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Wouldn't want to be buying a house right now. Buying frenzy which can't be justified to the actual value longer term. Not an expert, just think this in my gut.
Everywhere I've been lately prices are increasing, 20-30 buyers bidding thousands over listing price and I see no end in sight. I doubt there will be any if much in a drop, more likely a leveling off for awhile then back up. Time will tell.
still busy here in Naples for both rent and buy - even above $1.5ML. Anything that isn't selling quickly Is grossly over priced or has issues that are turning people away. Naples isn't as crazy as some of the markets I've read about in these comments, but over asking by $10k or so is very common. They aren't appraising, but who cares right?
Thanks for that report. I’m heading down that way in a Fall for a winter getaway.
I recently sold and it was relatively hot, but now I'm looking to buy a vacation home in the Catskills and see what looks to be positive signs (from a buyer's perspective, at least) in that overpriced houses aren't going under contract right away. I even saw a few that had old-fashioned price drops!
Inventory is creeping up. Ive been following a few places every Friday (Friday Ritual) and it seems homes on the market are steadily increasing. I wish I followed more places but will continue to do so.
-Just Agent Listings-
Rhode Island Homes for Sale (Omitted Lots, Apartments and Manufactured):
May 28th: 1,184
June 4th: 1,266
June 11th: 1,384
June 18th: 1,430
June 25th: 1,592
New Jersey
May 28th: 18,765
June 4th: 19,600
June 11th: 20,793
June 18th: 21,226
June 25th: 23,039
Massachusetts Homes for Sale (Omitted Lots, Apartments and Manufactured):
May 28th: 7,791
June 4th: 8,125
June 11th: 8,779
June 18th: 9,335
June 25th: 10,167
New York State
June 18th: 48,438
June 25th: 53,445
Wouldn't want to be buying a house right now. Buying frenzy which can't be justified to the actual value longer term. Not an expert, just think this in my gut.
+1 Like you I'm not an expert but what you are saying sounds possible.
I am so thankful that I am settled in a nice home that I bought six years ago, and that I still want to stay in this home for the rest of my life. It's not a big, expensive, or perfect home but it is just right for me and I love living in this house.
It's heartbreaking to read about what people are going through, especially young first time home buyers. It's hard enough to buy one's first home, without having to deal with buying during a frenzy like this.
As for seeing prices start to fall, I'd say no, not here yet, but they don't seem to be rising as fast as they were? Like you, not an expert so that's just my own subjective impression of the real estate situation here.
Best wishes to all who are trying so hard to buy the home of their dreams!
I was thinking our market, while not necessarily cooling off, was at least settling down to a simmer instead of a boil but a house just down the street from me that sold for $825k just 10 years ago just closed at $1.825M, which was about $200k over asking so I’d say we are still up in frenzied territory.
I was thinking our market, while not necessarily cooling off, was at least settling down to a simmer instead of a boil but a house just down the street from me that sold for $825k just 10 years ago just closed at $1.825M, which was about $200k over asking so I’d say we are still up in frenzied territory.
Yeah, not at all. I have two friends currently looking, and neither is having any luck. One last week put an offer in $100K over and got countered back with the best offer $75K over theirs. It’s a sub $1M house too.
The only thing I’ve seen here, and in the mountains where our cabin is at, is a lot more places with ridiculous asking prices sitting around, with some occasionally selling.
We thought about doing it with our cabin as we could easily 2.5x what we paid 5 years ago, but could probably get 3x, and possibly 3.5x? But then we’d have to find a new place, which is very limited, or sit it out for a few hoping for a correction, but that’s a risky gamble? No guarantee when it does it’ll be to the current level.
I do not envy anyone that needs/wants to buy right now.
I was thinking our market, while not necessarily cooling off, was at least settling down to a simmer instead of a boil but a house just down the street from me that sold for $825k just 10 years ago just closed at $1.825M, which was about $200k over asking so I’d say we are still up in frenzied territory.
LOL, “just 10 years”? 10 years is a long time and was basically the low point in many areas after the crash. Lots of areas are up double or more from what things sold for in 2011.
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