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.
No shortage in my area. I see a great deal of short sales and foreclosures.
What area ?
Here in L.A you had your pick of REO foreclosures and short sales dropping on the market daily but haven’t even seen an REO forever . There are some short sales but they don’t seem to be priced to attractively .
It’s like the “fixers” they are priced slightly lower than move in ready homes but the cost to fix them means no profit of equity . The deals are all off market now it seems . Mailing out thousands of letters to homeowners, and hoping you get 1 deal out of several thousand letters .
is it low inventory, or fast-moving inventory? Is it in the price range you're looking, above or below? In all suburbs, or the one you're looking for?
Right price range ( under ~ 150% of the local median house price in your location), I would wager that all areas with above-average economic growth are seeing what is thought of as low inventory because of fast inventory. But there's PLENTY of inventory in total.
For example, in Raleigh NC (in our MLS region) ...
there's 5 months of homes from 600-800K available to buy...
but only 60-90 days worth in the toniest area (downtown Raleigh)
in Cary (our top suburb), about the same, only 60-90 days (but 78 homes for sale right now!)
get out 30 minutes, but still in the same county, and there's an 8 month supply
It's both fast and low, anything that comes on the market under 400k is gone within days to under 2 weeks. I've checked with several realtors in the Charlotte area, it's the same there.
I wonder how many house-hunters would turn up their noses at our house in West Michigan.
1916 Craftsman-style, well-built, 1338 square feet. Very few owners. Hardwood floors and trim. High walk-score. Garage, central air, etc.
What would be the problem, in some house-hunters' eyes?
No dishwasher. Oh, the horror.
The stairs squeak. We like it that way.
The three bedrooms upstairs have to share a bathroom. Lordy, that's 3rd world!
There's no electric in the (unfinished) attic or garage. Hell, tear the thing down and start over!
I'm probably being unfair. I'm sure the O.P. and others would love this place.
But my point is, there is a segment of the house-hunting public that insists on and demands perfection, so naturally, they can't find anything.
Location: Was Midvalley Oregon; Now Eastside Seattle area
13,073 posts, read 7,515,583 times
Reputation: 9798
Quote:
Originally Posted by KayAnn246
It's both fast and low, anything that comes on the market under 400k is gone within days to under 2 weeks. I've checked with several realtors in the Charlotte area, it's the same there.
It's about pricing for a the average family wage of $50-60-70k, That's about one good wage earner or two fairly good wage earners.
It's about pricing for a the average family wage of $50-60-70k, That's about one good wage earner or two fairly good wage earners.
Most of the families here in the Detroit/Ann Arbor area work for the auto industry, public school, U of M education system or VA and U of M healthcare.
It's both fast and low, anything that comes on the market under 400k is gone within days to under 2 weeks. I've checked with several realtors in the Charlotte area, it's the same there.
that begs the question - how many 300-400K homes have sold in the area this year, and how many sold in that area each of the last 3 years?
If they're selling just as fast, have their been fewer or more actual # of homes sold?
here in Wake County, it's been 10K, 10K, 10.5K, 11K, 11K homes between 300-400K sold. So the total # has grown (not really low inventory), but there's just more buyers (median DOM from 37 to 7 over same period).
I moved from Wake County (Cary/Morrisville-Preston) area back in 2012. It's surprising to see the house prices and inventory now compared to 6 years ago.
...
But my point is, there is a segment of the house-hunting public that insists on and demands perfection, so naturally, they can't find anything.
My realtor (house outside Boston area) said that her observation is that millennial buyers want perfection in any size house, and are dissuaded if they even have to consider painting a wall or something. She should know after some 30 years in the business in the same towns. Maybe it is "HGTV" syndrome.
I think there is definitely a shortage of inventory at the lower price points in most cities. In my neighborhood, well maintained homes that are priced under 300K sell within a couple days usually with multiple offers.
This sums it up.
If you're a buyer in the 400k+, you have a lot of bargaining power.
If you're a buyer in the 200k range, good luck.
It's worth it to save for the more expensive house.
250k will get you a 1500sq ft home in a crumby neighborhood here.
350k will get you 3500 sq ft in a nice neighborhood.
Doesn't make a whole lot of sense.
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.
