says the average drop was 15-20% while the median was 9.5% and Dallas was not nearly as hard hit as many cities.
That's why I roll my eyes every time I hear someone talk about holding off on buying a house until "the market drops", the market ain't gonna drop enough to make it worth waiting. A 20% drop sounds like a lot but not when you realize that prices are going up 5-10% every year.
Empress_Clementine@reddit
I tend to save my eye rolling for people waiting until interest drops back to 2020 rates. It’s not gonna happen. That was such a one-off historically you’ll be waiting a long, loooong time.
the-BBC-news@reddit
Sure, every house is an individual sale and some neighborhoods held value stronger than others. New construction neighborhoods got absolutely hammered here during the recession. But the total market values only dropped about 10%.
the-BBC-news@reddit
DFW dropped about 10% in median price from 2007 peak to 2009. What got hammered was the new construction neighborhoods and the actual number of homes being sold which fell by about 25-30%.
But history isn’t always the future. Miami, Las Vegas, San Fran, Phoenix - all of those cities saw values drop 40-50% during the Great Recession. It’s foolish to say that would *never* happen here because it absolutely would *if* the right conditions existed. Do I believe we’re headed for a huge crash in current conditions? Not a chance.
I think things are very stuck now in many parts of the economy because of how uncertain literally everything is due to Trump.
MagicWishMonkey@reddit
I agree with you 100%
bubba53go@reddit
Haha, really. An iffy house going for $90,000 ten years ago in a rough part of DFW now on the market for $250,000 & it's a *buyers market". If it's such a deal why is no one biting?
inarius1984@reddit
Bingo 💯
Handles42_@reddit
I never got the sentiment that homes are overpriced. Expensive? Yes. Unaffordable? Absolutely. But they’re selling for prices people are paying. There isn’t an imminent collapse like so many people pray for, there’s simply too much demand and not enough supply. We need to slow population growth and build millions more houses or prices will just remain high
othersymbiote@reddit
as someone who works on new residential, you are so confidently wrong it’s hilarious.
syzygialchaos@reddit
Because “people” weren’t paying those prices. Landlord corporations were.
sealclubberfan@reddit
My home value is 31% higher than it was when I bought in 2020 during covid. I don't really see an issue with home prices being slashed. The market went nuts with the low interest rates, it's simply not affordable for a lot of people out there right now with the interest rates the way they are.
fancrazedpanda@reddit
What about people that bought in 2024 and now that things are getting more expensive are having a harder time affording their mortgage?
Empress_Clementine@reddit
I bought a house in 2007. I feel for them but sometimes you just have to play the cards you are dealt. “It’s not fair!” won’t take you far in life.
stonkstogo@reddit
Everyone was saying prices are insane after 2020-2022. Anyone who bought in 2024 overpaid and shouldn’t act surprised. The only people saying “buy now” were real estate agents. “Marry the price, date the rate” was getting spewed by everyone that stood to profit off of sales. Anyone with common sense was aware of how ridiculous the prices were.
FondabaruCBR4_6RSAWD@reddit
Stuck
sealclubberfan@reddit
What about them? Don't buy a house if you can't afford it.
Elbandito78@reddit
lol I was with you in the first half. Then the most callous of responses in second half…oof
sealclubberfan@reddit
I mean, that's just the truth is it not?
fancrazedpanda@reddit
You said you didn’t see the problem, that’s the problem. You could afford it when purchasing, inflation is absolutely running away and you are not making the money invested in to secure the mortgage back because the house is worth less.
fancrazedpanda@reddit
I’m just explaining that while it doesn’t mess with you because of when you purchased, you might feel differently if you purchased at a different date.
sealclubberfan@reddit
Ok, let's play this game.
We'll use December 2020 as the benchmark. Someone buys a house.
- December 2021, 12 month CPI change was 7%
- December 2022, 12 month CPI change was 6.5%
- December 2023, 12 month CPI change was 3.4%
- December 2024, 12 month CPI change was 2.9%
- December 2025, 12 month CPI change was 2,7%
So you're saying I should be concerned about the people in 2024, when the prices of goods and services EXPLODED just after I purchased a house?
sealclubberfan@reddit
No, I don't see the problem. You should know, going into a home purchase, that your expenses, insurance, taxes, will all increase.
