Sellers Are Ripping Homes Off the Market & AI Slop is Taking Over Thanksgiving
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Good morning, Brew Daily Show. I'm Neil Freiman. And I'm Toby Howell. Today, sellers are pricing their homes way too high.
Then beware of AI recipe slop this Thanksgiving. It's Wednesday, November 26th. Let's ride.
What a time to be alive. It's the day before Thanksgiving. Pound for Turkey Pound, the best holiday of the year. If you're heading out of town for the holiday, hope your travels have been smooth. And cross your fingers for Toby and me here who are about to board a plane and train to see our families. Well, tonight should be interesting. For many younger folks, the Wednesday night before Thanksgiving is the time you hit up your hometown's local bar and have the most awkward encounters possible with people from your high school you haven't seen in years. All that childhood gossip about who's hooking up with who and can you believe this guy went to prison is going to come rushing back. Toby, I think I've aged out of this tradition at this point, but if you're like 19 to 25, it is pretty thrilling.
If you haven't grown out of it, here's what you do to assert dominance. Number one, firm handshake, look people in the eye. Number two, strategically buy one of the first rounds when everyone can still remember it. If you are 19, do not do that. And then number three, subtly bring up that you are running the turkey trot tomorrow while everyone's getting a little bit sloshed. Everyone will hate you, but in my mind, that asserts dominance. Also, my graduating class had a total of 47 people in it, so take advantage. All that advice with a grain of salt right there. And now a word from our sponsor, U.S. Bank. Holiday shopping season is officially here, which means it is time to hunker down and stick to your budget.
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That's usbank.com slash splitcard. By taking inventory off of the table, the delisting phenomenon is keeping home prices elevated and you out of your dream home. A new report from Redfin found that almost 85,000 U.S. sellers removed their homes from the market in September, up 28% from a year earlier and the highest level for that month in eight years. The number one reason? Their houses are getting stale. 70% of U.S. home listings were considered stale in September, indicating they've been on the market for at least 60 days without going under contract. Some are swallowing their pride in cutting prices to lure buyers. Realtor.com found that in October, 20% of active listings had a price cut, which is about twice the rate during the home price surge during COVID.
But many other sellers would rather sit tight in their overpriced home than take a loss, which would be the reality for a good chunk of them. About 15% of the homes that were delisted in September were at risk of selling at a loss, according to Redfin. That's the highest share in five years. Toby, this ain't 2021 anymore for home sellers. Basically, they need a friend to come along and tell them their standards are too high, and that's why they don't have a girlfriend.
They're a little delusional, but I don't blame them because the people delisting are overwhelmingly people who bought from 2020 to 2023 or 2023 to 2025. 34% bought their homes during that period of peak home buying frenzy that was the pandemic.
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