Real Estate Market???

[Xsales]

It really IS a regional thing

Locally in the Far West Valley of the Phoenix area, market is booming, prices climbing
Fair priced homes go up and down fast (unless WAY overpriced)

Have more work than can handle, never did slow down or let up even
(Licensed Electrical Contractor)

 

[BearBio]

Wife is an escrow officer. No real slowing. She's working from home (I'm retired and we're both high risk). Her office is open with social distancing in place. Her bosses are cool and business is keeping head above water. Several lender friends are working from home also. One's talking about retiring (She's upper 60's and her husband owns a few rentals.

Wife walked by and I just asked her and she said the market is "STRONG"!

Just hired a roofer and he said business is good for "repairs".

 

[LewisRamsey]

To find out the average real estate prices in your area, look at how much different real estate companies sell houses. Now appeared a lot of companies that work in real estate, and it is not surprising. Real estate is an asset that is in constant demand. Last spring, I decided to buy a house in Costa Rica. I looked at many offers from real estate agents, but what I liked most was the offer from Grupo EcoQuintas. These guys helped me choose the right house, and most importantly, they fully financed the purchase. I did not want to spend a lot of money right away because it is better to pay a small amount each month.

 

[jimbo1096]

I don't know who is buying, but there have been four houses in my neighborhood in the past year that were on the market. Two because the owners passed and the others were upgrading. One was remodeled and flipped, took a couple months. Two were sold as in and in less than a month and needed some remodeling, carpets and paint type stuff. The fourth was unsold for about 6 months, it had been remodeled and flipped, then put back up for sale, and some Rehab people bought it with gubmint funding to use as a halfway house. Makes me want to move but I'm stuck. I've had an older house on the market in a different larger city for 4 months with no offers yet.
IMHO I think the market is getting soft. Still a sellers market but about to turn down, and probably quite dramatically.

 

[Kevin]

This thread is over two years old, and a whole lot has changed in the real estate biz since.

 

[pyth0n]

There have been a few threads about opening up the economy, jobs and whatnot, related to the Covid-19.

But how is the real estate market in your area? Around here, I see a few houses which are being completely gutted and re-modeled. BUT, those houses were started before all this.

There are three houses for sale on my street. Which is unusual. The last few years, nobody has moved. But they are sitting, unsold. One in fact got taken off the market, it was for sale for a year. But that house is different, they remodeled it, and want a pretty large fortune for it now. And it's ugly. The other two? One is just down a couple houses away and I don't think anyone has even taken a look at it.

I know this isn't a large sample. And honestly, I don't know what the rest of the Dallas market looks like. Thankfully, I haven't seen anything related to the market slowing down. But how is your town? Are real estate agents still working?

I only know whats been reported in local & state news, but prices are goin up. In part the claim is that there's been an influx of people moving here from NY & CA. Many of whom can work from home without a decrease in earnings. So real estate increases are going after the money. Big surprise eh? One thing leads to another & because housing is scarce in some areas. property values go up. But it's just obvious that with more people moving in housing prices will increase. Supply & demand economics.

 

[WAYNO]

Mine has gone down 70k in the last 6+/- months. That's fine if the same percentage of deflation has applied to what I might buy, but I don't see that as being the case.

 

[Kevin]

The prices in my neighborhood have gone up. There is one house. I should take a picture. They remodeled it, just a flip. But it took almost a year of work.

They redid the front grass, and they put down sod in some places. But get this. They just threw the sod down on top of everything so it’s lumpy.

Needless to say it is VERY slipshod work, and makes me think what else they cut corners on inside the house.

But overall, I don’t see a lot of houses for sale in our area. But I know it isn’t the season yet. Give it about two or three more months.

 

[Ride1949]

It's slowed down slightly, very slightly, here. Prices are still ridiculously high and they're still building. I wish it would slow down a little more for a while. We've already outpaced the infrastructure considerably.

 

[Jeepnik]

It’s sort of slowed here. What that means is buyers aren’t as rabid in bidding wars. Still except for over priced homes they still sell in a week or so.

