Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've read several blogs that suggest we might be in a mini-real estate bubble once again with offers over asking price. I'm curious. Is your local market still stagnant or has it taken off over the past few months? What area are you discussing? Please state your town and what metro area it is part of.
Even though our local realtors keep talking about increasing prices, bidding wars and so on, public records show that 99% of recent sales were below asking price. I think second real estate bubble is overrated. It's not enough inventory to begin with.
I've been watching the market pretty closely for the past several years in L.A . There used to be a lot of inventory daily lot's of fixer bank owned properties...now there are hardly any and many of the ones on the market are properties that were sold to investors/flippers and now they are trying to resell them.
Also before places would sit on the market , but now they seem to go pending quickly under 2 weeks or so and the selling prices are much higher!
It seems like prices are almost getting back to where they were at the height of the bubble. Especially the more prime areas like West Los Angeles,etc ...
It makes me wonder if more people that were waiting to sell will be selling soon..hard to predict this though.
It's interesting how fast things changed. I think I noticed inventory disappearing probably late last year.
I'm glad I bought when prices were lower a few years back , but thinking of selling because I'm thinking of moving out of state. In L.A you need to spend a large amount of money to buy a house in a decent are or even a condo in a decent area.
Average closing in last 30 days in 54 Days on Market, down from 110 DOM about 18 months ago.
Average sale in the last 30 days at 98% of last listing price.
Declining inventory.
Lots of buyer pressure.
Many multiple offer situations in first day on market.
Many sales off signs before Active on MLS in quite a few neighborhoods.
But, we still have a lot of in-migration relocation activity helping generate activity.
I'm in a small beach town on the east coast of Florida, about 30,000 population combined in my town and the adjacent town. Many of our sales are vacation or second home properties, more condos than single family homes. So far in April, 41 residential properties of all types have closed. Of those, 18 were on the market less than 30 days. Seven sold for full or above asking price. Out of 41 sales, 30 closed for cash. I've written 24 offers so far in 2013 and have been in multiple offer situations on about a quarter of those. Inventory is the lowest it's been in over 10 years and about one quarter what it was at the beginning of 2007. Distressed sales, short and foreclosed, made up 56% of all sales in my market in 2010. Inventory right now is only 9% distressed. Draw your own conclusions.
Location: East of Seattle since 1992, originally from SF Bay Area
42,541 posts, read 77,231,152 times
Reputation: 53981
East of Seattle, we are getting multiple offers over asking within a day or two of hitting the listings on anything under about $700,000. The slower sales are limited to those few "fixer" foreclosures in the $300-400k range, but they too sell eventually and get flipped very quickly. It doesn't seem like the old bubble, it's more a matter of low supply and many new jobs conming into the area. It may slow down some when the spring selling season hits. A home down the street from me buily in 1977
2,500 sf went on the market on a Friday, priced at just under $500,000 and Mondasy there were 6 offers. It sold for $6,000 over asking and the buyer had 40% down.
DC Metro: Sellers are getting asking price or bidders since inventory is very low. Any decent homes are being scooped up within 2 or 3 days (ones that are priced properly). I am not a realtor but have spoken to several lately along with having friends put their homes on the market. Mine will be going up within the next two months and hope the market stays steady.
Very low inventory. Lower priced homes (which here is less than $400K) in good condition getting multiple offers quickly. Higher prices that are pristine or have larger lots with usable back yard (we have many steep lots) also getting multiple offers. Even the $1M+ homes are starting to sell.
I have felt a bit of a slowdown in the last couple weeks. Not going down, but not quite as much competition bidding things up.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Greater Denver, CO