Boo-Bees67@reddit
Oh well. It’s called capitalism
MidnightGloomy7016@reddit
Owning a home not generating income is a liability. A more valuable home is more property taxes. It doesn't do anyone much good to have high prices except older boomers who think their houses were a store of value.
Everyone spending huge amounts of money on mcmansions with HOAs aren't thinking about the future. Families are smaller. Some younger single owners don't have the time or money to maintain a huge house. Some do and I understand that ... But there is no mix of houses. It's the same damn thing everywhere around here and it'll be very interesting to see these communities after they've aged 30 years.
Empress_Clementine@reddit
I don’t know any boomers who think of their houses as storing value. They bought their houses as a place to live and raise their families. Then when they go to sell say “I can get HOW much for it?! Holy shit!” Attributing “greed” to somebody simply selling their house for the current market value is silly, what are they suppose to do, sell it for what they paid? Why? Would you?
syzygialchaos@reddit
My home value is still 100% higher than I paid in 2019
texan01@reddit
same and I bought in 2014.
permalink_save@reddit
Doubled here since 2018. It's pointless since cashing it out means I pay more for a house elsewhere so that's a wash unless I want to move out to BFE. All it does is make it harder for first time buyers.
Handles42_@reddit
The dollar is worth \~22% less since then, so prices have only risen 9% real in 6 years. That’s honestly not very substantial value growth
sealclubberfan@reddit
I'm just simply looking at what my house is valued at, not in comparison to the dollar, or any other factors. I can tell you this much, when the appraisal district tells me what my home is valued at, they don't factor in the drop of the dollar when formulating what my property taxes will be based off.......
FatherOften@reddit
Shhh you're speaking truth, they will downe vote you.
TheGreatOneSea@reddit
Developer begins applying Clown Makeup
Buy lot to fill with giant, ugly boxes.
Build said boxes on the cheap, making them extremely vulnerable to non-temperate climates.
Either make the exterior the cheapest plaster, or make the exteriors identical.
Zero lot line, obviously, outdoors is too dangerous for kids.
Finishes Makeup
chayatoure@reddit
I live off Lowest Greenville, and developers love nothing more than tearing down an old, nice looking house to build a huge black and white monstrosity.
Upstairs_Balance_464@reddit
This is such a ridiculous argument. If that old house was so nice, why is it selling for next to nothing? It’s a shithole. If you love it so much why don’t you buy it? Otherwise why are we bitching about our housing stock improving?
permalink_save@reddit
Those teardowns here where OP is are selling 500k+. The people moving here want mcmansions primarily. A 1500sqft house isn't worth paying 500k for just to live in this neighborhood, because developers keep snatching up houses aggressively and it shoves the prices up so people can't afford those smaller houses. 10 years ago you could get a little midcentury 1500sqft house fornlike 200k. It was worth getting. Developers screwed the neighborhood up. Our house is old but nice and when we bought it in 2018 all the competing offers were for teardown, and our house is actually decently big for its era, like over 2500sqft.
Why dont people buy it? Prices are too high, good houses just too expensive, because developers.
Upstairs_Balance_464@reddit
That makes zero sense. It’s like arguing that the grocery store is screwing up the banana market. Those evil developers are selling the end product TO PEOPLE. The market is functioning perfectly well.
permalink_save@reddit
You don't live around here do you.... I've known one of these developers, they love that they're tearing up the neighborhood and putting this shit in. It's all greed. Grocery stores aren't competing with individuals buying bananas from suppliers. Developers are pushing people that legitimately want the house out to build this shit, they are using their coffers to undermine direct buyers. It's not too far off from scalping except doing something to further inflate the value.
