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Old 05-06-2021, 10:24 AM
 
Location: Stuck on the East Coast, hoping to head West
4,532 posts, read 10,484,564 times
Reputation: 9495

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I have been watching my local market like a hawk. For over a year, my local market had been a seller's market. Low inventory, houses snatched up within hours, offers over list.

Then I noticed that prices seemed to have stabilized, days on market were increasing, and there more properties entering the market. It also went from 103% of the list price to 98%.

Anyway, there may be a little light at the end of the tunnel for buyers in my area.
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Old 05-06-2021, 11:29 AM
 
Location: East of Seattle since 1992, originally from SF Bay Area
34,934 posts, read 63,562,071 times
Reputation: 39457
That's great for buyers in your area, not so much here.

Since our median price got up to $1.2 million, homes in that range are taking a little longer, 2-3 weeks. but even so, the median sell price is more, $1.4 million. Anything in the $800-900k range is still selling in 2-3 days with multiple offers over asking, and overall sales are still averaging 12.11% over asking.
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Old 05-06-2021, 12:03 PM
 
Location: Ontario, NY
3,094 posts, read 6,891,331 times
Reputation: 3386
You can't get an objective opinion from someone whose best interest is for you to buy to make money. People have short memories, this offering over list price, waiving inspections, writing letters to get sellers to accept your offer was all seen before before the last housing crash we had. This only sets the stage for the next crash, smart people will wait this out and buy after this market also crashes.

Last edited by TechGromit; 05-06-2021 at 12:45 PM..
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Old 05-06-2021, 12:32 PM
 
Location: Berkeley Neighborhood, Denver, CO USA
16,016 posts, read 24,190,190 times
Reputation: 27774
You need to look at the data.
Your local realtor organization should have some.

Where I live in Denver, the median DoM just dropped to 5.
And, "This April, the attached market saw a month-over-month appreciation of 7.30 percent,"
https://www.dmarealtors.com/news/mar...-report-may-21
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Old 05-06-2021, 04:24 PM
AZ8
 
67 posts, read 33,998 times
Reputation: 264
Not here in Northern Arizona. 3 houses recently sold in my neighborhood within hours of being listed! Brutal here as a buyer.
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Old 05-06-2021, 04:26 PM
 
703 posts, read 548,499 times
Reputation: 777
Quote:
Originally Posted by bande1102 View Post
I have been watching my local market like a hawk. For over a year, my local market had been a seller's market. Low inventory, houses snatched up within hours, offers over list.

Then I noticed that prices seemed to have stabilized, days on market were increasing, and there more properties entering the market. It also went from 103% of the list price to 98%.

Anyway, there may be a little light at the end of the tunnel for buyers in my area.
What’s your market?
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Old 05-07-2021, 12:52 AM
 
Location: South Park, San Diego
5,741 posts, read 8,900,067 times
Reputation: 11343
Among your limited choices in my neighborhood they include, both offered for roughly $1.3M: A middle of three side-by-side “workman’s duplex” 1000sf 2/2/1 (yeah, two 500sf 2/1 units) on a subpar 2500 sf lot, or a sink hole, two 25x100 lots platted out 115 years ago across a steep arroyo and never developed (like a Florida lot in a swamp) in densely developed neighborhood for a 100 years. So, a tiny 70 y.o. throw-away construction renters-style cottage or a questionably developable vacant lot sitting empty for a 100 years for $1.3M

It is pure insanity and most definitely not balanced.
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Old 05-07-2021, 07:21 AM
 
Location: Raleigh NC
22,518 posts, read 11,768,553 times
Reputation: 13207
Quote:
Originally Posted by TechGromit View Post
You can't get an objective opinion from someone whose best interest is for you to buy to make money. People have short memories, this offering over list price, waiving inspections, writing letters to get sellers to accept your offer was all seen before before the last housing crash we had. This only sets the stage for the next crash, smart people will wait this out and buy after this market also crashes.
incorrect on all fronts - except that yes, certain properties have always sold for something over list. It's just not the amounts/%'s we're seeing today.

There was no waiving of inspections, and there were few "love letters".

It is a shortage of inventory. It's obvious in any DOM statistic, and if you're really good, you'd look at how "new listings" compare over time - and new construction sales.
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Old 05-07-2021, 07:22 AM
 
Location: Raleigh NC
22,518 posts, read 11,768,553 times
Reputation: 13207
Quote:
Originally Posted by davebarnes View Post
You need to look at the data.
Your local realtor organization should have some.


Where I live in Denver, the median DoM just dropped to 5.
And, "This April, the attached market saw a month-over-month appreciation of 7.30 percent,"
https://www.dmarealtors.com/news/mar...-report-may-21
or, you know, the Realtor you've hired to help you can do this too.
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Old 05-07-2021, 07:44 AM
 
Location: Florida -
10,026 posts, read 12,703,540 times
Reputation: 21004
As stated above, you need to look at the real data, rather than simply listen to someone in whose best interest it for you to buy a property. The supply/demand ratio will only change if new construction suddenly exceeds pent-up demand; or if prices get so high, potential buyers simply stop looking for properties to buy.
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