How's the market in your area?

[Csara]

Just curious what the Real Estate market in other areas is like right now. Is it a buyer's or seller's market? How are prices? Is there a lot of action re: buying and selling in your neighborhood?

[MeatBall]

Hi there!
My wife and I had been looking to buy for over two years. We finally found the right place - it will be one year July 17 since we closed! Interest rates were one of the driving forces for us to actually make an offer. We locked at 5% on a 30 year loan. We finally stopped looking at the "sticker" price and concentrated on monthly payment. We even stopped trying to make a deal - I have friends and have heard stories of bidding wars. We found a place we both loved, met the developer, and gave them what they wanted! Later we found out that the realtor had intended to create a bidding environment, but that's another story. Since then, we've had people knocking on our door (literally) wanting to buy our townhouse.
I got off course. I think it is a buyer and seller market in the immediate area around New York City. Interest rates are still at a historic low (good for buyer) and people can afford to spend more (good for seller). My wife has said we could easily get considerably more than we paid, but I tell her where would we go? We could not afford the same house!
Here's an interesting tale: a neighbor sold his building five years ago thinking the market had peaked! This year he could only afford to buy back one of the units ~ not even close to what he had owned initially!!!
All this being said, don't be house poor! I know alot of folks who spent way to much on their property, with the intent of selling high....while not having money for furniture, fun, etc. Our home is NOT an investment, I plan on being here until a major life event changes that!
~~~don't know why this touched a nerve...maybe because I am remembering everything I was going through this time last year.

[meliz]

It's hard to say... interest rates are super low, so in that respect a buyer's market... indeed, my sis and her hub just bought a (gorgeous) house (with an IR under 5, though I forget exactly... 4.3% maybe??)... but at the same time, everyone is buying, so sellers are doing very well and prices are inflated I imagine... there is definitely an active market here... our neighbourhood alone has several recently-sold places with "sold in 3 days" stickers and the like slapped to the real estate company signs...

[Tigerlily]

My area is definately a seller's market. Hubby and I started looking for a house over a year ago, which was already the wrong time for us buyers. I live in a really nice area about 3 hours from NYC and the city dwellers have been taking over the area and real estate tripled, if not quadrulpled, in value in the last 3 years! We have so many friends that are in the same boat we've been who cannot afford a small house! It's ridiculous!

Luckily though, an old friend of Hubby's from high school told us that his Dad was selling a lot of land in the outskirts, and because his Dad knew us he gave us a great deal on 6 acres of land. We really feel VERY lucky and are now looking into the building project! :D

[Csara]

Wow TL, that is incredible! Congratulations! I hope you will keep us abreast of your building process. I love that stuff. :D

I dont think prices in NYC and surrounding areas will ever go down. My brother was lucky and got a nice one bedroom apartment a year or so ago...the price has since sky-rocketed, but it's not like he'd be able to afford anything else right now if he were to sell. We think he's stuck there forever!!! LOL I've had a few friends actually move from the city back to Florida when they got married so they could afford to buy a house. It's crazy!

Here in Fla, house prices are really rising too. DH and I got a good deal on a great house 2 years ago and now the prices in our neighborhood are considerably higher....like 100 grand. The thing is, if we were to sell, where would we go? Comparable houses are much more expensive and to get an even nicer home we'd be spending probably double what we paid 2 years ago. It's definitely a seller's market.

However, near the water, we are having a HUGE construction boom, where everything is so high-priced and there is so much available that it's totally a buyer's market. Some of the condos have been on the market for over a year, whereas the houses get snatched up in a matter of days. I guess it really depends on the price level we're talking here too. There is obviously a huge difference between a $200-300,000 house and a $600-700,000+ condo. I just can't fathom how they are building so much (and I am talking like atleast 20 HUGE condo buildings) at such HIGH prices down here. The developers must think all the rich people in the world are moving to South Florida. :crazy: lol

[Mel-icious]

Originally posted by Csara
just can't fathom how they are building so much (and I am talking like atleast 20 HUGE condo buildings) at such HIGH prices down here. The developers must think all the rich people in the world are moving to South Florida. :crazy: lol

Not just SoFlo, here too. I swear every new development here, and there are about 5 being built, all of the houses start at the upper $400's. Every development, its just crazy.

