Real Estate Market

[The Critic]

How's the real estate market in your area right now?

Seems like there is zero cooldown for the holidays. My town of 12,000 has 5 homes listed, with only 1 being under $1M. Most homes are selling for 3-5% over asking. Prices are up 13% compared to last fall, at least in my area.

Curious if this is the norm in other parts of the country.

 

[CarLuver]

stuff is still going gangbusters because of the low interest rates. once inflation rears it ugly head , and rates rise, will it slow down .

 

[demarpaint]

Same here, the prices are crazy!

 

[Racer4]

Same here home sales are still going gang busters. Lots of building and homes that come up for sale sale quickly.

 

[OilUzer]

Even though the interest rates are at historical lows, I was expecting slowdown due to high unemployment, loss of income and people not moving as much due to hiring freeze, less demand, etc. ... Wrong! Not the first time I've been wrong!!!

Same with the market, I can't figure out Dow 30K. I was expecting a revisit of 18K and then some ... I would be better off if I do the opposite of what I normally do ... i.e. sell when I'm buying and buy when I'm selling. lol

I mean people are NOT spending money. Why are the market and real estate so hot?
I think the people who are not impacted as much (typically richer people), are saving more and buying stocks and real estate and driving the market.

This is not a complaint but may explain it:
From Wikipedia:
"A September 2017 study by the Federal Reserve reported that the top 1% owned 38.5% of the country's wealth in 2016."

 

[SteveSRT8]

Interesting times. Home prices here in the Tampa bay area are going nuts, extremely high prices driven by the flight from the big cities.

Our biz is set for a record December, can't really understand it but we like it!!!

 

[harbor]

Bidding wars common here in MI.

 

[simple_gifts]

Went to look @ a house rental in Norwich CT; person said they had 40 applications.

@ another house for sale in East Haddam, the R.E. agent said she is working 12+ hours a day and people are showing up with 2, 300K of cash.

 

[AZjeff]

Our home has gained at least $75k since it was built in 2018. Wish we had a reason to sell.

 

[tc1446]

My wife is an Agent; in her selling area there are very few homes even avail. When one hits the market, its gone in a day or two.

 

[JeffKeryk]

The market is hot. In our neighborhood, I see signs saying "Coming Soon" and then "Sold".
I will say I have never seen so many for sale.
2 houses on our street went for sale within a month of each other; they both sold immeadiately.
The prices are off the chart.

 

[Donald]

I am still trying to sell my home in the country outside of Albany. I have gotten showings but no offers.

 

[buster]

Huge gains in last 3 years.

 

[WylieCoyote]

Dallas has been a boom for several years running because of all the folks escaping California in search of a better economic situation. If you find a house that didn't sell 5 minutes after it was listed, you better be prepared to submit an offer above list. ****holes are selling for eye-watering prices.

 

[jhs914]

Interesting times. Home prices here in the Tampa bay area are going nuts, extremely high prices driven by the flight from the big cities.

Our biz is set for a record December, can't really understand it but we like it!!!

And folks are moving to my area of Florida to escape the Tampa Bay area!

 

[mightymousetech]

Here in Ottawa it has been absolutely nuts. Houses up 25%, places getting sold before even going on the market, bidding wars with sales 100k over asking, even on $350k townhomes. Friend sold his town recently, was asking around $350k, sold for $475k on the first day listed.

 

[dkryan]

And folks are moving to my area of Florida to escape the Tampa Bay area!

I can understand escaping from Kalifornistan, but Tampa?

Details, please.

 

[dkryan]

Here in Ottawa it has been absolutely nuts. Houses up 25%, places getting sold before even going on the market, bidding wars with sales 100k over asking, even on $350k townhomes. Friend sold his town recently, was asking around $350k, sold for $475k on the first day listed.

Hmmmm......

I’m not trying to push “doom and gloom” during the holiday season, but,

Does anyone else recall when the stock market (Humpty) and the real estate market (Dumpty) were absolutely sizzling like a filet on the grill? And it wasn’t too many years ago.

And we all know what happened to Humpty Dumpty........

 

[JC1]

Here in Ottawa it has been absolutely nuts. Houses up 25%, places getting sold before even going on the market, bidding wars with sales 100k over asking, even on $350k townhomes. Friend sold his town recently, was asking around $350k, sold for $475k on the first day listed.

He should have held off and looked at all offers.

Where I live houses are up 25% in one year. Due to all this madness and low interest rates everyone wants houses. The condo market in Toronto doesnt look good. Guy across the street listed his house super low at 735k bidding wars and he got 881k.

You can sell, but where do you go and you are going to be in a bidding war.

 

[opus1]

I'm amazed at that I see in far west-suburban Chicago. Despite the ridiculous property taxes, houses in my subdivision are hard to find, and when they do hit the market, they're not available for long.