Tales from this insane real estate market [Home sales]
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Re: Tales from this insane real estate market
The AZ market is crazy. Had a good friend move to Surprise, AZ three years ago and spend $300,000 + add a $40,000 pool. Just sold for $620,000 in 2 days.
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Re: Tales from this insane real estate market
Feel like inventory is up in me east bay neighborhood (but that’s likely explained by the time of year)
Still seeing every single home go pending in 1 week or less and for sale prices substantially over asking (but not as high over asking it seems)
House across the street is likely to be listed soon. And I went to an estate sale there last month. And man is it a wild house inside. Basically needs a complete gut job remodel (unless an handicap senior citizen buys it). Very cautious to see how that sale goes
Still seeing every single home go pending in 1 week or less and for sale prices substantially over asking (but not as high over asking it seems)
House across the street is likely to be listed soon. And I went to an estate sale there last month. And man is it a wild house inside. Basically needs a complete gut job remodel (unless an handicap senior citizen buys it). Very cautious to see how that sale goes
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Re: Tales from this insane real estate market
Are people starting to see some price drops?
- hiddenpower
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Re: Tales from this insane real estate market
Appreciate all the feedback.
Great idea, thank you!SunnySideUp wrote: ↑Fri Jun 17, 2022 9:33 pm
I became a Zillow addict a few years prior to this purchase; studying a wide range of candidate locales and getting a good feel for the target markets. http://www.city-data.com/ was a frequently-consulted resource as well. Google Maps and in particular Street View was a key resource allowing us to virtually "walk the neighborhood" as much as our hearts desired. This made our eventual onsite visits more like returning to familiar surroundings, vs. shocking novelty, allowed nuances to be noticed.
So sign a lease somewhere for a year and then break it if a deal comes up? What if you're also looking into a vacation home or something international! Thanks!Watty wrote: ↑Fri Jun 17, 2022 5:10 pm The best way to buy a house is if you can pick out the area you would want to live in or maybe even the subdivision or street that you would like to live in then sit back and wait and watch for a really good house in that location to come on the market. When a good one comes on the market you can snap it up quickly. It would be best if you can find a place to rent on a month to month lease so that you are not under any pressure to buy when your lease ends.
- FoundingFather
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Re: Tales from this insane real estate market
I am seeing price drops of 10% becoming common on the homes in the northern Midwest. Houses are now staying on the market for about 1-2 weeks instead of 3-4 days.
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Re: Tales from this insane real estate market
Parents listed in north/central NJ in late April (hour or so to NYC). Had multiple offers over asking within the first week. They closed yesterday. Home was purchased new in 1984 for $132k. Listed for $590k and the winning bid was $620k.
Re: Tales from this insane real estate market
Yes it is very clear. Lots of price dropped emails coming feom realtor.com
Re: Tales from this insane real estate market
I’m seeing reductions in current asking prices. I haven’t yet seen any houses actually sell for less than comparable houses sold for a month or two ago.
I.e. in my area, it might just be a slow down in the ridiculous price increases rather than an actual price drop. Although I have to believe legitimate price reductions will show up soon with the higher interest rates.
I’m watching two different markets right now. The one I live in, and the one I hope to move to. I’m hoping my “moving to market” gets whacked hard, but my “selling out of market” holds up a bit better. (Or it takes longer to get whacked).
Re: Tales from this insane real estate market
I agree with you. Some of those houses with ridiculous prices just sit on market waiting to be sold. And they usually go thru price decrease. I see way a lot more houses popping up everyday. Good time to be a buyer... except the rates are ridiculous so it evens out but probably better to buy a house cheaper at higher rate then refi in the future.Normchad wrote: ↑Sat Jun 25, 2022 4:09 pmI’m seeing reductions in current asking prices. I haven’t yet seen any houses actually sell for less than comparable houses sold for a month or two ago.
I.e. in my area, it might just be a slow down in the ridiculous price increases rather than an actual price drop. Although I have to believe legitimate price reductions will show up soon with the higher interest rates.
I’m watching two different markets right now. The one I live in, and the one I hope to move to. I’m hoping my “moving to market” gets whacked hard, but my “selling out of market” holds up a bit better. (Or it takes longer to get whacked).
