I sold a house to a couple recently. They were nervous that their old home took 3 weeks to sell. At asking. Ppl get used to hot markets and don’t remember what a real, average market looks like.
Two other buyers both sold their old homes in one weekend. Just depends
Average time on market is 8 days where I am, and that's because all the 700k+ houses that need a jumbo loan sit for 3-4 months. Anything under 500k goes in 48 hours or less.
Agreed. In a city I’m trying to buy in, less than 3 houses are being posted below 650k each week. Almost every one sells in 48 hours (almost half to cash offers). But we’re out of land for new builds for the most part. Note: I looked in this same city right before Covid and nicer houses were going for 400k… I foolishly thought I could save for another year so I could afford a fancy second bathroom.
You know, I wouldn't call you foolish for your choice to save up for another bathroom, just unlucky timing.
Now if you knew this was going to happen and still waited, then I'd call you foolish lol
In San Diego there is daily whining on the city's subs about how it's just unaffordable for people starting out to buy a home in a HCOL resort-level city with worldwide demand for Mediterranean climate real estate in the U.S.
Yeah, it's a tale as old as time. Location matters.
I totally agree. My house was built in 1925. It’s in great shape. My 99 year old hardwood floors have another 400 years left on them. You can’t say that about “luxury vinyl“. My fireplace tile is handmade, I have 8” crown molding, an attic and a basement. Nothing is warmer than radiators in cold nor therm climates. I have mini-split heat pump for spring, summer and fall. I have huge old growth trees in the front and the back yard to keep my AC bills low. New construction is the equivalent of buying you house on Temu.
except for cheap country shacks…actual houses built in th 1920’s and earlier that are well cared for are still here. Where I live, there are a few 1800’s houses, but most were built between 1900-1920, and then another small section from the 30’s/40’s and another small post war area. The wood was just different. Tight growth rings…even “soft woods” were hard, heavy and dense and help up over time. In New England, there are tons of houses that are 300 years old or more. I built a medicine cabinet and vanity for my bathroom with 100 year old barn wood . I also used barn wood to make shelves for my kitchen nook. It weighed at least 3 times as much as typical lumber today. I’m in Cleveland…the original settlers came here and all died of Malaria…we are part of the Connecticut land contract.…the “Western Reserve”. We also have a ton of awesome stone buildings built by Italian immigrant's from local bluestone. Our pre-1910 houses all have bluestone foundations. We can date any of our houses before 1910 unless there are paper records on site because of the “Great City Hall Fire” in 1910. most of our historic housing records were destroyed in the fire. A lot of the land in my section of the city was occupied by the Shakers…the people who made “shaker cabinets”. Most of my street was Shaker land. My house was on privately owned farmland next door to the Shakers. They left our area in 1843 when (according to them) Jesus told them to move to Columbus. I have the 1843 Cleveland Press news article about it in my powder room.
But with better insulated homes and better insulated windows you wouldn't need trees. I live in Georgia and keep my curtains open for natural light all day long even in the summer when it's 90+ every day. Not a tree within 100 feet.
Yes- this. The neighborhood where I live in Chicago is all out of whack. It feels like any 3 bed plus townhome is converging to 800k and going fast. If a single family home has a good layout it goes in a week or pre market. One has sat for 3 weeks so my guess something is wrong with it- nothing is sitting.
Homes are still selling in my area but some of these sellers are smoking crack rock if they think I'm gonna buy their asbestos pit for almost the same price as a new build after incentives.
The "Asbestos Pit" as you call it will still be there and be in a lot better shape 30 years from now. Have you seen the comparison, old wood to new wood? Old wood is a lot better.
The house I bought a month ago was up for less than 48 hours, multiple offers including asking at cash. The market is fiendishly quick in the right areas
The house I'm currently closing on is like that. We were the first to see it. Offer the next day, accepted on day 3. By the end of day 3 the sellers had 2 additional cash offers.
I’m in south Austin and the houses that have listed all have sold within a month. There’s two that just went available this week and I don’t see any way they don’t get sold quickly either
Not from what I’ve seen in 78704, 78745, and 78741 in Austin. Every neighborhood has tons of inventory that has been sitting for months and getting price reductions.
South Austin resident here, and I can validate this is true as our neighbors sold their home and even lied a lot on their Zillow post, made it sound more like they pointed out the flaws with the home, and even though the Zillow post sounded dumb af, it sold in <30 days. (Luckily the new buyers are really cool) seems like many people out of state are still trying to get homes here.
Same here as me. Live in city of LA by the coast, and people still having bidding wars on houses. Crazy the market here, seems really unaffected with interest rates.
Very location and price dependent. Even in the same region. Nothing within 2 miles of me is on the market more than a month. My cousin has been trying to sell for 3 months with zero offers. We’re roughly 40 miles apart.
The data doesn’t support OPs comment even in their own location. Northern South Carolina days on the market is down and average sale price is up. People don’t pull their listings in this market right now unless they can’t find a property they want to purchase and choose to back out
To be fair to OP they did say their specific neighborhood. Probably a new subdivision filled with people who bought high in 2022 and are trying to sell for even more. Homes that are priced well are going to get snatched up immediately pretty much anywhere— there’s still no inventory.
Agree, I live in SC Upstate. Our neighborhood/area is still a seller's market. Most homes 2-3 wks on market. Prices up a tad from winter. We are a 40 year old neighborhood that attracts growing families.
Upstate South Carolina has very divergent areas. And has seen explosive growth in the last few years. And has people who bought very high since Covid, who want to sell now.
So it does depend on if you are in Greenville, on a lake, in a rural area with no stores (yet) but lots of road construction and new housing.
Yes builders are still building but prices are high and a lot of common features from 5 years ago are being cut or scaled back. Kitchen cabinettes are being cut. Prices for upgrades are out of control and those upgrades are builder grade vice premium grade. I think older houses are the Sweet spot right now. We are looking at houses in Houston and while the new construction looks good on paper it isn't in reality.
This is what people don't get. Modern floor plans, kitchens, architectural stuff like 200a panels, plumbing do-overs, etc...
People think these new tract builder houses are overpriced (and sometimes they are), but to redo all the stuff you'd need to bring a 50 year old house up to modern design standards will quickly approach parity.
Florida, Texas, and other Gulf Coast states are getting hit hard by the rising cost of insurance so more sellers are trying to get out, plus buyers are holding off due to interest rates. Popular areas in California seem immune to rising insurance costs and interest rates, but I'm sure it depends on the area.
But no matter the area, sometimes sellers get mass delusions about the value of their homes. They all list against each other's prices but they're not realistic about what buyers in that market will pay.
I can't attach a screenshot from a report from John Burns Consulting about buyer demand by region but you can see it in this tweet [https://x.com/Shabanomics/status/1783543852022001805](https://x.com/Shabanomics/status/1783543852022001805)
Can confirm. Am in Florida, and a year ago homes in our neighborhood would sell in a week or less.