Delicious_Hand527@reddit
I know a $1500 sq ft house for $200k is not a good deal. Are you actually talking about Lakewood? It was not $200k 10 years ago. More like $350k 15 years ago.
permalink_save@reddit
Ah I had a brain fart I guess, I was probably thinking 10 years proir to when we bought ours, I had said elsewhere in this post 350k was the floor when we bought our ouse and it was half that price a good bit prior to when we bought ours. Either way there was a point that the older houses here were worth getting before they started getting outbid and torn down as mcmansions, now a 1500 sqft is floor 500k even borderline teardown. Our 7500 lot is 500k now.
chayatoure@reddit
The houses are not shitholes. They are still perfectly live-able. That is likely driving up the cost of houses that could be potentially attainable, replacing them with ugly monstrosities, and then selling them for 3x what the original house sold for.
That's not helping normal people, that's catering to a very small subset of the community, and turning a nice neighborhood into a bunch of ugly bullshit.
ihatemendingwalls@reddit
Land value tax would fix this
chayatoure@reddit
How so?
ihatemendingwalls@reddit
Raise land costs to push developers to build more units per parcel
StuckInTheMiddleSeat@reddit
Sorry, Mr. Clown. I kinda don’t want to live in Celina for _starting at_ $350K.
Nearby-Oil-8227@reddit
In a cheaply built house thrown up with substandard workmanship to maximize builder profits…but the model Home is decorated cute!!! Gag me
stonkstogo@reddit
$450K*, but yeah
smokybbq90@reddit
These were $800k-$1m back in 2019 too
https://www.zillow.com/homedetails/9062-Longmont-Dr-Dallas-TX-75238/26843392_zpid/
Originally sold for $899k in 2019. Resold in 2024 for $1.6m.
SimpleVegetable5715@reddit
Sounds like DR Horton, except you forgot all their mortgage manipulation, and they build their home exteriors from cardboard.
PriceVsOMGBEARS@reddit
Do you have more info on this topic? A real estate agent brought me to the DR Horton sales office in Aubrey, I believe it was called Silverado. I have never had my gut instincts to tell me to run as quickly as I could as when I sat down in there. Before ever even stepping foot into a model home, the salesman was throwing around so many numbers, talking about how no seller could beat their prices due to some sort of manipulation until they packed up and left in two years, and had even mentioned their stock ticker. I assumed there was some sort of scheme rolling your mortgage into an index fund or some other complicated, scummy financial shenanigans, but I didnt stick around long enough to hear more.
sisterfunkhaus@reddit
In my neighborhood, where prices average $500k-$750 for older houses (Many have been completely updated) that average around 2000 square feet, someone is buying houses, tearing them down, and building mammoth two story houses that start at $1.5 million. There are several recently built and about 4-5 going up. No one is buying them. They look absolutely ridiculous too. It's insanity and I hope they sit there for years. People need to read the room.
Handles42_@reddit
People do pay it, listing rates are barely elevated compared to pre-pandemic
Jeffreyknows@reddit
The house they’re building next to me…I live in an older neighborhood where we have major foundational issues. They just threw it together. The house takes up the whole entire lot and literally has zero yard. The selling point is it has a his and hers toilet in the main bathroom. 2 mill! 😂
Doza93@reddit
"Now I can't tell you who the builder is" walks past Lennar sign
DriftWoodBarrel@reddit
The government needs to ban big businesses from buying up multiple properties. Everytime you buy an additional house you should be forced into paying 20-30% more taxes. People don't need to complain you only need one house.
AffectionateKey7126@reddit
They are forced to pay more taxes in Texas. The tax value is reassessed and the counties shoot high.
LebronsHairline@reddit
Well JD Vance is part owner of AcreTrader, which deals in selling off farmland ownership to corporate LLCs who can also be used as shell companies for foreign firms. So things are going great.
theLimNar@reddit
What does this mean for rental prices in Dallas? Up or down?
TheFeedMachine@reddit
Right now renting on DFW is the most affordable it has been since 2008, based on median income compared to median rent. Predicting the future prices is tricky though. Home prices, rental prices, job market, and other cultural factors all determine whether people are moving into or out of an area.
If we assume net 0 migration for easy calculations, this should actually raise rental prices. If people are behaving rationally, they will rent instead of buy as renting is affordable in the current market while buying is not. This would place upward pressure on rentals and downward pressure on purchases until an equilibrium is reached. Home purchases would be more affordable, but rent would be less affordable.
