Curious what the overall landscape is for the markets in your area? I work all around the country but from north eastern Wisconsin, where the market has slowed significantly but homes that are priced correctly still move at a decent rate.
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I live in southwest Chicago suburbs. After not seeing a single house for sale in my neighborhood the past 6 years, now about 10 houses listed for sale in my neighborhood in April/May.
It seems these sellers overestimated what price they could get bc not a single one has sold. They all slapped new roofs on and painted and then called it a day. Any houses that didn’t sell when the school year started I think missed the main season. Our neighborhood is mainly families with kids so I can’t see many people buying in Oct-nov unless they were moving from a house close by.
I keep waiting for some of these sellers to pull their listing and then relist in spring at a cheaper price but so far no ones pulled their listing
These are 3-5 bedroom homes, 1300-2500 square feet on quarter acre lots so big yards, about 20 miles from downtown Chicago, all listed for between $450-$750k (For reference my dad bought our 1300 square foot 3 bedroom home on a quarter acre lot in 1998 for $120k , with the larger sized homes selling for around $300k at that time)
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Not great at all - I’m in beach side central Florida. Soooo many houses sitting for months and months, constantly lowering prices and not selling
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Got a city we can look up? I’m just curious. Do you think this has something to do with problems of getting insurance in Florida recently?
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I’m in Melbourne, FL. Happening all in Brevard County - I think it’s a mix. Definitely the insurance situation is awful, but as someone not in the real estate business, I’m not really sure why it’s happening. But it’s the worst it’s been IMO in yearssss. So much inventory
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The highly overpriced homes sometimes make a market look worse than it is, because the homes priced right come and go. Whereas those outliers stick around.
Redfin says Melbourne single family homes are up 9% in price compared to last year. Up 40% compared to 5 years ago.
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Parts of Florida are sitting, I just purchased in Palm Bay, house was sitting for 72 days, I was the only offer.
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In NJ good houses are still moving. We bought and sold in the last two months. Our buy was a FSBO and didn’t want to deal with bids and realtors. We paid what they asked. Our sell went through a very reputable realtor, and got over $100k over asking, and definitely more than I expected.
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Virginia — prices are ridiculously high (think $700k for a house that was sold for $450k in 2021), hard to schedule a showing, offers are “due” within a week, and under contract within 10 days.
Very little inventory.
Then, on top of it all, they end up selling for at least $50-150k over asking. Bonkers and I’m ready for it to slow down.
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In The greater Denver area the lower interest rates have certainly encouraged some buyers who were previously on the fence to jump in, as they wanted to secure a lower rate before the spring market really kicks off. The rate drop was pretty significant with about $200 a month drop in Payment. Starting to see more showing activity for sure.
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