Rebound in home prices in March. Dead cat bounce or result of inventory? (housing, dance)

[gentlearts]

My granddaughter decided to look at houses a week ago Thursday. She saw 3 houses on Sunday and made an offer. She was one of at least 3 offers, but fortunately hers was accepted. This is a 100+ year old flip house in Columbus, OH. You’ve got to be decisive and lucky. Her brother in St Louis, lost out on about 3 houses, and still hasn’t found one.

I am in Savannah area, and I think there is a definite scarcity of houses for sale, so I’m not worried about value. We are getting a new Hyundai plant and Gulfstream is hiring 1600 new employees. The scarcity will only get worse.

My problem is, we might normally have another move left in us, but if I sold my house, it would cost me just as much for a worse house.

[joosoon]

Originally Posted by 1AngryTaxPayer

Ya, I see like 10 for sale in Bay Park and the cheapest is still 1.2 million. Not a lot to pick through and they are still all expensive.

Looking at it now, a few have to be flips that missed the boat just like in my neighborhood. It must hurt to be making $100k worth of price cuts as your investment flounders on the market.

[blameyourself]

Originally Posted by joosoon

Inventory is incredibly low. Joe's link from another thread.

And that's fine. But you do need to stop lying and saying there are no houses and maybe people will take you more seriously

[blameyourself]

Originally Posted by joosoon

Joe's link from another thread.

P.S. And according to "joe's chart" the inventory is up 50% from the previous year (just sayin')

[stablegenius]

Originally Posted by 1AngryTaxPayer

Ya, I see like 10 for sale in Bay Park and the cheapest is still 1.2 million. Not a lot to pick through and they are still all expensive.

And inventory will stay low because people just won't sell. So much for C2BP's dire predictions. With the amount of condo's that are going up, SFD is just going to increase in value.

[1AngryTaxPayer]

Originally Posted by stablegenius

And inventory will stay low because people just won't sell. So much for C2BP's dire predictions. With the amount of condo's that are going up, SFD is just going to increase in value.

Ya, Capt 50% haircut that should have bought but didn't. Oh well. My place is still listed as higher than last year and well over a million plus.

[joosoon]

Originally Posted by blameyourself

And that's fine. But you do need to stop lying and saying there are no houses and maybe people will take you more seriously

I don't say "there are no houses". I pointed out that in my zip code there were ten listings the other day, and in reality there are only six when the condos are excluded and two SFH with unrealistic pricing and/or strings attached. You just have this tendency to read words into posts that literally don't exist. You do it all the time. As for taking me seriously, I don't care what you think and you don't speak for "people", you speak for yourself. Also, what's with all the hostility? Sheesh.

[joosoon]

Originally Posted by blameyourself

P.S. And according to "joe's chart" the inventory is up 50% from the previous year (just sayin')

You don't read charts well if that was your takeaway.

[blameyourself]

Originally Posted by joosoon

I bolded "cash buyers" for a reason.
eta: AND there has to be homes available before you can purchase, before you can refinance. And there aren't any right now.

Originally Posted by joosoon

I don't say "there are no houses". I pointed out that in my zip code there were ten listings the other day, and in reality there are only six when the condos are excluded and two SFH with unrealistic pricing and/or strings attached. You just have this tendency to read words into posts that literally don't exist. You do it all the time. As for taking me seriously, I don't care what you think and you don't speak for "people", you speak for yourself. Also, what's with all the hostility? Sheesh.

And you continue to perpetuate the same lie. You do realize people can read your posts? Please stop making disingenuous clams (I don't think that's an unreasonable request or hostile in any way). Your hyperbole does nothing to add to the conversation. There is a big difference between saying inventory is low versus there are no houses. One is an honest assessment of the situation, and the other is fear-mongering.

P.S. And pointing out to you that the inventory levels have increased by 50% using the chart you cited is also a very factual comment.

[joosoon]

Originally Posted by stablegenius

And inventory will stay low because people just won't sell.

Even at 98% people getting their asking price, there's just no incentive to sell right now unless someone really has to do it, especially with rentals being what they are.