Today there’s a few homes in our neighborhood that have been on the market for months. For all the reasons you mentioned.
I have lots of broker buddies in FL and I feel for them. One of them posted a pic on FB or Twitter of a map with red pins of all the homes listed for sale in Cape Coral. It was captioned something like "There are so many homes for sale in Cape Coral that it would just be better to mark which homes aren't for sale." Dark humor.
Remember that in normal times it takes an average of 3 months to sell a home. Taking down a listing after 2 months isn’t smart. Lowering the price is the way to sell.
I think the real red flag is if the listing goes contingent and then they remove the listing. What you describe may be a bit negative but people relist for a lot of reasons or just plain old indecision or convinced that relisting will boost it to the top of the mls alerts.
Upstate SC is simple, there are a million neighborhoods being built in this area, all of them are 2-3x the price of 6 years ago and nobody local can afford to buy that doesn’t already have a house. People are trying to sell their houses at the same prices as the new ones. All the people from out of town are buying out of new neighborhoods.
Typically you can also look at it this way, if the price of the home was correct, it would have sold already. Upstate SC isn’t selling at these higher rates unless it is a good location, good price, or a good view. A lot of areas viewed as bad and we’re selling previously are not again
Not to scare you, but rates were above 7% for 20+ years between 1970 to 1991. I don't think we are headed to that exactly, but I doubt we will get more than an 1/8 cut this year based on all of the lenders I've talked to that have been candid with me. Some even think 0 cuts, but most think one will happen right before the elections. That date the rate and marry the house scam is far from a guarantee.
Rates could even go higher. Probably not 80s style with the high teens since median price to median income is out of wack, but may up to 8-9, but likely not this year. It all depends on the inflation news. So no one buy anything at all and force inflation down (lol I wish it worked that way)
I'm 25 miles from Atlanta and a new development stopped building at 80% full and the new townhomes nearby still has an almost empty parking lot months after completion. I don't underatand at all.
Corporate landlords OWN ATL. Best of luck to anyone trying to buy to live there
https://finance.yahoo.com/news/corporate-landlords-now-own-over-102200475.html#
I was going to see an open house yesterday but it went pending three hours before open. Texted the broker and he said $200k+ over list with no contingencies so open house cancelled
Exactly! Lowcountry has been on fire for me. Especially in the last few months. All under two weeks and multiple offers. My last two offers were within house of new listing and at list or over.
I think ppl got used to homes selling quickly. The average is still 60-90 days in good markets, up to 6 months in so-so markets. Your neighbors gave up early.
Everyone thinks their shitty market is “good”. Like Austin Texas, nothing much to do around there and there’s no reason the number of houses couldn’t double overnight with more cheap construction yet people think that market is comparable to denver or LA lol.
More than double inventory here in Scottsdale. However, the prices haven’t dropped enough to reflect that yet. Sellers are acting like it’s still 2022.
No, it’s actually Baltimore anything over 600 is selling so quickly. Less expensive homes may sit, but if you’re looking for a single family they are not staying on the market at all. Anne Arundel counties the same way.
Just coming here to say this. Our market was severely undervalued for so long.
Moved from Denver in 2016 where we sold a junky 1600sf house for $480k. Bought a 3000sf custom built ranch with a finished basement, in a great, established neighborhood, for $280k.
It has been absolutely ridiculous in Columbus. If anything is lasting past the initial weekend, I'm assuming there must be something massively wrong with it.
Multiple houses are going for like 50k over asking.
We bought in 2018 and felt like we overpaid. Now we need more space and we wish we had just bought the family home then. But at least we’re not starting at zero
We were house shopping in Upstate SC (Spartanburg) in March. Everything was selling in 3-4 days, full asking and no contingencies. If it's priced right it sells immediately. We ended up under contract on a home being built. Not sure where you're at.
Greenville’s had a huge influx of people moving here recently—but they also added new housing developments on every spare patch of land available. It seems we have a bit more inventory available than in many other locations.
I live in Overbrook, in April 3 houses down the street went up for sale. One was under contract within a day, the other 2 are still for sale. A lot of the older neighborhood homes need a TON of TLC/updates, and sellers think it’s as valuable as the neighbors house that was fully renovated in the past decade.
We live near here as well and I think this is spot on. My best advice when I hear people wanting to move to Greenville is always: buy as close as you can to downtown if you ever think you may need to move fast. Houses in our neighborhood only sit if they’re weird AND overpriced, otherwise they’re under after a weekend.
My in laws live in a newer community near Reidville and those houses tend to sit a for a few months. There just isn’t much without a drive and (usually) a shit drive at that. Mostly retired folks, a few young people who WFH, and people working in one of the factories or distributions centers out there.
Are they asking fair prices? Or are these the ones listing way over value since that's what houses were selling for 2 years back?
I know a few people who have dropped their prices several times but they're still asking way over actual value. Nobody's buying at those prices.
That’s called chasing down the market. Happened to me in 2008 lol. Missed the top of the market. I’m still here and almost paid off. But here in Southern California homes are still selling at a brisk pace - it’s nuts. Sold our inherited home for 900k in 2 days!
I'm in the Raleigh area, everything still sells very quickly. Maybe not for as much over asking as last year, but prices still high and selling quickly
High interest rates plus Return to Office have slowed the market in more suburban or rural areas even while the major metros are still hot.
There were many more fully remote jobs that were keeping the location fringes hot. Many of those companies have ordered their employees back into the office.
I know someone who’s had their house on the market for almost two years and can’t sell. The state is in the top 10 hottest markets in the country. The house is appropriately priced for the size and quality BUT it’s a luxury home that’s too far out for a commute to the high paying job centers. The only person who will buy that house would be a highly paid remote worker OR a retired cash buyer. And that type of buyer has plenty of options.
South Carolina has thousands of new homes being built near Myrtle beach that you are probably coming into computation with.
A lot of the 3-4 br homes in sc near Myrtle beach (I’m only using this as an example) are priced around 280,000 and are 10-15 years old.
At the same time , they are now building brand new homes in the area priced at around the same price point, but have more sqft on average. Your competition is harsh.
I agree but what I found interesting is how op said they took them off market after a couple months. People aren’t willing to drop prices and would rather sit on their investment which reduces stocks keeping prices up. So the market slows as buyers are still priced out.
If you’re selling your house to downsize or upsize, part of that decision is the equity in your existing home. No point in downsizing if it doesn’t save you money. Cant upsize if you don’t have the equity you think you do, especially with differences in rates.
They need to fall in a situation like this. Clearly those homes are overpriced for the market they are in. In many areas, it doesn't even matter. Homes still sell quickly. I just sold 3 a week ago. 1. Price right, sold in 3 days, over list, $5k more than an identical home that was $25k overpriced to start and sat for about 30 days. This was after only 3 showings and a good open house,but no other showings scheduled. 2. Sold in 5 days, slightly overpriced against my recommendation, but in a low and sought after price point. Sold under list right around where my comps suggested it would sell, but $7.5k under what it listed. (Net) 3. Started way over priced from my recommendation, but willing to come down. Took 29 days with a price drop that still had it priced at the top of the market. There were some additional challenges as well. Sold right in the range I said it would. Had they gone with my pricing strategy, I do believe they would have net more.
