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

[gimmethesimplelife]

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

[JaneV2.0]

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.

[Float On]

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.

[catherine]

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.

[iris lilies]

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.

[iris lilies]

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.

[JaneV2.0]

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.

[sweetana3]

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.

[Teacher Terry]

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.

[rosarugosa]

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.

[pinkytoe]

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.

[Yppej]

My Zillow estimate went up over $6,000.00 over the past 30 days.

[Lainey]

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.

[lhamo]

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).

[JaneV2.0]

My neighbors must have been incredibly lucky to sell so fast and for such an impressive price. That was a couple of months ago.

[Teacher Terry]

Just saw a chart saying our prices are down 10% but houses in our neighborhood are going fast.

[Gardenarian]

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.

[Rogar]

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.

[San Onofre Guy]

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.

[JaneV2.0]

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.

[Tybee]

Fingers crossed Jane for a speedy sale. Catherine, you may not put your house in the market just yet!