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Re: Tales from this insane real estate market
Buy cashnewyorker wrote: ↑Sat Jun 25, 2022 5:02 pmI agree with you. Some of those houses with ridiculous prices just sit on market waiting to be sold. And they usually go thru price decrease. I see way a lot more houses popping up everyday. Good time to be a buyer... except the rates are ridiculous so it evens out but probably better to buy a house cheaper at higher rate then refi in the future.Normchad wrote: ↑Sat Jun 25, 2022 4:09 pmI’m seeing reductions in current asking prices. I haven’t yet seen any houses actually sell for less than comparable houses sold for a month or two ago.
I.e. in my area, it might just be a slow down in the ridiculous price increases rather than an actual price drop. Although I have to believe legitimate price reductions will show up soon with the higher interest rates.
I’m watching two different markets right now. The one I live in, and the one I hope to move to. I’m hoping my “moving to market” gets whacked hard, but my “selling out of market” holds up a bit better. (Or it takes longer to get whacked).
Re: Tales from this insane real estate market
I wishKeenobserver wrote: ↑Sat Jun 25, 2022 6:08 pmBuy cashnewyorker wrote: ↑Sat Jun 25, 2022 5:02 pmI agree with you. Some of those houses with ridiculous prices just sit on market waiting to be sold. And they usually go thru price decrease. I see way a lot more houses popping up everyday. Good time to be a buyer... except the rates are ridiculous so it evens out but probably better to buy a house cheaper at higher rate then refi in the future.Normchad wrote: ↑Sat Jun 25, 2022 4:09 pmI’m seeing reductions in current asking prices. I haven’t yet seen any houses actually sell for less than comparable houses sold for a month or two ago.
I.e. in my area, it might just be a slow down in the ridiculous price increases rather than an actual price drop. Although I have to believe legitimate price reductions will show up soon with the higher interest rates.
I’m watching two different markets right now. The one I live in, and the one I hope to move to. I’m hoping my “moving to market” gets whacked hard, but my “selling out of market” holds up a bit better. (Or it takes longer to get whacked).
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Re: Tales from this insane real estate market
I've been following a flipper that's flipped 39 homes in the last 12 months, typically holding them for no longer than 3 months. I've been following their progression for the last 18 months as prices have exploded here in Florida.
The prices seem to have peaked as several homes that would have sold in a day or two several months ago are now having price cuts.
This flipper has not purchased a home in over 6 weeks, only has one home that is currently being renovated, and has price cuts on their active listings with a new description of "CRAZY LOW PRICE! OWNER WANTS QUICK SALE! PRICED UNDER COMPS!"
The prices seem to have peaked as several homes that would have sold in a day or two several months ago are now having price cuts.
This flipper has not purchased a home in over 6 weeks, only has one home that is currently being renovated, and has price cuts on their active listings with a new description of "CRAZY LOW PRICE! OWNER WANTS QUICK SALE! PRICED UNDER COMPS!"
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Re: Tales from this insane real estate market
Where I live (in the rust belt) inventory is still super low.
- 5th_Dimension
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Re: Tales from this insane real estate market
Went to a number of open houses this weekend in the Riverside area of Southern California. The market here has definitely shifted. One house that was very nicely remodeled seemed to have a lot of interest, but that may be because the remodel had a lot of "wow" factor and people just wanted to see it in person. The other houses, still very nice, were dead. All of the agents were saying the market has changed.
There have been more houses with price drops, but you can tell that a lot of sellers are still expecting to get the same prices that they were seeing six months ago.
There have been more houses with price drops, but you can tell that a lot of sellers are still expecting to get the same prices that they were seeing six months ago.
Pick up a penny and soon you'll have many.
Re: Tales from this insane real estate market
the original post is from March, it is now June - at least where I live, the market has cooled off significantly with houses coming on teh market now to not miss out on teh sellers market...driving prices back down actually.
just saying, will depend on the area of course, but it seems to me that the bubble is about to pop
just saying, will depend on the area of course, but it seems to me that the bubble is about to pop
Everything you read in this post is my personal opinion. If you disagree with this disclaimer, please un-read the text immediately and destroy any copy or remembrance of it.
