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Thread: Are you seeing your local real estate market starting to cool off?

  1. #1
    Senior Member gimmethesimplelife's Avatar
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    Are you seeing your local real estate market starting to cool off?

    I ask this as I live in high-flying Phoenix, AZ, and I've noticed that several houses in my immediate neighborhood have been on the market for many months. One house down the street is on the market for $315,000!!! To some of you based on where you are you may find this reasonable or even cheap but by Phoenix standards for a three bedroom, one bath house in the 85006 that's unheard of. They'll get that when pigs fly...…

    Another house is a little bigger and nicer and is listed for $290,000 - I can remember back in 2009 when that same house though not redone sold for $48,000 - now it's sat on the market for five months at 290K. It really does seem to be cooling off a bit though hyperconstruction of high end apartment buildings close to downtown continues. What's it like where you are? Rob

  2. #2
    Senior Member JaneV2.0's Avatar
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    According to Zillow, my house devalued by $12,000 last week--but that corrects a gain it made last month.
    My neighbor just sold his house in a few weeks for a few thousand over the asking price.
    The average house price around here is $661,000, and the market is "cool," according to Zillow.
    I'm sure the coming recession will further depress the market.

  3. #3
    Moderator Float On's Avatar
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    Our area is currently up again and houses are selling within weeks if not days. The only ones sitting on the market are ones that are way overpriced. New construction is also up again but I notice if a contractor buys a large 10 acre plot the first 2 houses are larger (4 bed/3 bath) and the next wave of homes offered are more standard 3/2.
    Zillow doesn't seem very trustworthy. I get wide swings on a monthly basis on that site.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

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    Senior Member catherine's Avatar
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    Well, you'll be able to time the next housing bust according to when I tell y'all that our house is on the market, if my personal history with real estate is any indication.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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    Senior Member iris lilies's Avatar
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    Quote Originally Posted by catherine View Post
    Well, you'll be able to time the next housing bust according to when I tell y'all that our house is on the market, if my personal history with real estate is any indication.
    We appreciate your selfless service!

    If it makes you feel any better I have never made money on any real estate in my life, of course I’ve only sold two.

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    Senior Member iris lilies's Avatar
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    Our friend in real estate has had the best year he has ever had and he said he had a purposely slow down his business at the end of this year so that he wouldn’t get hit with too much in taxes. I don’t know that it’s slowing down yet. The big million dollar houses in our neighborhood sit for a long time. The others in the $250,000 - 500,000 Range are moving but not super hot.

    But it is interesting to me to see houses listed today at prices that are not necessarily always more than what they sold for in 2007.

  7. #7
    Senior Member JaneV2.0's Avatar
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    Quote Originally Posted by catherine View Post
    Well, you'll be able to time the next housing bust according to when I tell y'all that our house is on the market, if my personal history with real estate is any indication.
    Yeah--I can see that happening with me too.

  8. #8
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    We have a hot and cold market. Older properties not in modern tip top shape even with great pricing sit. Expensive, top of the line new houses downtown sell even before finished. Developers and indiividuals are still begging for lots to build on. All the new condos (expensive and tiny) are selling out. Not unexpected. Prices skyrocketed in the last 2-3 years and probably have hit the appraisers limits. That and mortgage interest rates are up.

  9. #9
    Senior Member Teacher Terry's Avatar
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    Our market is still hot especially in neighborhoods close to downtown. Both young people and retirees are moving in. If a old house is in need of updating it is happening quickly after people moving in. We have a big housing shortage. Average price is between 350-400 for a small home. If you go out to the north Valleys prices are cheaper. But then traffic is bad. A friend of mine builds million dollar homes and he has plenty of business. We have both made and lost money on real estate.

  10. #10
    Senior Member rosarugosa's Avatar
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    Our market is hot, especially in our town. We are building a brand new high school and middle school complex, and apparently that makes our town very attractive to those who will be raising families. The most modest of starter homes is priced at $350,000+ and there are bidding wars, so the selling prices are even higher.

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