Sahamamama Posted February 23, 2013 Share Posted February 23, 2013 In your local area, is the real estate market favoring the buyer or the seller? Or is it fairly even? Or other? ;) Quote Link to comment Share on other sites More sharing options...
OrganicAnn Posted February 23, 2013 Share Posted February 23, 2013 I heard a story on the radio yesterday that it is now a seller's market in Florida. Florida had been really impacted by the real estate crisis. So I guess things are changing. Quote Link to comment Share on other sites More sharing options...
AnIslandGirl Posted February 23, 2013 Share Posted February 23, 2013 Our next door neighbor just sold their estate for 5.2M and purchased it during the bubble for 8.5M... ouch, what a loss! Quote Link to comment Share on other sites More sharing options...
Um_2_4 Posted February 23, 2013 Share Posted February 23, 2013 I voted other because here it depends. If the buyer is willing to be patient and work with a short sale. It is a buyers market. There are tons of short sales listed (although that # is less than a year ago), but they usually take 4-6 months from offer to closing. But if the seller is a bank owned home or standard sale (assuming they have been kept up well and don't need extensive work), then the seller can dictate terms and will usually have an offer over asking price within a week of listing. Before this house (last summer/fall) we put offers on bank owned and most were under contract within days of listing and over asking. We then offered on several short sales and we were accepted on all (like 4). Then we were able to pick. A Standard sale just down the street listed and closed this summer in less than 40 days at quite a bit over what we paid per sq ft (same development, same condition). Oh and if you have cash, then it is a buyer's market for you, doesn't matter about the house! Quote Link to comment Share on other sites More sharing options...
redheadeddaughter Posted February 24, 2013 Share Posted February 24, 2013 Parts of Silicon Valley with low crime, a decent commute (under 45 minutes one way in traffic) and good schools (not that most of us need to worry about that, but if you are a smart home buyer you will consider it) are going crazy right now with multiple all cash offers with average time on the market under 15 days. Ones with any kind of charm go way before that. Most homes selling here are well over 1 million for a tiny 1400 sf 3 bedroom single family home. (Tiny for a million... I know my grandmother raised her family in a much smaller home, but they paid closer to $5000 for it. ;0)) We've been looking to buy since we relocated from Southern California and it feels like the 2003 bubble all over again. Ugh. On the bright side, jobs are looking good here. I thought there would be a bunch of layoffs after the election, but it seems like that's a non-issue here. Also, very few foreclosures in the good areas because the homes are selling at peak prices, so if someone is having trouble making payments, they can easily sell it if they need to. I am quite surprised by this, but the inventory is so low perhaps its driving demand up only in the short term? Can't wait to hear about other areas. Quote Link to comment Share on other sites More sharing options...
Venia Posted February 24, 2013 Share Posted February 24, 2013 Neither, here. Inventory is very low, prices are still low, but its a cash only race to the closing table conditions. Traditional buyers are losing out to investors and sellers are still selling way below what they owe. Double ouch. Quote Link to comment Share on other sites More sharing options...
Guest inoubliable Posted February 24, 2013 Share Posted February 24, 2013 Buyer's here. Which mean that by the time I can buy, it won't be. ;) Quote Link to comment Share on other sites More sharing options...
BigMamaBird Posted February 24, 2013 Share Posted February 24, 2013 Last year at least, it was a buyer's market in our area. We were able to afford a home that we'd never have thought to look at because the seller was willing to take much lower price than they would have 5 or 10 years ago. Quote Link to comment Share on other sites More sharing options...
Arcadia Posted February 24, 2013 Share Posted February 24, 2013 Also, very few foreclosures in the good areas because the homes are selling at peak prices, so if someone is having trouble making payments, they can easily sell it if they need to. I am quite surprised by this, but the inventory is so low perhaps its driving demand up only in the short term? Can't wait to hear about other areas. The rents here are now at a rate that people who might choose short sale or foreclosure are now renting out their homes and choosing to rent cheaper elsewhere. Also a lot of people around me are waiting to sell as prices are going up. The thing with the good areas is that a lot of sellers have holding power as they are not in a hurry to sell. Curious why you think there would be layoffs in Silicon Valley after the elections. The H1B quotas has been increased so there are likely to be more hirings instead of layoffs. Quote Link to comment Share on other sites More sharing options...
nmoira Posted February 24, 2013 Share Posted February 24, 2013 Strong seller's market in my larger neighborhood, and somewhat of a seller's market in much of the city proper, but mostly because of low supply.... so many houses have been taken off the market. But the best market now is for lots with rundown houses for restoration or undersized houses for their neighborhood to be demolished due to a *severe* lack not land immediately developable. We also get a form letter about once a month reminding us that we can legally and easily sever our lot and sell it to the sender. Quote Link to comment Share on other sites More sharing options...