Re: Tales from this insane real estate market
What does "bubble" mean and what does "pop" mean, to you?deikel wrote: ↑Mon Jun 27, 2022 2:18 pm the original post is from March, it is now June - at least where I live, the market has cooled off significantly with houses coming on teh market now to not miss out on teh sellers market...driving prices back down actually.
just saying, will depend on the area of course, but it seems to me that the bubble is about to pop
Re: Tales from this insane real estate market
Around here, six months ago was the dead of winter and what sold were houses that listed in the fall and finally closed.5th_Dimension wrote: ↑Mon Jun 27, 2022 12:16 pm There have been more houses with price drops, but you can tell that a lot of sellers are still expecting to get the same prices that they were seeing six months ago.
There is a house that is on the market now which initially listed for $100K over two similar houses that sold in mid-January.
This seller dropped the price by $46K, but it still is nowhere in line with what sold previously.
I am certain, the seller doesn't want to get an offer that is $54K less.
Re: Tales from this insane real estate market
I purchased my house about 12 years ago, at the end of the last housing/credit triggered economic meltdown. My area does not follow typical SFO or NYC trends, at that time the house prices were down by maybe 25% to the previous years 'normal' (I still overpaid)jkhayc wrote: ↑Mon Jun 27, 2022 2:22 pmWhat does "bubble" mean and what does "pop" mean, to you?deikel wrote: ↑Mon Jun 27, 2022 2:18 pm the original post is from March, it is now June - at least where I live, the market has cooled off significantly with houses coming on teh market now to not miss out on teh sellers market...driving prices back down actually.
just saying, will depend on the area of course, but it seems to me that the bubble is about to pop
It had then appreciated mildly by say 3 percent a year (fairly normal for US average, but felt rather lousy given the lower base price I had)
Then, after the initial COVID panic and the 'move to the boonies and work remote' trend, the house started appreciating a lot in a very short amount of time (there are other reasons in my area), about another 25% in just two years - which kind of offsets the slow increase over the other 10 years I guess, but it was certainly not linear or organic growth (the bubble).
In March, very few inventory was available (houses not build/finished during the pandemic, material shortages preventing renovation, no moves due to new job offers, then labor prices increased and workers were simply not available ect) - prices spiked (maybe also due to an inflation opportunity and nothing on the market that I saw was anywhere close to reasonably priced compared to just 6 months earlier.....but now, just a couple of months later, inventory shows up, prices are cut back and at least there are some options (even if they require some more work then what I would call typical)
So, to me, a lot pf pressure is removed form the market and some demand may also ease (the pop).
If I would be a buyer, I would wait a little (and hurry if you are a seller) - I think this is a trend (the pop)
This all just applies to my area, every market is different, although I think the underlying trends are still the same
Everything you read in this post is my personal opinion. If you disagree with this disclaimer, please un-read the text immediately and destroy any copy or remembrance of it.
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Re: Tales from this insane real estate market
Waiting to hear back on offer #15 tonight. Next step is a rental, but will be paying 50% more than our current lease. Such a bad time to move I really regret putting myself in this situation.
Update: 15 was accepted
Update: 15 was accepted
Last edited by blueberrypi on Wed Jun 29, 2022 9:14 am, edited 1 time in total.
Re: Tales from this insane real estate market
are you moving to a higher COL area?blueberrypi wrote: ↑Tue Jun 28, 2022 1:38 pm Waiting to hear back on offer #15 tonight. Next step is a rental, but will be paying 50% more than our current lease. Such a bad time to move I really regret putting myself in this situation.
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Re: Tales from this insane real estate market
Sadly yes. Wanted to be closer to family but didn't realize how much the housing market had changed since I lived here three years ago.
Re: Tales from this insane real estate market
This WSJ article about bidding wars for rentals was fun, but beware that it's light on data, heavy on anecdote. Still, this lease turnover cycle might undermine the most compelling argument for a bubble (low rent-to-value ratios, IMO).