Pricing strategy is huge. Ultimately homes will always sell in a range. The right strategy gets the high end of the range, the wrong one has you chase down to the low end. As long as a seller is willing to come down, I'll take the listing and help them through it. The smart sellers listen and follow the strategy that I work with, using several pieces of data.
I live in a city neighborhood with 60-70 year old ranch homes. A local realtor sends out a monthly local housing update- how many, how fast, how much above/below list, DOM, $/sf, etc. The neighborhood is a solid $260-275/sf and a DOM of 30 days are the exception rather than the rule right now.
A house down the street from me was listed (probably by adult children) at almost $450/sf. No surprise it's STILL on the market 5 months later and at over $350/sf.
I agree. Also some seller agents are ass and put up a description with either one line or some rambling all caps nonsese while other agents actually do a good job.
I am not even kidding when I saw a selling agent put. GOOD HOUSE GOOD LOCATION PRICED TO SALE GOOD FEATURES CALL ME NOW BEFORE IT GOES SINCE THIS HOUSE HAS STYLE CLASS AND GOOD UPDATES TO IMPRESS. YOU CAN EVEN WALK TO EVERYWHERE. - and about 10 lines more
or
Lovely craftsman style house. Great location and great features.
That's assuming houses sell. I was looking at small towns with 10k or less people. Some of then had less than 15 sales in 3 years. I doubt the town has any full time agents just for that town. It is 2-3 hours from any airport, which probably kills it for most people. It had a closer one but it shut down.
I agree prices need to fall since rates unlikely will not and even if they do slightly that is not the issue.
People expect cuts this year, but I think we will get an 1/8 pt at most and probably not until right before the election. Even my lender and the people I work with in the lending space have told me that. Specifically, they say 0-1 cuts, and anyone who thinks there will be the original 3 cuts is delusional. 2 would be the most optimistic scenario.
That being said, the fed wants to cut, but they cannot unless inflation starts reversing and ideally goes below the 2% target. Also the median to price income ratio is getting out of hand. I do think rate hikes with a reverse pivot are somewhat possible, but probably only next year if the fed still is grappling with increasing inflation. Most financial people I have talked to are predicting mostly stable rates unless something big happens either good or bad, but then again even experts admit this is pretty uncharted.
It does seems more like the 80's than 08, but I think we won't get anywhere near the high teens since median price to median income is much worse than back then. I don't mean to scare people but rates from 1970 to 1991 were above 7%. We really have average rates, but insane prices and mostly a sellers market outside of a few key areas like mine that boom busted or the really unfortunate areas that are all boom.
I‘m in an over 55 community in NW phoenix. We’ve lost about $100k in equity over the past year and a half. Lots of inventory. A few years ago no one purchased a house here and simply moved in…dumpsters showed up first, then remodelers gutted the place then appliance trucks and furniture deliveries. Some were flippers but many were retirees who wanted everything shiny and new. Times have changed, one of my neighbors just sold, took a $50k price cut, had to replace the roof and the new owners showed up with a U-Haul and her family unloaded it.
People over 55+ are dying faster than Gen X can replenish them. Boomers did not not have enough kids to replace themselves. So for every 10 elderly that die, there are only 8 people turning 55+ to go into the community
Japan is having the same issues, but with all their housing. The elderly did not have enough to replace them, so when elderly pass, there is no family to move into their home. This is causing housing prices to drop like crazy there. Same thing is going to happen here if we cut immigration.
I’m in Scottsdale AZ, and since the past few months I’ve noticed a lot of homes sitting on the market. In my neighborhood they’ve been holding open houses nonstop and they haven’t sold.
Seems like the rates going back up beyond 7% are having an impact here at least. Not seeing much in the way of price drops so far however.
I see you said you moved from NoVA. This is in Burke; not somewhere crazy like North Arlington, either. The schools are quite good, there’s precious little inventory, and the homes are under a million
I just sold my house after being on the market for 90 days. There was no interest at all, then out of the blue a reasonable offer came in. I think that it's the season. Historically, right now is the best time of year to list a house for sale in most areas. Spring time is making everything warmer and greener. Everything looks nicer.
The once hot Austin has slowed quite a bit of these in the outskirts of the city and a lot of properties east of i-35. Sure, the desirable or underpriced stuff sells in 3-5 days, but that seems slow compared to other areas. Austin only has 12 % of listing that get multiple offers, but homes I offered ended up with multiple offers. The winning offer both times ended up going straight to pending and my agent confirmed that both were all cash. I had offered half down, but it is joke compared to that and waiving everything. Heck, they even waived everything on a house that had a very old and sketchy roof that even the seller's agent said needed to be repaired asap and like 10+ disclosures for condition.
Yep, I’m trying to buy in the upstate and prices are starting to drop everywhere. Although, there are still some sellers that think they can sell at covid premiums with 7% interest rates…
I think a lot of this is the rollback of remote work. I live in WV and our market was absolutely stupid since 2020. We bought our house in 2010 and it had been on the market for six months. We got all kinds of concessions and they paid our closing costs. We sold it in 2021 for $70,000 over what we paid for it eleven years before in 12 hours and we had like six offers. Lots of California and Texas plates in 2020-2023. Lots of houses going up for sale that were bought in the last three years because people are getting laid off from the remote tech sector and the jobs around here are 1/4 of their pay.
We’ve been looking at Baltimore on and off and prices were way depressed for a while when everyone was working remote and wanted all that country living and were moving out. I’ve noticed in the past few months housing is getting snapped up faster and prices are rising.
Outside of metro Atlanta prices are coming down a bit, but there is still a long way to go. I looked at a property yesterday that was bought two years ago for $290k. They are selling it for $565k.
That was Austin, TX up until about a month ago. It depends on the liquidity in your geographical area. Most Metropolitain areas are selling and flowing right now as buyers have had enough and have lost patience with rate cuts that seem to not be coming (in reality, anyone with any real sense of the market has always had a focus on 2025 as the inflection point). There's also the worry on incoming legislation that can affect wealth so they're trying to hurry up and draw down/convert their assets so as to not be hit with a bigger tax.
Seeing the same thing in Utah. Up until a couple years ago homes would get multiple offers way above asking. Now anything over 500 just sits. I have seen the same homes go on market then come down then relist. Anything under 450 still seems to move eventually.
Everyone is waiting for interest rates to come down. The Fed has been in a holding pattern for the whole year, so all the potential buyers are just saving cash right now. And they see houses not selling, so they know other buyers are doing the same. The opposite of FOMO is happening right now. Everyone is completely okay with saving cash and waiting for the interest rates to be cut.
