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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?
It’s complicated. There is a scarcity of houses AFFORDABLE houses for sale. It is hard to find anything under $400k anymore. Median home price here is $407k, and median income is $46k. Isn’t a home cost supposed to be no more than 1/4 of income?
According to 2022 C-D stats, median income is $87k and home price is $307k. Still over the 1/4 of income guideline.
Last edited by gentlearts; 04-28-2024 at 07:30 AM..
Higher end almost always gets hammered first.
Well-qualified buyers can choose to buy down and that makes things even less affordable for buyers at the lower price ranges.
I live in a 55+ community where there are 23 neighborhoods of varying prices and sizes of houses. I live in a garden home, of which there are 4 versions of houses to choose from. There have been several, that when I see them go up for sale, I say, "no way is that house gonna sell for that". And I have been right. They sit on the market for a long time, then the prices are dropped to something more reasonable. But they still sit for a long time as by now they are old listings.
Higher end almost always gets hammered first.
Well-qualified buyers can choose to buy down and that makes things even less affordable for buyers at the lower price ranges.
We are experiencing something unusual here. There is a huge Hyundai plant being built in a rural area nearby. The company is buying big houses in gated communities to house multiple workers who have come for a short period of time. Imagine the joy of paying $500k for a house and having a revolving door of strangers coming and going.
We are experiencing something unusual here. There is a huge Hyundai plant being built in a rural area nearby. The company is buying big houses in gated communities to house multiple workers who have come for a short period of time. Imagine the joy of paying $500k for a house and having a revolving door of strangers coming and going.
Sounds like Hyundai is not focused on being a good neighbor.
Sounds like an opportunity for the HOAs to take care of the owner/occupants of the communities.
What is your impression of the local housing market where you live?
Strong Sellers Market?
Strong Buyers Market?
Somewhere in between?
A poll, just for fun.
Do any of the poll options describe what you see where you are?
Mike,
#3
I just sold my 25 year old 4/3 suburban pool home in the Tampa, FL area. I bought it in a private sale (I. Knew the owner) in 2019 for $300k. Market price at that time was around $325k. We listed it at $575k.
The house sold the day it listed to the second showing buyers for list price. They were cash buyers. The day it listed we had 15 showings scheduled within four hours.
Most of the homes listed in the immediate area have seen about 1-3 DOM unless they’re grossly overpriced, and then we see adjustments with the first week usually.
Inventory is low, prices are still going up. Million dollar and multimillion dollar places are selling fast, which is not normal anyplace I've ever lived before, but they are jumping off the market here.
Rent has stabilized. There have been several years of building large apartment buildings and supply seems to have caught up with demand, Rent has not gone down, but it seems to have stopped climbing.
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