In my neighborhood, 8 houses have been put up for sale and sold within weeks of doing so. Houses are being built left and right. My sister is a mortgage broker and she says its a great time to buy a house. I don't know much about it since we aren't in the market, but that's the scoop here. :D

[HeavenLeigh]

:eek: It sounds great everywhere.......but here.

The market here has been horrible since the big coal rush crashed forever and a day ago. Noone is buying which means noone is selling. Pretty sad where I live.
A town about 30 mins from my RE office is so booming. Contractors are working around the clock and there is still a demand. I'm hoping to migrate down toward that area w/in the next year.

[Margarita]

It's definitely a buyer's market here. This area is growing like crazy, and there are new houses popping up all over. That's great for my parents, who are looking to buy around here pretty soon. :D I'm not sure about prices, though. I know a neighbor of ours is trying to sell for almost double what we paid for our house and don't seem to be having much luck. They do have fancy landscaping and a 3-car garage (ours is 2), but still. I'm waiting for them to knock the price down.

[MissRyry]

Buyer's market here too ... for now ... but interest rates are rising. I wish we could hurry up and sell our home in Austin so we could get one of the fabulous homes here in Houston for under $200k!!

Csara, it's that construction boom in Florida that gives my son a job! He works constantly!!! Everyone looking for a job in construction needs to move to Florida. :)

>'.'<

[FarmGirl]

In the Chicago Burbs where I'm at, its a sellers market. Buyers are getting great interest rates, but sellers are asking for a fortune!

Where I'm looking to buy (central Indiana) in the next year or so, its a buyers market. The builders in the area have completely over built, and they cannot sell the homes. My parents just bought a 10 year old house that was appraised at 295, and they only paid 169. The market has been like this for awhile down there, and the idiot builders are still building more houses. Good news for me though. I want an old farm house though, with a few acres of land, so I don't know if the market would help me or not.

[Csara]

I want to see an update to this thread......

Hows the real estate market in your area now 3 years later?

In South Florida, homes are sitting considerably longer, however people are not budging as much as you'd think they would on prices.

[HeavenLeigh]

It still blows a big one here. The only ppl trying to sell are those smart enough to get away from this place but are selling WAY TOO HIGH since whereever they may be going is more expensive than here.
The market in sorrounding areas that were booming during my last post has decreased. A lot of ppl being sent off to war, gas prices out the roof, etc.. has done some damage in the RE world but it is starting to slowly increase since fall.

[nicolef888]

We recently just sold our house in Austin. Its definitely a buyers market. Our relator told us that homes in our area were sitting on the market for an average of 119 days. Also, many of them had to drop their prices to get the sale. We had to drop pur price by $42K to get our house sold.

In the Houston Area I think it's a mix between sellers and buyers market just depending on what area of town you are in. Our friends just sold their house after it was on the market for 4 days for 10K above their asking price. In our neighborhood, however we have had houses for sale and on the market for at least 2+ months. Not sure if the asking price is too high or what the situation is.

[ParagonEos]

I live in Midland, TX and rigth now we don't have enough houses for people to live in. We have such a shortage that even the skanky apartments have went up $200 bucks and more monthly. Houses here sit in the market less than a week in some areas and people are getting almost double what they paid for them. Real nice if your moving out of town :beer:

[rdy2rac with]

Up here in the automotive heart of the US (Michigan) we are feeling the effect of the downward spirals the Big 3 are in. People are moving out of the state and the people who stay are in tight situations with jobs (many are not guaranteed like they were 5 years ago) so they aren't doing any major changes.

There are houses on my block that have sat for a year. My neighbor was trying to sell her house last year & after not getting any interest decided to just stick it out. My sister tried to sell hers a year or so back & got not even a walk through (granted she was asking way too much & her decor would scare anyone, i.e. a dark blue living room, orange hallway, dark purple kitchen & basement stairway).

[MissRyry]

Homes are selling with days of listing them here. And there are bidding wars even!! In two years, our home has appreciated $25,000.00!!!

[ParagonEos]

Homes are selling with days of listing them here. And there are bidding wars even!! In two years, our home has appreciated $25,000.00!!!


MissRyry, do you live in Midland or Odessa??

[MissRyry]

No, in Kingwood -- a suburb NE of Houston. :)

[ParagonEos]

No, in Kingwood -- a suburb NE of Houston. :)


Awesome! I didn't know ya'll were doing so good up tehre too! I keep hearing about the house market not doing so well and I can't help but wonder where? :beer: