Panicked Sellers are RUSHING to list Homes before the 2022 Housing Crash gets worse. The Housing Bubble is officially POPPED.
Reports from Redfin and Realtor.com show that New Listings and Inventory on the US Housing Market have surged in May. A combination of reduced homebuyer demand coupled with panicked sellers is leading to more listings sitting on the market. And more house prices dropping.
Particularly in Hot Sun Belt Housing Markets such as Austin, Dallas, Boise, and Phoenix – where the Housing Bubble seems to be popping. Meanwhile – metros in the Northeast and Midwest don’t have as many panicked sellers.
Stages of a Crash: https://financialhorse.com/psychology-of-a-market-cycle-where-are-we-in-the-cycle/
Redfin Data: https://www.redfin.com/news/data-center/
The reason new real estate listings are increasing so fast is threefold: 1) Many homeowners can no longer afford their homes due to skyrocketing property taxes and insurance costs, 2) There are nearly 1 Million Backlogged listers from the pandemic flooding into the market today, and 3) FOMO has officially switched from the homebuyer to the seller.
Mainstream Real Estate News outlets like Realtor.com are now acknowledging that a Housing Crash / Correction. The net result is a huge increase in Seller FOMO as owners know that prices will be going down and they want to rush to list before that happens.
Analyzing data on new listings is a good way to understand the direction of your local Housing Market and if it will crash. But it’s also important to analyze changes in Homebuyer Demand – aka Home Sales.
Markets where both New Listings are UP and Home Sales are DOWN are the ones that could have a Housing Crash first. A shortlist of these markets includes Austin, Dallas, Nashville, Raleigh, Sarasota, and
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Originally published at https://www.youtube.com/watch?v=OB8MZwRNNV0
This news story originally appeared at Real Estate - Trend Magazine on 25 June 2022