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South Florida is still getting cash buyers, immune to the rates but the insurance can be an issue.
I have looked at listings online in "covid destinations" and people are still trying to cash in huge despite no real improvements to the houses (Colorado, FL keys, Montana). Lots of people looking to make 1mm and bragging about the vrbo/airbb income the properties have gotten.
Realtors say there's a shortage but there are houses that have been on the market for months. Some are overpriced.
The small beach cottage beside me just sold after being on the market for two days (it was, however, "Coming Soon" for a month), over list and a $100K over comparables, most of which are newer, nicer and without a couple issues it has.
It was a cash sale with the inspection waived. Which I'm afraid I'll be hearing about in about a month when some of those "other issues" evidence.
It is a nice poll but I believe location & price range would have a major influence on how the market looks.
People can certainly choose to mention their location or price range.
All markets are segmented by price and location.
I wanted to keep it simple and light.
We have a split market here. Technically it is a sellers' market due to lack of inventory, but only the decked-out homes are selling fast. Cosmetic fixers are sitting. The junkers are selling to investors so that the middle section of homes that are priced too high for investors, but need to much work for most home buyers are languishing on the market.
So good homes are in a seller's market and cosmetic fixers are in a buyer's market.
Put mine on the market April 5th. The first week was extremely rainy and no one came out. Second week was sunny and nice, with a good number of people coming out, and had multiple offers by that Wednesday and under contract by that Friday. For $20k over asking.
My house went on the market on a Friday. My realtor had two open houses each on Saturday and Sunday (4 hours each). I later was told about 80 people visited. We had 20 some odd offers on Monday and were under contract on Tuesday for $50k above list price.
Although we planned to sell, but our realtor really pushed us to list the house before we were actually ready, because the inventory was so low and he saw how lesser houses were getting ridiculous money. I still can’t believe that my house value almost doubled from when we bought it in 2003 (they weren’t exactly cheap back then either).
FWIW, our house is in one of the more desirable areas of Nassau County, LI with an excellent school district.
I checked the second box down for our housing market in central Florida (as far as I can tell about the market).
However, I noticed that the 3 posters whose addresses are in New York indicate that their houses are selling like crazy with buyers standing in line to buy at over list price. I can't help but wonder if these list prices are higher or lower than they would have been a year or two ago?
I can’t believe how many cash buyers are still out there.
NY market has cooled price wise, but certain markets are still moving inventory quickly.
FL is still hot, but certain demographics are being squeezed out due to the 1-2 punch of higher interest and insurance rates. Mostly younger people/first timers.
At the end of the day it all comes down to specific markets. Some areas will always be hot.
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