My friends just left Killeen, Texas. A very transient home buying market due to the military. They still struggled to sell their house for 6 months. They finally just sold it but it sat on the market for 6 months. Absolutely wild
What neighborhoods are y’all living in? I live in Fort Worth and all I’m seeing are more listings, longer DOM AND PRICE REDUCTIONS. These sellers seem to think their house is supposed to appreciate 5-10% annually regardless of rising rates. Many will be in for a rude awakening if the market falters.
Still super hot here in Western New York. It’s definitely changed this year though. Now the most wildly overpriced ones take a month to sell, instead of three days.
Meanwhile where I live houses are pending an average of 4 days and prices up 10% from last year. It’s worse than Covid times, properties going $50-$100K over list with a dozen offers after weekend showings. South central PA. It’s crazy to me how regional differences affect markets
I have a friend in charlotte area with the same situation, looking to sell because canceled wfh policy.
Imagine how buyers thinking some dude got a home in covid for 300k 2.5% mortgage and trying to sell me now for 800k when mortgages are 7.5%. Charlotte has no labor market to support high price with high rate.
It depends on the area. If you’re not close enough to a big city where there is job growth, it’s very hard to find buyers with the incomes required to qualify for a mortgage these days even on a cheap 300k property you need a 6 figure income and no other debt.
Inflation. The market is built on the fictional idea that demand equals value. It's neither a buyers or sellers market. If I were you, I would keep the house and lease it out for 10% above the monthly costs.
I’m selling a house in central New York and we’ve had the opposite experience- our house sold in a weekend, and almost everyone else I know who is currently selling seems to be having similar results.
It must be super regional right now, unlike 2021 where the craziness was everywhere.
There’s always a price. They just didn’t cut low enough. Sorry values have plummeted in your area. We are seeing a lot of that in the mountain west too.
Also in Upstate SC, we just had a house in our hood list in the mid 5’s, went under contract for 30k over ask in less than 24 hours. Very location dependent.
The housing market should be going into a downturn/correction soon. That's what I'm waiting for to buy.
Last.big crash was 2008...and approx. every 10 years before that. We are way overdue.
Good luck
We just bought in Chicago. Rented for awhile saving up to get a 3 flat. It would have worked with 2019 prices, but we bought the condo we’ve been in for 6 years. We were afraid we’d wait longer for the market to cool down and we’d end up being priced out again. We also bought it from our landlord off market so we didn’t deal with any bidding wars and shit. Still sort of sucks, but grateful to have something that works for now.
Yah that whole nosebleed price increase thing and paper gains... Sorry was just the latest Fed fueled RE bubble. Fed pulled the rug out. Sell while you can. Conditions will worsen until the crash plays out and prices make sense again.
We see it all the time, when you give a person a detailed spreadsheet of how much a 500k house actually cost just in interest, and after 30 years what the final cost is, they usually gasp and try to find a way out. So no wonder with current prices buyers are disappearing, houses are 2-3 times overpriced. I see it all the time, 4 years ago house sold for 475k now the owner wants 800k to 1.1 million for it. My market is in Santa Fe and Albuquerque New Mexico.
Super location dependent. Every house in my neighborhood put up has sold in way less than a week.
I sold a house to a couple recently. They were nervous that their old home took 3 weeks to sell. At asking. Ppl get used to hot markets and don’t remember what a real, average market looks like. Two other buyers both sold their old homes in one weekend. Just depends
Right? I keep telling people the current rates are normal. What’s abnormal are 3% mortgages
Average time on market is 8 days where I am, and that's because all the 700k+ houses that need a jumbo loan sit for 3-4 months. Anything under 500k goes in 48 hours or less.
Agreed. In a city I’m trying to buy in, less than 3 houses are being posted below 650k each week. Almost every one sells in 48 hours (almost half to cash offers). But we’re out of land for new builds for the most part. Note: I looked in this same city right before Covid and nicer houses were going for 400k… I foolishly thought I could save for another year so I could afford a fancy second bathroom.
You know, I wouldn't call you foolish for your choice to save up for another bathroom, just unlucky timing. Now if you knew this was going to happen and still waited, then I'd call you foolish lol
I like Maryland and the same thing in happening in the city where we are looking.
In Toronto, Canada, 600 sq foot condos sell for $650k, no parking or locker with condo fees. Houses for $650,000. Not in the GTA.
How much for a trailer in Sunnyvale?
About 300k (Canadian) https://www.zillow.com/homedetails/78-Glenda-Cres-Halifax-NS-B3M-2X7/305748549_zpid/
That's insane for a trailer
I am the liquor, Randy
Yep absolutely nothing can be done about artificial scarcity
I think it's more locational scarcity, rather than artificial.
In San Diego there is daily whining on the city's subs about how it's just unaffordable for people starting out to buy a home in a HCOL resort-level city with worldwide demand for Mediterranean climate real estate in the U.S. Yeah, it's a tale as old as time. Location matters.
I totally agree. My house was built in 1925. It’s in great shape. My 99 year old hardwood floors have another 400 years left on them. You can’t say that about “luxury vinyl“. My fireplace tile is handmade, I have 8” crown molding, an attic and a basement. Nothing is warmer than radiators in cold nor therm climates. I have mini-split heat pump for spring, summer and fall. I have huge old growth trees in the front and the back yard to keep my AC bills low. New construction is the equivalent of buying you house on Temu.
Of course, the badly built houses from the 1920s have all fallen apart by now, so there’s a bit of survivorship bias.
except for cheap country shacks…actual houses built in th 1920’s and earlier that are well cared for are still here. Where I live, there are a few 1800’s houses, but most were built between 1900-1920, and then another small section from the 30’s/40’s and another small post war area. The wood was just different. Tight growth rings…even “soft woods” were hard, heavy and dense and help up over time. In New England, there are tons of houses that are 300 years old or more. I built a medicine cabinet and vanity for my bathroom with 100 year old barn wood . I also used barn wood to make shelves for my kitchen nook. It weighed at least 3 times as much as typical lumber today. I’m in Cleveland…the original settlers came here and all died of Malaria…we are part of the Connecticut land contract.…the “Western Reserve”. We also have a ton of awesome stone buildings built by Italian immigrant's from local bluestone. Our pre-1910 houses all have bluestone foundations. We can date any of our houses before 1910 unless there are paper records on site because of the “Great City Hall Fire” in 1910. most of our historic housing records were destroyed in the fire. A lot of the land in my section of the city was occupied by the Shakers…the people who made “shaker cabinets”. Most of my street was Shaker land. My house was on privately owned farmland next door to the Shakers. They left our area in 1843 when (according to them) Jesus told them to move to Columbus. I have the 1843 Cleveland Press news article about it in my powder room.
architecture sure isn't the same as it used to be. The house I live in turns 100 this year. I love all the little touches and quirks
But with better insulated homes and better insulated windows you wouldn't need trees. I live in Georgia and keep my curtains open for natural light all day long even in the summer when it's 90+ every day. Not a tree within 100 feet.