A useful razor: anyone asking about speculative strategies on Bogleheads.org has no business using them.
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Re: Tales from this insane real estate market
Here are some observations for one small neighborhood I track closely in Colorado:
==> Supply is up. A year ago there were only a couple of homes for sale. Today there are eight.
==> Among four homes that sold in June, selling prices were 20-25 percent above where they were in spring 2021. All four of these sales probably closed in April or early May. The market seems to have softened significantly since then, presumably because of the increase in mortgage rates.
==> Today, homes are sitting on the market. Three of the eight properties currently on the market were listed at least seven weeks ago.
==> Half the homes now on the market have reduced asking prices.
==> Supply is up. A year ago there were only a couple of homes for sale. Today there are eight.
==> Among four homes that sold in June, selling prices were 20-25 percent above where they were in spring 2021. All four of these sales probably closed in April or early May. The market seems to have softened significantly since then, presumably because of the increase in mortgage rates.
==> Today, homes are sitting on the market. Three of the eight properties currently on the market were listed at least seven weeks ago.
==> Half the homes now on the market have reduced asking prices.
Re: Tales from this insane real estate market
Sounds about the same as my area.fredflinstone wrote: ↑Wed Jun 29, 2022 4:27 am Here are some observations for one small neighborhood I track closely in Colorado:
==> Supply is up. A year ago there were only a couple of homes for sale. Today there are eight.
==> Among four homes that sold in June, selling prices were 20-25 percent above where they were in spring 2021. All four of these sales probably closed in April or early May. The market seems to have softened significantly since then, presumably because of the increase in mortgage rates.
==> Today, homes are sitting on the market. Three of the eight properties currently on the market were listed at least seven weeks ago.
==> Half the homes now on the market have reduced asking prices.
Here sale prices without a doubt peaked about 5-6 months ago. It's a question of how quickly do homeowners acknowledge the new environment. I'm sure many are saying.. " nextdoor got X in January and my house is better, now I need to sell for less?". The longer this takes the more inventory builds and puts further downward pressure on prices
Re: Tales from this insane real estate market
Prices coming down here in NYC, I am on the open house circuit right now. Visited a place that was listed at about $1.7M for a gut renovation of a smaller attached home. (Just two story with basement and backyard.) They lowered price to $1.5M and claimed now it would go fast. I have my doubts, the same home would have been $800K 5 years ago. Lots of places with $50-100K drops in the past week or two.
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Re: Tales from this insane real estate market
very interesting following this thread. seems things are certainly shifting. the rapid rise in interest rates definitely seems to be having an effect. (of course real estate is highly local)
might be a buyer next summer...
might be a buyer next summer...
Re: Tales from this insane real estate market
waiting for prices to drop so i can consider buying a rental property
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Re: Tales from this insane real estate market
Had our very first price drop in our neighborhood this week
Currently 3 homes in the neighborhood
Very curious to see how they play out
Currently 3 homes in the neighborhood
Very curious to see how they play out
Re: Tales from this insane real estate market
Just had an offer accepted. No more bidding wars in my neck of the woods.
It kills me to be buying a house now, when it seems so self-evident that I’ll lose money on it in the near term — but I had to relocate, and the rental market didn’t have anything that fit my needs. I feel better knowing that I’m only paying 15% over what it sold for three years ago — and they have made some improvements — whereas 2 months ago I’d have had to pay 25% over.
Edit: for what it’s worth, my accepted offer was ~8% below the dreaded Zestimate.
It kills me to be buying a house now, when it seems so self-evident that I’ll lose money on it in the near term — but I had to relocate, and the rental market didn’t have anything that fit my needs. I feel better knowing that I’m only paying 15% over what it sold for three years ago — and they have made some improvements — whereas 2 months ago I’d have had to pay 25% over.
Edit: for what it’s worth, my accepted offer was ~8% below the dreaded Zestimate.
merely an interested amateur
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Re: Tales from this insane real estate market
Miami SFH is softening up.
Franklin, TN is very stable.
I expect Miami to see some meaningful reductions, and I expect Franklin TN to remain stable.
Time will tell.
Franklin, TN is very stable.
