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Poor layouts, small yards, needs updating and the owners are still asking roughly $500k.
Could be just me but seems every home owner still living in the boom days. Do buyers have much on a choice if needing to get in a home fast, and have to also follow the sheep and make a competitive offer in what feels like overpriced seen better days homes.
Poor layouts, small yards, needs updating and the owners are still asking roughly $500k.
Could be just me but seems every home owner still living in the boom days. Do buyers have much on a choice if needing to get in a home fast, and have to also follow the sheep and make a competitive offer in what feels like overpriced seen better days homes.
Well if inventory is down... the "sheep" are apparently buying. The "boom" you are so calling is more like reality.
Good points. Any general input on why inventories might be down? People under water and staying put?
just to throw it out there. Late summer/fall/winter has been traditionally lower inventories in the market.
Quote:
Originally Posted by nyliguy
.....and feels like all the inventory is crap?
Poor layouts, small yards, needs updating and the owners are still asking roughly $500k.
Even 10-15 yrs ago when I was looking for a house, 8/10 houses needs an updating to an overhaul. 1/10 are the new mcmansion house of an eyesore. Small yards seems to be 90% of Nassau county issue unless you have millions to spend. If you want land, Suffolk is the place to be....or western NJ/PA
We were househunting earlier in the year around March in Suffolk. Inventory was good up until late June-early July. We went from seeing 6 houses a week to that in a month. Thankfully, we're about to close on a house on Friday, but it was difficult for a while trying to find something in our price range that wasn't a total disaster.
Good points. Any general input on why inventories might be down? People under water and staying put?
A lot of people probably underwater and can't afford to sell lower. Many more buyers out there because rents are through the roof. Just as many investors out there buying up homes on the cheap to either flip or more likely rent out thanks to high rental numbers.
If the average rental numbers remain sky high (which I expect them to), you will basically never see the type of dip in sales numbers you are hoping. Once housing gets to a certain price point, the cash investors come in and snatch them up.
Poor layouts, small yards, needs updating and the owners are still asking roughly $500k.
Could be just me but seems every home owner still living in the boom days. Do buyers have much on a choice if needing to get in a home fast, and have to also follow the sheep and make a competitive offer in what feels like overpriced seen better days homes.
it's not exactly prime buying/selling season and the "good" inventory gets snapped up pretty quickly while the crap tends to languish
We were searching for a house in early April-June in Nassau (under $400k) and inventory was SUPER low. All of the realtors we spoke to said it was historically, one of the lowest inventory levels they'd seen in a decade. Also, the number of house hunters was up.
I sort of attributed it to the change in FHA rules and people rushing to get out there to get their FHA loans before they're stuck under the new provision of paying PMI for the life of the loan. I also think it caused a spike in interest rates through early July, but I'd be curious to see if things have leveled out at all since then.
We were househunting earlier in the year around March in Suffolk. Inventory was good up until late June-early July. We went from seeing 6 houses a week to that in a month. Thankfully, we're about to close on a house on Friday, but it was difficult for a while trying to find something in our price range that wasn't a total disaster.
Would you say that one would be advised to start househunting in April?
I'm looking for a house in the North Shore and besides having crappy inventory, I'm losing out to the all cash buyers.
Even with my stellar credit, mortgage pre-approval, 30% downpayment, steady doctor's income and large savings, sellers are choosing the all cash buyers. I always end up becoming the backup offer. Can't blame them, I would do the same if I was selling.
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