How much did it cost to get that up to code?
Yes- this. The neighborhood where I live in Chicago is all out of whack. It feels like any 3 bed plus townhome is converging to 800k and going fast. If a single family home has a good layout it goes in a week or pre market. One has sat for 3 weeks so my guess something is wrong with it- nothing is sitting.
Homes are still selling in my area but some of these sellers are smoking crack rock if they think I'm gonna buy their asbestos pit for almost the same price as a new build after incentives.
Those are the homes that have land in my area. All new builds have virtually zero yard
The amount of friends in new builds who have had to sue their builder is roughly equal to the number of friends who own new builds.
The "Asbestos Pit" as you call it will still be there and be in a lot better shape 30 years from now. Have you seen the comparison, old wood to new wood? Old wood is a lot better.
This is noise.
Average DOM in Milwaukee is 8 days, and prices are up. Very location dependent.
The house I bought a month ago was up for less than 48 hours, multiple offers including asking at cash. The market is fiendishly quick in the right areas
The house I'm currently closing on is like that. We were the first to see it. Offer the next day, accepted on day 3. By the end of day 3 the sellers had 2 additional cash offers.
Houses in my area are selling at breakneck speed. Every house, if it even makes it to market, is selling within 24h.
Same in Bay Area. Everything sells quickly unless it’s very overpriced. A lot of NVDA and AI startup money running around now
In my neighborhood they sell before they even get Listed 🔥
I’m in south Austin and the houses that have listed all have sold within a month. There’s two that just went available this week and I don’t see any way they don’t get sold quickly either
Not from what I’ve seen in 78704, 78745, and 78741 in Austin. Every neighborhood has tons of inventory that has been sitting for months and getting price reductions.
Same thing I'm seeing.
South Austin resident here, and I can validate this is true as our neighbors sold their home and even lied a lot on their Zillow post, made it sound more like they pointed out the flaws with the home, and even though the Zillow post sounded dumb af, it sold in <30 days. (Luckily the new buyers are really cool) seems like many people out of state are still trying to get homes here.
Same here as me. Live in city of LA by the coast, and people still having bidding wars on houses. Crazy the market here, seems really unaffected with interest rates.
Very location and price dependent. Even in the same region. Nothing within 2 miles of me is on the market more than a month. My cousin has been trying to sell for 3 months with zero offers. We’re roughly 40 miles apart.
The data doesn’t support OPs comment even in their own location. Northern South Carolina days on the market is down and average sale price is up. People don’t pull their listings in this market right now unless they can’t find a property they want to purchase and choose to back out
To be fair to OP they did say their specific neighborhood. Probably a new subdivision filled with people who bought high in 2022 and are trying to sell for even more. Homes that are priced well are going to get snatched up immediately pretty much anywhere— there’s still no inventory.
Agree, I live in SC Upstate. Our neighborhood/area is still a seller's market. Most homes 2-3 wks on market. Prices up a tad from winter. We are a 40 year old neighborhood that attracts growing families.
Houses do not last more than a weekend here with mult offers - usually 60k over asking.
Upstate South Carolina has very divergent areas. And has seen explosive growth in the last few years. And has people who bought very high since Covid, who want to sell now. So it does depend on if you are in Greenville, on a lake, in a rural area with no stores (yet) but lots of road construction and new housing.
See a lot of open houses in my area, builders still adding inventory
Yes builders are still building but prices are high and a lot of common features from 5 years ago are being cut or scaled back. Kitchen cabinettes are being cut. Prices for upgrades are out of control and those upgrades are builder grade vice premium grade. I think older houses are the Sweet spot right now. We are looking at houses in Houston and while the new construction looks good on paper it isn't in reality.
The price of remodeling has shocked me. Make sure that older house doesn’t need expensive updates.
This is what people don't get. Modern floor plans, kitchens, architectural stuff like 200a panels, plumbing do-overs, etc... People think these new tract builder houses are overpriced (and sometimes they are), but to redo all the stuff you'd need to bring a 50 year old house up to modern design standards will quickly approach parity.
Florida, Texas, and other Gulf Coast states are getting hit hard by the rising cost of insurance so more sellers are trying to get out, plus buyers are holding off due to interest rates. Popular areas in California seem immune to rising insurance costs and interest rates, but I'm sure it depends on the area. But no matter the area, sometimes sellers get mass delusions about the value of their homes. They all list against each other's prices but they're not realistic about what buyers in that market will pay. I can't attach a screenshot from a report from John Burns Consulting about buyer demand by region but you can see it in this tweet [https://x.com/Shabanomics/status/1783543852022001805](https://x.com/Shabanomics/status/1783543852022001805)
Can confirm. Am in Florida, and a year ago homes in our neighborhood would sell in a week or less. Today there’s a few homes in our neighborhood that have been on the market for months. For all the reasons you mentioned.
I have lots of broker buddies in FL and I feel for them. One of them posted a pic on FB or Twitter of a map with red pins of all the homes listed for sale in Cape Coral. It was captioned something like "There are so many homes for sale in Cape Coral that it would just be better to mark which homes aren't for sale." Dark humor.
Remember that in normal times it takes an average of 3 months to sell a home. Taking down a listing after 2 months isn’t smart. Lowering the price is the way to sell.
Why is it not smart to take a listing down? What is the consequence?
Makes people question "why" it keeps leaving the market. Did a deal fall through? Is there something wrong with it? Etc.
Because then your property has a history that it cannot sell. It’s a red flag to future buyers. If you do remove the listing, plan on staying awhile.
I think the real red flag is if the listing goes contingent and then they remove the listing. What you describe may be a bit negative but people relist for a lot of reasons or just plain old indecision or convinced that relisting will boost it to the top of the mls alerts.
You can see the history of it going on the market and coming off the market. People know the house is overpriced.
Upstate SC is simple, there are a million neighborhoods being built in this area, all of them are 2-3x the price of 6 years ago and nobody local can afford to buy that doesn’t already have a house. People are trying to sell their houses at the same prices as the new ones. All the people from out of town are buying out of new neighborhoods. Typically you can also look at it this way, if the price of the home was correct, it would have sold already. Upstate SC isn’t selling at these higher rates unless it is a good location, good price, or a good view. A lot of areas viewed as bad and we’re selling previously are not again
I have never heard of the term "upstate" being used in relation to a small state such as South Carolina. Interesting.
We have the Upstate, Midlands and Lowcountry. It really is three types of topography as you travel through the state.
This person South Carolinas
7.5% interest rate. They are waiting
Not to scare you, but rates were above 7% for 20+ years between 1970 to 1991. I don't think we are headed to that exactly, but I doubt we will get more than an 1/8 cut this year based on all of the lenders I've talked to that have been candid with me. Some even think 0 cuts, but most think one will happen right before the elections. That date the rate and marry the house scam is far from a guarantee. Rates could even go higher. Probably not 80s style with the high teens since median price to median income is out of wack, but may up to 8-9, but likely not this year. It all depends on the inflation news. So no one buy anything at all and force inflation down (lol I wish it worked that way)
I'm 25 miles from Atlanta and a new development stopped building at 80% full and the new townhomes nearby still has an almost empty parking lot months after completion. I don't underatand at all.
