I keep reading that our city is in the top 10 for sales but seems somewhat slower to me as far as how long they stay on the market. Next spring will be the test as winter is always slow.
I keep reading that our city is in the top 10 for sales but seems somewhat slower to me as far as how long they stay on the market. Next spring will be the test as winter is always slow.
My Zillow estimate went up over $6,000.00 over the past 30 days.
Last edited by Yppej; 12-7-18 at 8:18pm.
I agree with Rob that metro Phoenix seems to have hit its peak in terms of housing flippers. I used to get 2-3 solicitations a week to buy my little house in 85008 and my primary home in 85044, and now I get almost none.
According to Zillow, estimates for both of these homes has been reduced almost 3% in the last month, so even given the sometimes crazy Zillow estimates, I think it's another indication that our real estate market is cooling somewhat.
Another prediction in the news today: home mortgage rates will be 5% or 5.5%. Will be interesting to see what these rates do to the housing market.
Seattle has slowed down dramatically. There are two houses for sale near me -- one listed several months ago for 1.5 mill, now down to 1.25 and still not moving. Another one listed for 998k a few weeks ago and just dropped to 950k. I predict both will need to drop at least another 25k to sell.
We overpaid for our place -- market was crazy when we were buying so we made an all-cash offer before they even listed at about 50k above what they were planning to list for. We probably would have had to pay more if it had listed and we had competing offers at the time. But now our Zillow valuation is down about 120k from what we paid, and we've put about 20k into repairs and upgrades. Hopefully we can hang on until it rebounds, or at least not lose more than we would have paid in rent (similar rental would have been 35-50k, depending on location).
"Seek out habits that help you overcome fear or inertia. Destroy those that do the opposite." Seth Godin
My neighbors must have been incredibly lucky to sell so fast and for such an impressive price. That was a couple of months ago.
Just saw a chart saying our prices are down 10% but houses in our neighborhood are going fast.
Yes, it does seem slower. Houses at the lower end of the market sell fairly quickly, but the more expensive places (700k +) hang around for a long time. Overall, more sluggish than a couple of years ago.
We had severe (hazardous) widlfire smoke for nearly 2 months this summer, and for 1 month in 2017. Lots of shops in our downtown have gone bust. People are not so confident these days that their property is going increase in value, and buyers are more hesitant.
The local news says that things are slowing here but prices are holding steady. Apartments are going up everywhere in some sort of building boom. I think some people and the home flippers have priced their houses above the already high market value thinking they might get lucky. Those houses aren't selling very fast.
Southern California has slowed considerably but that was from a crazy market. I still feel for the long haul that you should buy as a hedge on your future dwelling costs. Don't buy to make money. Nothing in my building has been listed for five months and I am 2 blocks from light rail. I don’t really care about the price as this is our age in place condo.
I hope prices in the general area don't cool until my relative sells their house, which they have to, due to medical expenses in this great US of A. It went on the market a couple of days ago. Don't get me started.
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