I expect Miami to see some meaningful reductions, and I expect Franklin TN to remain stable.
Time will tell.
Re: Tales from this insane real estate market
Anyone following Collin County in DFW(Dallas Fort Worth) area? I'm seeing relatively more listing come online and list prices are not too high.
What are you seeing in terms of current status as well as any predictions for near to long term future? What should a first time home buyer do in this market..looks like waiting a little is prudent but would love to hear your stories, thoughts and feedback for Collin County in Dallas.
General area include Plano, Parker, Frisco and areas around them. Thank you!
What are you seeing in terms of current status as well as any predictions for near to long term future? What should a first time home buyer do in this market..looks like waiting a little is prudent but would love to hear your stories, thoughts and feedback for Collin County in Dallas.
General area include Plano, Parker, Frisco and areas around them. Thank you!
Re: Tales from this insane real estate market
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Re: Tales from this insane real estate market
On peninsula, seeing price drops/back on market atleast in condo & townhouse segment. SFH are holding a little better but agents are starting to list 100K lower than last sold price.rage_phish wrote: ↑Wed Jun 29, 2022 9:22 am Had our very first price drop in our neighborhood this week
Currently 3 homes in the neighborhood
Very curious to see how they play out
When in doubt, http://www.bogleheads.org/forum/viewtopic.php?f=1&t=79939
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Re: Tales from this insane real estate market
I work in a very upscale community (communities) about an hour and a half from Atl. Pre COVID about 30% of the homes were a primary residence, since it is 60%+.
The market is still red hot. Some people are selling (cashing out) knowing they will sit out a couple years and build something better next go.
Some of our builders are scheduled nearly 3 years out. (currently)
People are coming from all over. One client never saw his new construction home until the reveal party, right after after the closing. I've been there twice for service and the house is sparsely furnished, I'm not convinced they have used it much, if at all.
People offer ridiculous sums, sight unseen. This is the only way to win the game.
Another guy that sticks out. We chatted when my work was done. He told me his wife was going to kill him. I asked why. It was an amazing home with a perfect view of the lake. She'll hate the drive, he said. Once inside the gate it is a 14 minute drive to the home haha
To the OP.. Your troubles were a blessing in disguise. Keep your powder dry.
The market is still red hot. Some people are selling (cashing out) knowing they will sit out a couple years and build something better next go.
Some of our builders are scheduled nearly 3 years out. (currently)
People are coming from all over. One client never saw his new construction home until the reveal party, right after after the closing. I've been there twice for service and the house is sparsely furnished, I'm not convinced they have used it much, if at all.
People offer ridiculous sums, sight unseen. This is the only way to win the game.
Another guy that sticks out. We chatted when my work was done. He told me his wife was going to kill him. I asked why. It was an amazing home with a perfect view of the lake. She'll hate the drive, he said. Once inside the gate it is a 14 minute drive to the home haha
To the OP.. Your troubles were a blessing in disguise. Keep your powder dry.
Re: Tales from this insane real estate market
You don't happen to be at Lake Oconee, do you?Witty Username wrote: ↑Wed Jun 29, 2022 2:25 pm I work in a very upscale community (communities) about an hour and a half from Atl. Pre COVID about 30% of the homes were a primary residence, since it is 60%+.
The market is still red hot. Some people are selling (cashing out) knowing they will sit out a couple years and build something better next go.
Some of our builders are scheduled nearly 3 years out. (currently)
People are coming from all over. One client never saw his new construction home until the reveal party, right after after the closing. I've been there twice for service and the house is sparsely furnished, I'm not convinced they have used it much, if at all.
People offer ridiculous sums, sight unseen. This is the only way to win the game.
Another guy that sticks out. We chatted when my work was done. He told me his wife was going to kill him. I asked why. It was an amazing home with a perfect view of the lake. She'll hate the drive, he said. Once inside the gate it is a 14 minute drive to the home haha
To the OP.. Your troubles were a blessing in disguise. Keep your powder dry.