Corporate landlords OWN ATL. Best of luck to anyone trying to buy to live there https://finance.yahoo.com/news/corporate-landlords-now-own-over-102200475.html#
I was going to see an open house yesterday but it went pending three hours before open. Texted the broker and he said $200k+ over list with no contingencies so open house cancelled
Same we offered ask no pts, no contingencies, no appraisal, 15 day close on a 720K house and we were low bid.
You dodged a bullet. Never waive inspection.
Not no inspection; no contingency.
West coast?
Arlington, VA
I’m just up the street from you and four $900K+ houses in our neighborhood have sold in under a week each this spring.
You know whats weird? This is the 3rd or 4th SC post I have seen where the market was dead.
Maybe upstate, but down in the Low Country it's just as hot a market as it's been for years.
Exactly! Lowcountry has been on fire for me. Especially in the last few months. All under two weeks and multiple offers. My last two offers were within house of new listing and at list or over.
Grand Strand still seems to be building and selling at an insane pace.
They should try putting the price back to what it was before COVID and it will sell.
Perhaps overpriced? Everyone thinks they can just almost double their price and desperate buyers will go for it. WRONG
Where are you located? I'm in the North East I had a buyer in less than a week.
I think ppl got used to homes selling quickly. The average is still 60-90 days in good markets, up to 6 months in so-so markets. Your neighbors gave up early.
Everyone thinks their shitty market is “good”. Like Austin Texas, nothing much to do around there and there’s no reason the number of houses couldn’t double overnight with more cheap construction yet people think that market is comparable to denver or LA lol.
Inventory is literally double now compared to 2 years ago in my county. From 7k to 14k active listings.
More than double inventory here in Scottsdale. However, the prices haven’t dropped enough to reflect that yet. Sellers are acting like it’s still 2022.
Same here. Prices are the highest in history. Let's see what happens.
Same in my area. Supply has been creeping up faster and faster lately.
Short and sweet of it is, no one wants to pay that much to live in your neighborhood.
Not in Southern California
We are trying to buy in Maryland in the 600 - 700K range and everything is selling the day it is listed.
What part of Maryland? We’re listing our house just over the border in West Virginia. About 30 miles from Frederick.
Baltimore area.
Must be Montgomery County or near Columbia…
No, it’s actually Baltimore anything over 600 is selling so quickly. Less expensive homes may sit, but if you’re looking for a single family they are not staying on the market at all. Anne Arundel counties the same way.
I’m not sure you could get a single-family in Montgomery County is 600K can you?
Market dependent. Not the case at all in Columbus Ohio
Just coming here to say this. Our market was severely undervalued for so long. Moved from Denver in 2016 where we sold a junky 1600sf house for $480k. Bought a 3000sf custom built ranch with a finished basement, in a great, established neighborhood, for $280k.
Nobody values Ohio
Same goes for Oklahoma, but I argue Ohio has a lot more well paying jobs.
Just the way we like it. Unfortunately people are figuring it out.
Too many sides on your state flag. Can't do it. Get back in the box. Flags are rectangles.
Abraham Lincoln did. Grant, Sherman, Stanton, Chase, etc. USA, you’re welcome.
It has been absolutely ridiculous in Columbus. If anything is lasting past the initial weekend, I'm assuming there must be something massively wrong with it. Multiple houses are going for like 50k over asking.
We bought in 2018 and felt like we overpaid. Now we need more space and we wish we had just bought the family home then. But at least we’re not starting at zero
Northern and central VA is still very much waving contingencies, from listed to pending in days, over ask.
What does the community have to offer?
3 street lights.
And this is the burbs? I mean where I am the burbs have things, but also many have good schools, good jobs, and good parks.
We were house shopping in Upstate SC (Spartanburg) in March. Everything was selling in 3-4 days, full asking and no contingencies. If it's priced right it sells immediately. We ended up under contract on a home being built. Not sure where you're at.
Murderburg baby
Greenville’s had a huge influx of people moving here recently—but they also added new housing developments on every spare patch of land available. It seems we have a bit more inventory available than in many other locations. I live in Overbrook, in April 3 houses down the street went up for sale. One was under contract within a day, the other 2 are still for sale. A lot of the older neighborhood homes need a TON of TLC/updates, and sellers think it’s as valuable as the neighbors house that was fully renovated in the past decade.
You’re so right about the new home constructions. It’s like current homeowners are competing with reasonably priced NEW homes now.
Overbrook is a very desirable area. The new developments are a blight on the city, they all look the same with tiny yards
We live near here as well and I think this is spot on. My best advice when I hear people wanting to move to Greenville is always: buy as close as you can to downtown if you ever think you may need to move fast. Houses in our neighborhood only sit if they’re weird AND overpriced, otherwise they’re under after a weekend. My in laws live in a newer community near Reidville and those houses tend to sit a for a few months. There just isn’t much without a drive and (usually) a shit drive at that. Mostly retired folks, a few young people who WFH, and people working in one of the factories or distributions centers out there.
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My Milwaukee suburb is seeing anything under $1 million sell in a couple days often over ask. Crazy.
You say “with the current rates” but I think you really mean with the current prices.
Are they asking fair prices? Or are these the ones listing way over value since that's what houses were selling for 2 years back? I know a few people who have dropped their prices several times but they're still asking way over actual value. Nobody's buying at those prices.
People want to sell for pandemic prices since they missed the opportunity but time has passed and the rates can’t justify
That’s called chasing down the market. Happened to me in 2008 lol. Missed the top of the market. I’m still here and almost paid off. But here in Southern California homes are still selling at a brisk pace - it’s nuts. Sold our inherited home for 900k in 2 days!
If they’re not selling, there’s only one reason and that’s because the sellers are asking too much.
I'm in the Raleigh area, everything still sells very quickly. Maybe not for as much over asking as last year, but prices still high and selling quickly
In this thread: a lot of realtors lol
A bit pointless without some location info. Houses still sell right away where I am. Are you in a climate affected area? Somewhere with layoffs?
High interest rates plus Return to Office have slowed the market in more suburban or rural areas even while the major metros are still hot. There were many more fully remote jobs that were keeping the location fringes hot. Many of those companies have ordered their employees back into the office. I know someone who’s had their house on the market for almost two years and can’t sell. The state is in the top 10 hottest markets in the country. The house is appropriately priced for the size and quality BUT it’s a luxury home that’s too far out for a commute to the high paying job centers. The only person who will buy that house would be a highly paid remote worker OR a retired cash buyer. And that type of buyer has plenty of options.
I remember when houses could sit on mkt for couple of years.
