Over the last week or so listings in our segment of the market have been going through a bit of a change. I'm not sure if the total listings in SFHs with suites have gone up (I haven't counted sales yet), but I do know that there have been multiple, substantial price changes downward. I also have noticed that quality has gone up. I don't know if this is the work of flippers, but it appears in photos at least, that the places listed in our price range (max $425K) look better kept than they did four months ago.
Another piece of anecdotal evidence: where we used to see places come onto the market at $419K or $424,900, we're now seeing $399K and $405K. Could it be that the tides have turned for agents? Are the RE professionals recommending lower starting prices for quicker sales? I'm guessing so. That small difference isn't much, either to us, or to a Realtor's commission. The quicker they sell a place, the sooner they get paid. After a couple of years of hectic sales, I'm sure the gang used to quick selling are just itching to get that turnover going again.
We've had to literally put the phone down twice this week as a preventative measure against getting sucked into looking and potentially buying something. We've been doing math like crazy lately, but every time we do, we make sure we do the math when that price has come down by $40K not twenty--that's only a 10% drop. Hopefully in the next few months we'll be doing the math on places that have dropped 15%.