The reality is that people don't behave rationally when it comes to homes and migration is tricky to predict. People place sentimental value on owning a home and society has drilled it into our heads that you have to own a home. If renters see prices dropping and think now is the time to buy, rents could drop, despite renting being much more affordable at the current moment. If people from other cities see DFW prices dropping, they could move in droves and jack prices up.
HopeHumilityLove@reddit
In theory, down because lower home prices reduce demand for rentals. In practice, it's complicated because landlords finance rental units with five-year loans that they perpetually roll over and homeowners use 30-year mortgages, so relative movements in interest rates and when exactly landlords roll over their debt also drives rental prices.
MagicWishMonkey@reddit
Doesn't matter how much a landlord is on the hook for financing, a tenant paying $1 is better than one paying $0, and prices are very much impacted by market forces.
HockeyCookie@reddit
Rental market is dropping due to so many new apartments. We are just now seeing the new inventory from the big push after covid.
ChosynLabs@reddit
Interesting to see how some houses build in the 2000’s were $160K-ish for sale at that time, and seeing them balloon into the $500-700K price range is insane.
Many factors cause this of course but the correction is happening now. Will see homes come down 10-35% of asking with little to no down payment necessary, just will have to factor in what kills the mortgage cost: property taxes and insurance 😆
permalink_save@reddit
Prices in my neighborhood doubled since we bought. Average house price (excluding mcmansions) was something like 200k in 2010, 400k in 2018 (when we bought), and are like 700k now. It's exponential growth.
SadAdministration438@reddit
400k in Lakewood? I know it was several years ago but wow, that’s still a pretty good deal. Can’t imagine finding something in the neighborhood for almost a million, east of Abram’s Rd.
permalink_save@reddit
For a small house in 2018 yeah, but like small small house. Ours was around 500k when we bought it then and it's like 800k probably now
who_am_i_please@reddit
I remember real estate agents that the market would NEVER cool. Basic economics.
SadAdministration438@reddit
There was a home in Central Plano that was torn down and replaced with a bigger build with an extra 1,500 square feet. The original house price was at $1,100,000 and now it’s cut to $975k. Still wildly unaffordable and it’s not even in a super premium area of the city.
lex017@reddit
If home prices come down does that mean home values will come down as well?
siuol11@reddit
They are the same thing, so yes.
kitfoxxxx@reddit
The great reset will happen like it or not.
hgilbert2020@reddit
It always baffles me that my folks bought their house in Preston Hollow (after selling their old home in Highland Park) for around $300k in 1995 (house was built in the 1960s).
The house next door to them sold for $2.8 earlier this year.
My Dad paid off their house in 2010 iirc. But, for how the federal tax code is for capital gains—he’d lose a ton of the return to taxes.
Granted, he still works because he enjoys what he does—but a ton of folks in their neighborhood are in the same predicament.
Why would they sell if the capital gains will screw them over? But yea, the prices are still too high.
CyrusTheRed@reddit
'SLASHING'... kek. More like a 5% reduction on prices that are 40% overpriced.
js270945@reddit
I know that some builders are hurting. Just nabbed a new build for $80k under their initial list price. The house has been on the market for 6+ months, and we threw out a super ridiculous lowball. They weren't happy about it, but they took it.
bballjones9241@reddit
No I don’t want to buy a house with shitty, big block tile in the bathroom. Or a fireplace behind glass with the blue hue. Or an “accent” wall with weird design in it. It’s so obvious which homes are slop reno jobs
__Art__Vandalay__@reddit
The increase in values was so big that there’s still a looooong way to go before they’re affordable to many.
xenokilla@reddit
GOOD
smokybbq90@reddit
There are 4 old houses for sale on my street. Most renovated in the last decade. One new build almost done, and one was just torn down. One NB around the corner that has been sitting for a year. Old houses are all listed around $650-700k. Will be interesting to see if they drop below $600k.
cryptohorn@reddit
Buyers at the covid highs in shambles