 

[Chief 101]

I can't imagine enough people will lose their houses here for the price of homes to go down in general. They haven't been able to keep up with building them. Problem is, in many cases the prices are creeping up fast enough you can't sell your home because it's very difficult to find a replacement. Prices <$400k are still selling at a pretty good clip and prices up to $300k are going fairly fast. I don't think most last a month if priced right and in descent condition. People want move in ready, it's not like it was years ago where people are willing to do some work to build some sweat equity. I had an agent sell my mothers' house in NM and there were so few homes on the market the buyers pretty much bought off of pictures and knowing they'd have to do a little work to it, like replacing flooring and interior doors. Wasn't on the market for more than 3 days as I recall, and closed in less than 30. Cash deal. I had the agent raise the price $15k over what she thought, and there was no negotiations at all. Full price. Commonly called a sellers market. Guessing it's that way in many places.

Are you still in Idaho?

 

[tazbigdog]

Lost $80K in value for the last year.

 

[Bear Paw Jack]

Are you still in Idaho?

I moved to Alaska, but I still have 3 houses in Idaho to deal with.

Hind sight being what it is. The market did change since the original posting. Every thing else being equal, this should never have happened, short of the Washington politicians going crazy and deliberately screwing up the economy, and then they used the old theory that you can manipulate things by screwing with the interest rates. The interest rates weren’t the problem. Now that they have come down somewhat, people are ready to start buying again. Rental rates are out of control and people want to own their own homes. Like many and because of the timing I succumbed to the apparent solution by lowering the price of my house to sell it. I believe prices will at least go back up to some extent for those that can wait. Truth is socialism is no solution, and people are wanting their own homes. It cost me about $70,000 to sell my house during this time frame.

 

[XP100]

Lost $80K in value for the last year.

How much did you gain in the previous 18 to 24 months before the downturn?

 

[stonebuster]

Here in NW Connecticut at the time of this original post until recently people from NY were moving up here in droves. The cost of building a new home was prohibitive because of the price and availability of lumber and other building materials. Buyers were getting in bidding wars resulting it above asking prices and the asking prices were ridiculously high. Now it's slowed down but prices remain high.

 

[Johnnu2]

We aren't allowed to buy or sell houses in PA....

Real estate shutdown in Pa. wreaks havoc: Some face two mortgages, others have no home

The state's coronavirus clampdown has forbidden showings and postponed settlements, torpedoing deals and putting residents in a bind.

www.pennlive.com

I noticed that article was written April, 2020.... Curious if it's still the case???

We have family in Pa and one has purchased a house within the past year; and the other is now in the market.

Is it now "open for business" in Pa....

Just askin'

J.

 

[Captain America]

I noticed that article was written April, 2020.... Curious if it's still the case???

We have family in Pa and one has purchased a house within the past year; and the other is now in the market.

Is it now "open for business" in Pa....

Just askin'

J.

It is, interest rates are up and sales are down so prices are dropping rapidly...if they have cash now is the time to do it.

 

[Kevin]

We bought some land in NM and still get the “newsletter” style email from the agent.

They are saying although the market has slowed down some, the styles of transactions during the rise in sales during the pandemic are still in place.

Sorry, that is an awkward sentence.

But what they mean is, cash sales are still popular, and creative ways to attract buyers are also still necessary.

Here, let me find the email and I’ll copy and paste a paragraph or two.

 

[Kevin]

Here, this is what they are saying:

We think it's safe to say the frenzy of the pandemic real estate boom has come to an end, but many things will remain changed long into the future. Buyer expectations have changed as have sellers--cash is king and being creative with offers and negotiations is now standard practice. Santa Fe has an elevated allure on the national psyche and we continue to see strong demand for well-priced homes as new construction begins to provide some much-needed inventory to our depleted market. While sales and prices are down across the board, they have fallen from a peak we all knew was unsustainable and we're returning to a healthier, balanced market for 2023.

Despite the national headlines, we feel that 2023 will start a little slow and pick up pace throughout the remainder of the year. Many homeowners and longtime investors are looking to sell as larger building projects come to fruition, giving buyers a much-needed change of pace and options. This will, of course, affect pricing to some degree, but we anticipate relatively flat changes there as inward migration continues.

 

[xtratoy]

Houses that would have sold immediately after listing around here before the " new robust Biden economy " have sat empty for months before finally selling.