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Consequently, after Texas and Kansas, California license plates may be the next most likely out of state car license plate seen in Stillwater.
I don't think housing prices have started plunging here or in metro Oklahoma City. Last month, a 3200 square foot house went up for sale in Piedmont, a small suburb of Oklahoma City, with an asking price of $700,000. It was on a half-acre lot, with an in-ground pool and a 20’x30’ shop building. It sold within 3 days for $30K above the asking price with multiple offers made. I'm not sure about how it's going in Oklahoma for considerably lower priced homes, other than Zillow has my rent house up $2900 for the last 30 days.
Last edited by StillwaterTownie; 06-08-2022 at 02:20 AM..
The people fleeing were the ones that couldn’t afford the houses.
That, and the people moving in are being well-compensated and driving up the scarce houses that are available. That plus foreign investment in the California real estate market will keep prices high for the forseeable future.
There has been a notable "deceleration" in Raleigh/The Triangle in my observation; but nothing even remotely resembling a cool-down/shift to a buyers market. I think the frenzied "everything is going to sell for 15%-20% over list price with 30 offers" days are behind us for now....but most well priced, well marketed properties are still selling quickly and for a premium.
I am in Southern New Mexico, and this assessement is spot-on. I agree with every word written here from my persepective as well. We aren't having to use "Escalation Clause" forms any longer.
Not really but the fed is just getting started with raising rates. Wouldn’t be surprised to see 8% interest rates in mortgages within a year. Some people may say that interest rates aren’t necessarily correlated with demand/prices. True but the fed has never manipulated interest rates in such a way as they did with quantitative easing after the Great Recession. It was unprecedented.
Median home prices are down very slightly. Inventory is up slightly. Days on market is up slightly.
Knoxville is still a strong sellers market in a housing boom. I am on the sidelines until something changes.
A lot of pending/sold listings are showing small price cuts, so people aren't paying above asking anymore. I think the price cuts are not due to fundamentals, but because some sellers think their homes are plated with gold and list them at "silly price", then have to come back to reality. Anything priced at market is selling strong.
New construction always tanks first, so I am watching new construction sales or increasing inventory and days on market. That will be my first tell that Knoxville is on the verge of slowing down. I would love to be able to find how many new homes under contract have been canceled by buyers who changed their minds or could not qualify under today's mortgage rates.
Starting to see a slight slow down at least in the southern DFW area. Some others on the Dallas forum have also mentioned this, but the market is still hot. Something that I've noticed is the large amount of contingent statuses versus pending. Some of the new home builders have also started lowering their prices.
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