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SFH prices def going thru a lot of cuts right now in Nova with homes staying on the market for a couple days as opposed to sold before the Open House day. . We have been watching since feb 2020 bc we are in a TH and want to upgrade. I am hopeful there will be a leveling in this market seesaw where i can buy a SFH yet still create some superextra $$ for the TH. I made a spreadsheet of my HOA prices from 2008 and I hope market here doesnt crash that low. I bought in 2016 in a downward so Im just looking for as much extra cash as I can squeeze, my TH has good value. Hoping second half of 2021 is the market sweetspot
I remember when someone started a COVID thread about how horrible and stupid it was to buy a house during COVID. It's really almost laughable to think about now.
The competition for purchasing a home right now is STILL insane in my area. Almost everything is going into contract. Houses by me are often selling for over asking---like 50K over asking. I went into contract right before all of the shutdowns happened; with how the market is still going, I don't know that I would be able to purchase a house right now and if I did, it would be for more than I purchased mine for last year.
I remember when someone started a COVID thread about how horrible and stupid it was to buy a house during COVID. It's really almost laughable to think about now.
The competition for purchasing a home right now is STILL insane in my area. Almost everything is going into contract. Houses by me are often selling for over asking---like 50K over asking. I went into contract right before all of the shutdowns happened; with how the market is still going, I don't know that I would be able to purchase a house right now and if I did, it would be for more than I purchased mine for last year.
I had people who own rentals telling me prices would crash during COVID and to not buy. Good thing I ignored their advice! Everyone’s a supposed expert.
I remember when someone started a COVID thread about how horrible and stupid it was to buy a house during COVID. It's really almost laughable to think about now.
The competition for purchasing a home right now is STILL insane in my area. Almost everything is going into contract. Houses by me are often selling for over asking---like 50K over asking. I went into contract right before all of the shutdowns happened; with how the market is still going, I don't know that I would be able to purchase a house right now and if I did, it would be for more than I purchased mine for last year.
Hindsight right!
We went under contract towards end of March 2020. We did our inspection on Sat and that Monday the statewide lockdown/restrictions went into effect.
We were absolutely freaked out. I know the word "unprecedented" gets thrown out a lot talking about COVID but it really was. I can remember reading so many forum posts, blogs, articles trying to get a sense of what would happen with real estate. And it was futile of course, half said the sky is falling other half everything is fine. I'm worrying what if we buy and value tanks, what if we buy then can't sell old house?
We ended up closing. We were able to negotiate $3k repair concessions and $7k reduction because appraisal was low. We kind of laugh about it now. Within a few months the market was hotter than ever. You want to offer list price? You want a reduction for low appraisal? In your dreams. But at the time who knew what would happen. Could have gone many other directions.
I don't understand how anyone can buy a house for that much more then it's worth. 50k more, a 100 k more??
Why?? I don't get it. Why is this happening? Please can somebody explain the reason behind this?
How do people have all this money to throw away?
I don't understand how anyone can buy a house for that much more then it's worth. 50k more, a 100 k more??
Why?? I don't get it. Why is this happening? Please can somebody explain the reason behind this?
How do people have all this money to throw away?
Its worth what people are willing to pay for it, so they aren't paying more than what it is worth.
Its worth what people are willing to pay for it, so they aren't paying more than what it is worth.
It's confusing to me. How can a house that cost 250 thousand one week be worth 350 thousand the next week? I am trying to understand the reasoning behind all of this. Why are people so desperate to buy.
Also, I thought people couldn't afford their mortgages and are getting extensions and so on. Nothing makes any sense to me.
I thought a house was suppose to be an investment. What if I buy a house for 300k and 6 months later it's estimated worth is 250k. I don't want to take that chance. I am not sure when we should buy at this point. We want to buy a house next summer/fall but Im not sure if it's a good time. The good part is that we can use the VA loan at the time.
In the 55+ town I live in real estate "porn" as some call it is alive and well. Many houses are sold before the sign even goes up (inside banter) or the pending or under contract signs appear very fast.
I understand how supply and demand affects markets. I know interest rates are still low. I'm still not sure why the demand has risen to these heights. Perhaps the better informed can enlighten me as to why demand has been at this level when we are experiencing a pandemic and very uncertain economic times.
Personally I was planning to relocate to be closer to relatives. I needed to do it last year--I am now priced out and p.o. royally. Even if I wasn't, I don't want to wade in the waters of candy a-- greed and a market I don't understand and are wary of.
For now I just say NO. If the market doesn't normalize I will continue to say NO and stay where I am.
Some recent buyers may regret not saying no to these prices in the future. I hope so.
There are a number of reasons house prices are so high.
1) Since 2008 the construction industry was hollowed out and we have failed to keep up the pace of new home construction required to keep prices stable relative to population growth. This is the number one reason house prices are high, and it also means the housing market is not a bubble. It will take years, perhaps decades, of construction and population growth rate decreases for the housing supply to be restored to the pre-2008 balance.
2) Expectations for home size and finish have increased.
3) Interest rates are historically low.
4) Owing to unprecedented retirement savings, many seniors are choosing to age in place because they can afford to.
The above four factors were in place before the pandemic. The following are because of the pandemic.
5) Older homeowners afraid of covid exposure are "sheltering in place" and not moving.
6) First time buyers were spurred by lockdowns to move to the suburbs for more space.
The last two factors are short term and will go away in a year.
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