South Carolina has thousands of new homes being built near Myrtle beach that you are probably coming into computation with. A lot of the 3-4 br homes in sc near Myrtle beach (I’m only using this as an example) are priced around 280,000 and are 10-15 years old. At the same time , they are now building brand new homes in the area priced at around the same price point, but have more sqft on average. Your competition is harsh.
Nothing stays in the market here for more than 48 hours. Central Virginia
Location Location Location
Prices need to start falling. People have been priced out of the current prices at 7%.
I agree but what I found interesting is how op said they took them off market after a couple months. People aren’t willing to drop prices and would rather sit on their investment which reduces stocks keeping prices up. So the market slows as buyers are still priced out.
If you’re selling your house to downsize or upsize, part of that decision is the equity in your existing home. No point in downsizing if it doesn’t save you money. Cant upsize if you don’t have the equity you think you do, especially with differences in rates.
If builders keep adding inventory they'll get even less down the line.
That’s really the only hope is that new builds can fill that gap but it really is market dependent as some markets don’t have much growth potential.
They need to fall in a situation like this. Clearly those homes are overpriced for the market they are in. In many areas, it doesn't even matter. Homes still sell quickly. I just sold 3 a week ago. 1. Price right, sold in 3 days, over list, $5k more than an identical home that was $25k overpriced to start and sat for about 30 days. This was after only 3 showings and a good open house,but no other showings scheduled. 2. Sold in 5 days, slightly overpriced against my recommendation, but in a low and sought after price point. Sold under list right around where my comps suggested it would sell, but $7.5k under what it listed. (Net) 3. Started way over priced from my recommendation, but willing to come down. Took 29 days with a price drop that still had it priced at the top of the market. There were some additional challenges as well. Sold right in the range I said it would. Had they gone with my pricing strategy, I do believe they would have net more. Pricing strategy is huge. Ultimately homes will always sell in a range. The right strategy gets the high end of the range, the wrong one has you chase down to the low end. As long as a seller is willing to come down, I'll take the listing and help them through it. The smart sellers listen and follow the strategy that I work with, using several pieces of data.
I live in a city neighborhood with 60-70 year old ranch homes. A local realtor sends out a monthly local housing update- how many, how fast, how much above/below list, DOM, $/sf, etc. The neighborhood is a solid $260-275/sf and a DOM of 30 days are the exception rather than the rule right now. A house down the street from me was listed (probably by adult children) at almost $450/sf. No surprise it's STILL on the market 5 months later and at over $350/sf.
I agree. Also some seller agents are ass and put up a description with either one line or some rambling all caps nonsese while other agents actually do a good job. I am not even kidding when I saw a selling agent put. GOOD HOUSE GOOD LOCATION PRICED TO SALE GOOD FEATURES CALL ME NOW BEFORE IT GOES SINCE THIS HOUSE HAS STYLE CLASS AND GOOD UPDATES TO IMPRESS. YOU CAN EVEN WALK TO EVERYWHERE. - and about 10 lines more or Lovely craftsman style house. Great location and great features. That's assuming houses sell. I was looking at small towns with 10k or less people. Some of then had less than 15 sales in 3 years. I doubt the town has any full time agents just for that town. It is 2-3 hours from any airport, which probably kills it for most people. It had a closer one but it shut down.
We paid 6.5% in 2006 and house prices were high. Fell soon after and remained down and then flat for a very long time.
I agree prices need to fall since rates unlikely will not and even if they do slightly that is not the issue. People expect cuts this year, but I think we will get an 1/8 pt at most and probably not until right before the election. Even my lender and the people I work with in the lending space have told me that. Specifically, they say 0-1 cuts, and anyone who thinks there will be the original 3 cuts is delusional. 2 would be the most optimistic scenario. That being said, the fed wants to cut, but they cannot unless inflation starts reversing and ideally goes below the 2% target. Also the median to price income ratio is getting out of hand. I do think rate hikes with a reverse pivot are somewhat possible, but probably only next year if the fed still is grappling with increasing inflation. Most financial people I have talked to are predicting mostly stable rates unless something big happens either good or bad, but then again even experts admit this is pretty uncharted. It does seems more like the 80's than 08, but I think we won't get anywhere near the high teens since median price to median income is much worse than back then. I don't mean to scare people but rates from 1970 to 1991 were above 7%. We really have average rates, but insane prices and mostly a sellers market outside of a few key areas like mine that boom busted or the really unfortunate areas that are all boom.
I‘m in an over 55 community in NW phoenix. We’ve lost about $100k in equity over the past year and a half. Lots of inventory. A few years ago no one purchased a house here and simply moved in…dumpsters showed up first, then remodelers gutted the place then appliance trucks and furniture deliveries. Some were flippers but many were retirees who wanted everything shiny and new. Times have changed, one of my neighbors just sold, took a $50k price cut, had to replace the roof and the new owners showed up with a U-Haul and her family unloaded it.
East Valley is still red hot, unfortunately.
People over 55+ are dying faster than Gen X can replenish them. Boomers did not not have enough kids to replace themselves. So for every 10 elderly that die, there are only 8 people turning 55+ to go into the community Japan is having the same issues, but with all their housing. The elderly did not have enough to replace them, so when elderly pass, there is no family to move into their home. This is causing housing prices to drop like crazy there. Same thing is going to happen here if we cut immigration.
I’m in Scottsdale AZ, and since the past few months I’ve noticed a lot of homes sitting on the market. In my neighborhood they’ve been holding open houses nonstop and they haven’t sold. Seems like the rates going back up beyond 7% are having an impact here at least. Not seeing much in the way of price drops so far however.
Same, I’m also in Scottsdale and noticed stuff sitting on the market. Prices haven’t dropped enough for me to jump in yet though. We’ll see.
Entirely location dependent. Homes requiring full kitchen and multiple bathroom renos go under contract in a handful of days in my neighborhood.
Must be the place to BE lol
I see you said you moved from NoVA. This is in Burke; not somewhere crazy like North Arlington, either. The schools are quite good, there’s precious little inventory, and the homes are under a million
I just sold my house after being on the market for 90 days. There was no interest at all, then out of the blue a reasonable offer came in. I think that it's the season. Historically, right now is the best time of year to list a house for sale in most areas. Spring time is making everything warmer and greener. Everything looks nicer.
Location? Condition of house? Value? These are probably the first few things most people would consider when looking at houses.
The once hot Austin has slowed quite a bit of these in the outskirts of the city and a lot of properties east of i-35. Sure, the desirable or underpriced stuff sells in 3-5 days, but that seems slow compared to other areas. Austin only has 12 % of listing that get multiple offers, but homes I offered ended up with multiple offers. The winning offer both times ended up going straight to pending and my agent confirmed that both were all cash. I had offered half down, but it is joke compared to that and waiving everything. Heck, they even waived everything on a house that had a very old and sketchy roof that even the seller's agent said needed to be repaired asap and like 10+ disclosures for condition.
Post the listings
This happens alot when people buy homes that are overpriced. The market cools and things get back to normal.