"The course of history shows that as the government grows, liberty decreases." Thomas Jefferson
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Re: Tales from this insane real estate market
Yes. I hope I didn't mention you in the previous postdeanbrew wrote: ↑Wed Jun 29, 2022 2:33 pmYou don't happen to be at Lake Oconee, do you?Witty Username wrote: ↑Wed Jun 29, 2022 2:25 pm I work in a very upscale community (communities) about an hour and a half from Atl. Pre COVID about 30% of the homes were a primary residence, since it is 60%+.
The market is still red hot. Some people are selling (cashing out) knowing they will sit out a couple years and build something better next go.
Some of our builders are scheduled nearly 3 years out. (currently)
People are coming from all over. One client never saw his new construction home until the reveal party, right after after the closing. I've been there twice for service and the house is sparsely furnished, I'm not convinced they have used it much, if at all.
People offer ridiculous sums, sight unseen. This is the only way to win the game.
Another guy that sticks out. We chatted when my work was done. He told me his wife was going to kill him. I asked why. It was an amazing home with a perfect view of the lake. She'll hate the drive, he said. Once inside the gate it is a 14 minute drive to the home haha
To the OP.. Your troubles were a blessing in disguise. Keep your powder dry.
Re: Tales from this insane real estate market
Haha. No. I live in NC, but I have friends who live near Atlanta and they have been thinking about moving to Lake Oconee someday. Haven't been there myself yet. But I've been in some large planned communities where it takes 10-15 minutes just to get out of the community.Yes. I hope I didn't mention you in the previous post
"The course of history shows that as the government grows, liberty decreases." Thomas Jefferson
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Re: Tales from this insane real estate market
Reporting from DFW - The listings are starting to pile up in our area. There are now over 80 homes listed (4BR+) compared to less than 5 late last year. Price reductions across the board.
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Re: Tales from this insane real estate market
I actually just saw an open house sign in my neighborhood.
I forgot what those looked like.
I forgot what those looked like.
Being wrong compounds forever.
Re: Tales from this insane real estate market
Seeing similar trend in Collin County especially in Plano area. Not seeing too many new listing in Parker but the ones that have been still up show price reductions and days on market are increasing ..Chillpingu wrote: ↑Fri Jul 01, 2022 12:16 pm Reporting from DFW - The listings are starting to pile up in our area. There are now over 80 homes listed (4BR+) compared to less than 5 late last year. Price reductions across the board.
Would love to hear more about what the future holds for this area..as a first time home buyer..when to start considering buying seriously?
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Re: Tales from this insane real estate market
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This post is a work of fiction. Any similarity to real financial advice is purely coincidental.
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Re: Tales from this insane real estate market
Regardless they are more for the realtor to drum up and advertise new business for themselves than the property they represent.Wanderingwheelz wrote: ↑Fri Jul 01, 2022 12:44 pm I actually just saw an open house sign in my neighborhood.
I forgot what those looked like.
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Re: Tales from this insane real estate market
Seeing more inventory on the E coast as well. Prices are dropping significantly, and houses are sitting on the market longer. I'm getting the impression that there's quite a bit of FOMO in the sellers market. Lot of people were hoping to cash in on the tail end of the bubble, but now realize they are a bit too late to the party. You'll see a listing with some insane mid-2021 price that will sit, and then get lowered, sit longer, then get lowered again, etc. etc.
Houses are finally coming back down into the realm of reasonableness.
Houses are finally coming back down into the realm of reasonableness.
Re: Tales from this insane real estate market
Not always. The last house I sold was bought by someone who found it when we had an open house. He was house hunting but had not been looking at houses in that area. He saw the open house sign and stopped on a lark to see it. The house had some nice features and was nice enough inside but it did not have a lot of curb appeal so when there were 50 other listings it was not one that stood out when you were scrolling through pages of houses.Fpdesignco wrote: ↑Sat Jul 02, 2022 7:10 amRegardless they are more for the realtor to drum up and advertise new business for themselves than the property they represent.Wanderingwheelz wrote: ↑Fri Jul 01, 2022 12:44 pm I actually just saw an open house sign in my neighborhood.
I forgot what those looked like.
