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So, now that the spring has drawn to a close, how is the housing market where you live? Are things slowing down, picking up, or staying the same? How about inventory--is it getting tighter or remaining about the same?
Where are the cool markets that are now starting to looking like hot markets? Or hot markets that are now starting to cool down? Or are the various markets staying about the same as they were 6 months ago.
Just curious, no real reason to know. I've found it very interesting to read what real estate is like in other parts of the country and was wondering how that might be changing now that the seasons are changing.
We serve a 3-4 county area about an hour south of Seattle.
Our market is strong, prices are steadily going up, but not crazy hot... not the kind of silliness that is happening in Seattle, where people are bidding up and waiving inspections just to get under contract. I wouldn't like working in that kind of market. Too much stress for me. I like the calmer, gentler, country real estate business. (that can get stressful enough!)
L.A is still very hot . No more land to build . My house went under contract pretty quick about a week and it's not in a trendy part of the city .
I see a lot of properties are pending in the area .
I've seen some articles of crazy stories of people paying $100k over asking .
My house is under contract above asking but not by that much .
On the other hand i have seen homes sitting for what seems to be too long ( over a month) but they seem to be overpriced .
There was a report that recently came out that said Los Angeles is the most unaffordable housing market in America .
I'm in Westchester NY. We had to relocate for a job in pretty much the peak of what would normally be the spring market, but there just weren't that many houses for sale in the town where we wanted to be. Now that it is summer, all of the decent-priced homes have sold and the only thing left are the weird houses or the ones that were way overpriced during the spring market. It's interesting to watch; we rented because we couldn't find a suitable house to buy in time but as the prices keep falling on the overpriced listings we may end up finding a match soon.
My realtor did comment to me that it was a strange spring market this year- everyone kept saying "next week, next week" for when the houses would be listed but they just never were. Such low inventory this year.
I'm in Westchester NY. We had to relocate for a job in pretty much the peak of what would normally be the spring market, but there just weren't that many houses for sale in the town where we wanted to be. Now that it is summer, all of the decent-priced homes have sold and the only thing left are the weird houses or the ones that were way overpriced during the spring market. It's interesting to watch; we rented because we couldn't find a suitable house to buy in time but as the prices keep falling on the overpriced listings we may end up finding a match soon.
My realtor did comment to me that it was a strange spring market this year- everyone kept saying "next week, next week" for when the houses would be listed but they just never were. Such low inventory this year.
Low inventory seems common in many markets
This article is from march but still pretty relevant I believe
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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We have a little more inventory but they are still selling for over asking price with multiple offers in just a few days, sometimes right after listed before the sign even goes up. I've seen several in our neighborhood where the sign goes up with "SOLD" already on it.
Buyers market here. Our house has been on the market for 36 days. There are almost 50 houses in our price range within a 1 mile radius. We went under contract the first week it was on the market, but the buyers and their inspector were crazy and ended up backing out. They wanted money for made up stuff. Inspector said our doorbell was broken and we didn't have screens for the windows. Doorbell works just fine and all the screens are in our garage. Turned out that they had multiple offers on houses and went with the seller that caved the most.
We have a little more inventory but they are still selling for over asking price with multiple offers in just a few days, sometimes right after listed before the sign even goes up. I've seen several in our neighborhood where the sign goes up with "SOLD" already on it.
It seems weird to put sold up right away since buyers can still pull out during the inspection /due diligence period . Seems like it would make sense to keep taking backup offers until that period is over .
But I guess on one hand it could be good marketing for the realtor .
"Oh wow look they sold that home right away maybe we should hire that agent "
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(that can get stressful enough!)
