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.
We are running a steady 2-3 signs in our area, but they still get multiple offers over asking within a few days. Most are turning out to be empty nesters retiring and downsizing, and so far all buyers that I have seen were millennials with young kids close to school age. The last one went for $60k over asking, and these are in the $800k-900k range. We are also seeing lots of the new construction tract homes in the $1.2-1.5 million range selling fast, and now more small developments are starting to build again.
I know you live near Seattle, but…
I’m above average income. Last year, my gross income was $97k. This year, I expect it to be a bit over $100k. I’m in a low cost of living area where housing prices are a fraction of Seattle, but still, I certainly don’t feel rich. My girlfriend is a bit lower income than I am, but we are around $180k combined. I split time between my condo in northeast TN and her house on acreage in western NC. With a $100k income, I wouldn’t feel comfortable with more than a $250k house or so - I’ve just never structured my personal finances around a house. I get out and do things, and traveling and outdoor hobbies are where my money goes.
I don’t understand what couples are affording million dollar or so properties. We are fairly well to do. Her kids are grown. Aside from relatively heavy lifestyle spending and a German Shepherd, we don’t have a lot of obligations.
Lots of couples have less income than we do. We can do pretty well in WNC. We couldn’t sniff a place in metro SEA.
I'm in south jersey, and I have some zillow and redfin email alerts setup. In the spring these emails might have had 3-4 houses on them. Now I'm getting emails with 25+ houses. It seems that the number of houses for sale is increasing.
I've also noticed a number of these listings show "price drops" which again is the first time I'm seeing that in 2021.
Anyone else notice this? Could the housing market finally be cooling down a bit?
Yes. Inventory levels are way up. Probably back to 50-60% of normal rather than 25%. At least in New Jersey, panic will be leaving the housing market in the next 1-3 months. Good news for buyers. Bad news for sellers who waited too long to get on the gravy train.
I'm in south jersey, and I have some zillow and redfin email alerts setup. In the spring these emails might have had 3-4 houses on them. Now I'm getting emails with 25+ houses. It seems that the number of houses for sale is increasing.
I've also noticed a number of these listings show "price drops" which again is the first time I'm seeing that in 2021.
Anyone else notice this? Could the housing market finally be cooling down a bit?
What county are you in? I'll have to look in my area to see what the market is like. I've been saying that my realtor friend said this was going to happen when everything opened, people who had mortgages on hold won't be able to pay it plus their monthly mortgage.
It was thought that mortgage companies would allow them to add the missed payments to the back of the loan, but they want it now, at least Bank Of America does. These homeowners will have to list their homes.
I'm in Gloucester county, over by Turnersville.
I just looked on zillow for my development, so far there's only 2 houses for sale. 6 houses sold within the last few months.
I do scans in two parts of the country each day. I note two things which are consistent:
- a LOT of dogs are hitting the market. Looks like certain folks have woken up and think the old shanty is worth a fortune, so they better sell now, before prices retreat.
-at least half, and some days more, of the listings are showing price drops. Not the chincy $5-$10,000 but real cuts: $50 to $100,000 on a high six figure house which a few weeks back would have been swept off the market, sight unseen.
Definitely it looks like a top is in. Wholesale lumber prices cratered in June, so that might reduce price pressure as well.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,225,683 times
Reputation: 57825
Quote:
Originally Posted by Serious Conversation
I know you live near Seattle, but…
I’m above average income. Last year, my gross income was $97k. This year, I expect it to be a bit over $100k. I’m in a low cost of living area where housing prices are a fraction of Seattle, but still, I certainly don’t feel rich. My girlfriend is a bit lower income than I am, but we are around $180k combined. I split time between my condo in northeast TN and her house on acreage in western NC. With a $100k income, I wouldn’t feel comfortable with more than a $250k house or so - I’ve just never structured my personal finances around a house. I get out and do things, and traveling and outdoor hobbies are where my money goes.
I don’t understand what couples are affording million dollar or so properties. We are fairly well to do. Her kids are grown. Aside from relatively heavy lifestyle spending and a German Shepherd, we don’t have a lot of obligations.
Lots of couples have less income than we do. We can do pretty well in WNC. We couldn’t sniff a place in metro SEA.
Our combined income is very close to yours but we bought in 1993 for $190k, and have stayed here since. Going by the new neighbors that we have met:
2 Work for Amazon in tech, Seattle
One works for Costco Corporate in IT, in nearby Issaquah
2 work for Microsoft in nearby Redmond as managers
2 work at Boeing in nearby Renton as managers in engineering
1 works for Google in nearby Kirkland.
Many of the people we see in area with the new homes are from India, also probably working in tech and typically getting more than $200k. Spouses often work too, but most with less lucrative local jobs. We are in a very low crime city with great schools, located with reasonable commutes to many big employers, though most of us are still working from home.
Theres more buyers than sellers in this market no matter the volume. If a house is reducing its price its because something was majorily wrong with it when it went into inspection.
I’m above average income. Last year, my gross income was $97k. This year, I expect it to be a bit over $100k. I’m in a low cost of living area where housing prices are a fraction of Seattle, but still, I certainly don’t feel rich. My girlfriend is a bit lower income than I am, but we are around $180k combined. I split time between my condo in northeast TN and her house on acreage in western NC. With a $100k income, I wouldn’t feel comfortable with more than a $250k house or so - I’ve just never structured my personal finances around a house. I get out and do things, and traveling and outdoor hobbies are where my money goes.
I don’t understand what couples are affording million dollar or so properties. We are fairly well to do. Her kids are grown. Aside from relatively heavy lifestyle spending and a German Shepherd, we don’t have a lot of obligations.
Lots of couples have less income than we do. We can do pretty well in WNC. We couldn’t sniff a place in metro SEA.
This is because you've made the choice to "live now" rather than have security later. There's nothing wrong with doing this. If anything COVID taught us, is that tomorrow is NOT guaranteed. So, keep enjoying the outdoors and doing things, while you still can. I hear older folks at my work often, "I wish I had done this when I could..." You are NOT one of those. You are out, doing things, while you still can.
One other thing, if you only make $97K a year, you are just barely above poverty. Now, if you made $97K a month, that would open up all sorts of options for you. Think about getting a side-gig?
We have tons of young people (20's-30's) that are plunking down cash for $1.5million properties all the time. I mean ALL THE TIME. I had 6 of my last 11 bidders on a house I sold in 2018, all cash. (It went for a million-five.) It's worth $2.1 today. ) Who knew!
Had one last week on an entry level house down the street. Buyers (21 & 22 year olds,) Offered $1.375M in cash. Declined offer.... (Personally, I'd keep the house, as it's tax base is practically free.) But, when it sells, it'll be $18,000.
I’m above average income. Last year, my gross income was $97k. This year, I expect it to be a bit over $100k. I’m in a low cost of living area where housing prices are a fraction of Seattle, but still, I certainly don’t feel rich. My girlfriend is a bit lower income than I am, but we are around $180k combined. I split time between my condo in northeast TN and her house on acreage in western NC. With a $100k income, I wouldn’t feel comfortable with more than a $250k house or so - I’ve just never structured my personal finances around a house. I get out and do things, and traveling and outdoor hobbies are where my money goes.
I don’t understand what couples are affording million dollar or so properties. We are fairly well to do. Her kids are grown. Aside from relatively heavy lifestyle spending and a German Shepherd, we don’t have a lot of obligations.
Lots of couples have less income than we do. We can do pretty well in WNC. We couldn’t sniff a place in metro SEA.
I like how fiscally conservative you are.
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.
