Home sellers worry they waited too long to sell. Not until prices fall they did not. The ‘Wave’ prices are still there.
Posted by John Reed on Aug 08, 2022
Yet another WSJ illogical, anti-home article, this one by Veronica Dagher. Apparently, the Journal haa a required course on anti-logic and “stick to the anti-home” narrative for all new hires to remain consistent.
The headline today is “Home Sellers Worry They Missed Wave.”
Did home prices fall? No
So what exactly have they missed? The article’s evidence is that nowadays sellers often have to cut their asking price more than once to sell. Did they cut it below what selling prices were six months ago? No.
So they have not “missed out” on even one penny of equity.
The article says the sellers may have to sell for “less than they feel it is worth.” But that is not less than the “wave” pushed it up to is it? If the wave pushed your home value to, say, $450,000, and you now sell for $450,000, you did not miss anything. It does not matter whether you listed for $430,000 and multiple bidders pushed it up to $450,000 or you listed it for $475,000 and had to cut the price down to $450,000. $450,000 is $450,000. All you missed was additional appreciation you hoped for.
But the idea of the Journal article is that the sellers now feel they should have sold a year ago. For $430,000? Like it’s it better to sell for $450,000 after listing for less and getting bids over asking than to sell for $450,000 after several listing price cuts?
Full article at blog