Having open houses is also one of the few things that a real estate agent can do to sell a house once the house is listed. When I was picking an agent I made sure that they would have periodic open houses which would motivate them to stay focused on my house.
Last edited by Watty on Sat Jul 02, 2022 10:22 am, edited 1 time in total.
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Re: Tales from this insane real estate market
What price ranges were you visiting? I’m surprised that those other homes had no action, in Riverside.5th_Dimension wrote: ↑Mon Jun 27, 2022 12:16 pm Went to a number of open houses this weekend in the Riverside area of Southern California. The market here has definitely shifted. One house that was very nicely remodeled seemed to have a lot of interest, but that may be because the remodel had a lot of "wow" factor and people just wanted to see it in person. The other houses, still very nice, were dead. All of the agents were saying the market has changed.
There have been more houses with price drops, but you can tell that a lot of sellers are still expecting to get the same prices that they were seeing six months ago.
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Re: Tales from this insane real estate market
The range was from around $650K to $850K. This was in an older area of Riverside, but I am seeing homes in more modern developments languishing in the same price range.angelescrest wrote: ↑Sat Jul 02, 2022 9:29 amWhat price ranges were you visiting? I’m surprised that those other homes had no action, in Riverside.5th_Dimension wrote: ↑Mon Jun 27, 2022 12:16 pm Went to a number of open houses this weekend in the Riverside area of Southern California. The market here has definitely shifted. One house that was very nicely remodeled seemed to have a lot of interest, but that may be because the remodel had a lot of "wow" factor and people just wanted to see it in person. The other houses, still very nice, were dead. All of the agents were saying the market has changed.
There have been more houses with price drops, but you can tell that a lot of sellers are still expecting to get the same prices that they were seeing six months ago.
Pick up a penny and soon you'll have many.
Re: Tales from this insane real estate market
When will Redfin and Zillow acknowledge it's a different market from several months ago??.. Probably never, they'll do all they can to prop it up. I've noticed several closings from April( contracted in Feb/March) Redfin has conveniently added 5% to sale price for their estimate. That # would not happen right now. There are houses in the same neighborhood priced for less and lingering.
- 5th_Dimension
- Posts: 216
- Joined: Mon Jul 11, 2016 1:05 am
Re: Tales from this insane real estate market
Stopped by the “wow” house again today so my wife could see it. They dropped the price $50,000 last night. Of all the houses I have seen recently I was sure it would go the quickest.5th_Dimension wrote: ↑Sat Jul 02, 2022 10:14 amThe range was from around $650K to $850K. This was in an older area of Riverside, but I am seeing homes in more modern developments languishing in the same price range.angelescrest wrote: ↑Sat Jul 02, 2022 9:29 amWhat price ranges were you visiting? I’m surprised that those other homes had no action, in Riverside.5th_Dimension wrote: ↑Mon Jun 27, 2022 12:16 pm Went to a number of open houses this weekend in the Riverside area of Southern California. The market here has definitely shifted. One house that was very nicely remodeled seemed to have a lot of interest, but that may be because the remodel had a lot of "wow" factor and people just wanted to see it in person. The other houses, still very nice, were dead. All of the agents were saying the market has changed.
There have been more houses with price drops, but you can tell that a lot of sellers are still expecting to get the same prices that they were seeing six months ago.
Pick up a penny and soon you'll have many.
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Re: Tales from this insane real estate market
Given the location, that doesn’t surprise me.SteveJones wrote: ↑Fri Jun 24, 2022 5:57 am The AZ market is crazy. Had a good friend move to Surprise, AZ three years ago and spend $300,000 + add a $40,000 pool. Just sold for $620,000 in 2 days.
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Re: Tales from this insane real estate market
Just curious- is it in NYC suburbs or Brooklyn/Queen’s area?z3r0c00l wrote: ↑Wed Jun 29, 2022 4:54 am Prices coming down here in NYC, I am on the open house circuit right now. Visited a place that was listed at about $1.7M for a gut renovation of a smaller attached home. (Just two story with basement and backyard.) They lowered price to $1.5M and claimed now it would go fast. I have my doubts, the same home would have been $800K 5 years ago. Lots of places with $50-100K drops in the past week or two.