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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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No, we still see homes in the $500-900k range going within a few days with multiple offers over asking. High end homes are now taking a little longer, but in general it's still overwhelmingly a seller's market, with the median at $834k, and up 5.8% over the previous month and 6.5% over the previous year.
I have noticed that in my area it has become a buyer's market.
Early this spring, the RE market was actually UP, by quite a bit.
Now houses have DROPPED dramatically as not sold in 3-4 months, or longer. I mean by at least 25-30% drop, if not more!!
So, as we search for a property now, i assumed it has indeed turned,
We are mostly, if not all, paying cash, so getting a mortgage is not a big deal. But for some, getting the funding to buy a house has been a nightmare, from tales I have heard.
My cousin once removed has a very nice house she said she'd give away for about $30 in the midwest, IF she could get a buyer.
Thee are indeed pockets of prosperity in our nation. That said, since 2007 there have been a lot of homes upside down on their mortgages in Maine. There are some awesome bargains here, but bring your job or income with you. In my market the average home price is about $85,000 with time on markets of 10 months or more. Many simply expire for lack of buyers.
In the town of Millinocket they just sold 16 homes for a total of $48,000. That's $3,000 per home. Two were tear-downs and were bought by the next door neighbor. One was a 4 unit apartment bought by a snowmobiling family. Three apartments will remain separate. The fourth has been converted to a common entertainment, computer and media center with a large kitchen and lounge. These folks can snowmobile on 12,000 miles of trails all over Maine directly from their new lodge.
From my town you can ride an ATV 90 miles to the ocean, buy the best fried clams in the while world, Have fresh wild blueberry pie for desert and ride back. It is all legal in Maine. No other state can say that.
By the way; The FBI says we are the safest state and the legislature just passed Constitutional Carry. That means you can carry concealed with no permit after October 15 this year. Where would you rather be after "the adjustment"?
My guess is that it is more of a seller's market here than it has been for several years. It seems to me that real estate is recovering here pretty well. Sales seem brisk compared with a few years ago, and inventory seems down too.
Not in Portland, Oregon. The market has gone crazy here! It's not uncommon for new listings here to have a dozen offers on the first day. I know of several cases where homes have sold for tens of thousands above the asking price.
My wife and I are looking to sell our home in Portland. We're planning to relocate to Santa Fe, New Mexico, where it seems to be a buyer's market right now.
Actually yes I have noticed that. I was looking at this house in Fountain Valley which I declined to buy. The seller came back with another 40k price drop. That's on top of the 30k he already dropped. House is still overpriced by 160k.
So I'm waiting till the fall/winter and maybe a rate hike.
My guess is that it is more of a seller's market here than it has been for several years. It seems to me that real estate is recovering here pretty well. Sales seem brisk compared with a few years ago, and inventory seems down too.
caveat: I am not in the real estate business!
Ah!!! Just now I found an article that confirms that housing prices are going up.
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Draw your own conclusions