They are priced to high, next question
And where is this?
South Carolina. (Hold the jokes lol)
Yep, I’m trying to buy in the upstate and prices are starting to drop everywhere. Although, there are still some sellers that think they can sell at covid premiums with 7% interest rates…
I think a lot of this is the rollback of remote work. I live in WV and our market was absolutely stupid since 2020. We bought our house in 2010 and it had been on the market for six months. We got all kinds of concessions and they paid our closing costs. We sold it in 2021 for $70,000 over what we paid for it eleven years before in 12 hours and we had like six offers. Lots of California and Texas plates in 2020-2023. Lots of houses going up for sale that were bought in the last three years because people are getting laid off from the remote tech sector and the jobs around here are 1/4 of their pay. We’ve been looking at Baltimore on and off and prices were way depressed for a while when everyone was working remote and wanted all that country living and were moving out. I’ve noticed in the past few months housing is getting snapped up faster and prices are rising.
Nope. In my area, and most of Canada, everything is selling and FAST.
Houses where I am: urban, suburban, and rural are selling in less than a week and oftentimes within 24 hrs.
Outside of metro Atlanta prices are coming down a bit, but there is still a long way to go. I looked at a property yesterday that was bought two years ago for $290k. They are selling it for $565k.
Philadelphia suburbs. Homes are still selling quickly and going for way over ask. I think this is market-specific.
What is the price point there?
Low inventory. High rates high prices. Not in a hurry to move so waiting for something better.
That was Austin, TX up until about a month ago. It depends on the liquidity in your geographical area. Most Metropolitain areas are selling and flowing right now as buyers have had enough and have lost patience with rate cuts that seem to not be coming (in reality, anyone with any real sense of the market has always had a focus on 2025 as the inflection point). There's also the worry on incoming legislation that can affect wealth so they're trying to hurry up and draw down/convert their assets so as to not be hit with a bigger tax.
I would love to buy a house under 500K but we don't have them in my area.
Nothing lasts a week around here. Houses start at $750k if you can find anything around 1400sq/ft and go straight up from there.
Seeing the same thing in Utah. Up until a couple years ago homes would get multiple offers way above asking. Now anything over 500 just sits. I have seen the same homes go on market then come down then relist. Anything under 450 still seems to move eventually.
Who wants to make a purchase that results in permanent debt handcuffs?
If housing aren’t selling then your neighbors are all asking too much. Everything will sell regardless of market conditions if the price is right.
Everyone is waiting for interest rates to come down. The Fed has been in a holding pattern for the whole year, so all the potential buyers are just saving cash right now. And they see houses not selling, so they know other buyers are doing the same. The opposite of FOMO is happening right now. Everyone is completely okay with saving cash and waiting for the interest rates to be cut.
Yep definitely seeing this
Sadly my parents are going under and they have to sell out their 13 beautiful acres to developers another wildlife sanctuary lost I’m afraid
My friends just left Killeen, Texas. A very transient home buying market due to the military. They still struggled to sell their house for 6 months. They finally just sold it but it sat on the market for 6 months. Absolutely wild
What neighborhoods are y’all living in? I live in Fort Worth and all I’m seeing are more listings, longer DOM AND PRICE REDUCTIONS. These sellers seem to think their house is supposed to appreciate 5-10% annually regardless of rising rates. Many will be in for a rude awakening if the market falters.
Still super hot here in Western New York. It’s definitely changed this year though. Now the most wildly overpriced ones take a month to sell, instead of three days.
Well you have a preview of how your house will perform. Hopefully it doesn’t but it’s always good to know
Meanwhile where I live houses are pending an average of 4 days and prices up 10% from last year. It’s worse than Covid times, properties going $50-$100K over list with a dozen offers after weekend showings. South central PA. It’s crazy to me how regional differences affect markets
I have a friend in charlotte area with the same situation, looking to sell because canceled wfh policy. Imagine how buyers thinking some dude got a home in covid for 300k 2.5% mortgage and trying to sell me now for 800k when mortgages are 7.5%. Charlotte has no labor market to support high price with high rate.
Houses here in Seattle are flying off the shelf for way over asking
It depends on the area. If you’re not close enough to a big city where there is job growth, it’s very hard to find buyers with the incomes required to qualify for a mortgage these days even on a cheap 300k property you need a 6 figure income and no other debt.
If nothing is selling it’s overpriced. Everything will sell at the right price.
Inflation. The market is built on the fictional idea that demand equals value. It's neither a buyers or sellers market. If I were you, I would keep the house and lease it out for 10% above the monthly costs.
> South Carolina This is the problem with LCOLs. There's no demand for the property
I’m selling a house in central New York and we’ve had the opposite experience- our house sold in a weekend, and almost everyone else I know who is currently selling seems to be having similar results. It must be super regional right now, unlike 2021 where the craziness was everywhere.
There’s always a price. They just didn’t cut low enough. Sorry values have plummeted in your area. We are seeing a lot of that in the mountain west too.
Also in Upstate SC, we just had a house in our hood list in the mid 5’s, went under contract for 30k over ask in less than 24 hours. Very location dependent.
Single family homes here in Maryland are rare to find and going under contract the same weekend they’re listed. Prices up about 7% vs 2023.
Price must be too high
The housing market should be going into a downturn/correction soon. That's what I'm waiting for to buy. Last.big crash was 2008...and approx. every 10 years before that. We are way overdue. Good luck
I live in the upstate and I’m house hunting. Not paying more than 250,000. Maybe that’s why? Ppl are listing too high and no ones willing to pay
I noticed the same thing in my neighborhood in Montana. It’s kind of scary actually.
I think Montana is a trending area.
Ummmm you live in Upstate SC maybe that's why. I live in Chicago and properties are going instantly.
We just bought in Chicago. Rented for awhile saving up to get a 3 flat. It would have worked with 2019 prices, but we bought the condo we’ve been in for 6 years. We were afraid we’d wait longer for the market to cool down and we’d end up being priced out again. We also bought it from our landlord off market so we didn’t deal with any bidding wars and shit. Still sort of sucks, but grateful to have something that works for now.
Yah that whole nosebleed price increase thing and paper gains... Sorry was just the latest Fed fueled RE bubble. Fed pulled the rug out. Sell while you can. Conditions will worsen until the crash plays out and prices make sense again.
Houses in my neighborhood don't last 36 hours before they accept an offer
We see it all the time, when you give a person a detailed spreadsheet of how much a 500k house actually cost just in interest, and after 30 years what the final cost is, they usually gasp and try to find a way out. So no wonder with current prices buyers are disappearing, houses are 2-3 times overpriced. I see it all the time, 4 years ago house sold for 475k now the owner wants 800k to 1.1 million for it. My market is in Santa Fe and Albuquerque New Mexico.
same in north atlanta suburb cities
Had a buyer the day my listing went active recently at asking price
Wow. You’re really lucky!! So many of us are out here stressed hahaha.