Melissa in Australia Posted February 24, 2013 Share Posted February 24, 2013 other ~ I have no idea. I do know that houses in Australia are among the highest priced in the whole world. Quote Link to comment Share on other sites More sharing options...
mom2scouts Posted February 24, 2013 Share Posted February 24, 2013 It's a buyer's market here. I could go into just about any neighborhood and have my pick of house style. I live on a cul-de-sac with 7 houses and two of them are for sale and another was dumped last year at $60,000 for a quick sale. The house behind me is foreclosed and empty and the house next door to it and the house across the street from it are both for sale. On a neighboring street, there are three similar houses for sale within a single block. Quote Link to comment Share on other sites More sharing options...
ChristineW Posted February 24, 2013 Share Posted February 24, 2013 Parts of Silicon Valley with low crime, a decent commute (under 45 minutes one way in traffic) and good schools (not that most of us need to worry about that, but if you are a smart home buyer you will consider it) are going crazy right now with multiple all cash offers with average time on the market under 15 days. Ones with any kind of charm go way before that. Most homes selling here are well over 1 million for a tiny 1400 sf 3 bedroom single family home. (Tiny for a million... I know my grandmother raised her family in a much smaller home, but they paid closer to $5000 for it. ;0)) We've been looking to buy since we relocated from Southern California and it feels like the 2003 bubble all over again. Ugh. On the bright side, jobs are looking good here. I thought there would be a bunch of layoffs after the election, but it seems like that's a non-issue here. Also, very few foreclosures in the good areas because the homes are selling at peak prices, so if someone is having trouble making payments, they can easily sell it if they need to. I am quite surprised by this, but the inventory is so low perhaps its driving demand up only in the short term? Can't wait to hear about other areas. Same here. In our small East Bay (SF) community, we would not be able to afford the home we bought 2 years ago. Just this past month, three homes within a half mile of our house sold for more than 1 mil in the first week they were listed--the homes were larger than 1400 sq ft but not more than 2000 sq ft. We know several families who are renting but cannot afford to buy. Quote Link to comment Share on other sites More sharing options...
LibraryLover Posted February 24, 2013 Share Posted February 24, 2013 I heard a story on the radio yesterday that it is now a seller's market in Florida. Florida had been really impacted by the real estate crisis. So I guess things are changing. I think that 100% depends on where. What parts are you witnessing, OrganicAnn? I have seen folks sweeping up, and then turning over for $. Scooping up properties when the rest of the folks are scared is one way rich folk get richer. Quote Link to comment Share on other sites More sharing options...
OrganicAnn Posted February 24, 2013 Share Posted February 24, 2013 I think the radio show was talking about Miami (but it could have been some other city in Florida) and I remember it focused mainly on condos and foreign buyers. I'm not from Florida, but I thought at the time "if Florida is improving, then things are looking up". Quote Link to comment Share on other sites More sharing options...
Rebecca VA Posted February 24, 2013 Share Posted February 24, 2013 Seller's market for mid-priced homes. Buyer's market for more pricey homes. Quote Link to comment Share on other sites More sharing options...
Joker Posted February 24, 2013 Share Posted February 24, 2013 I'd say it's a buyers market since most everyone I know is still upside down here in FL. You can sell easily if you can cover the difference. We bought a tiny home (1000 sq ft) we could comfortably afford right before everthing blew up, and if we sold now we would have to bring about 50K to closing. No thanks. New construction has started again as well, but those homes are now going for far less than they were when we moved here. Quote Link to comment Share on other sites More sharing options...
UrbanSue Posted February 24, 2013 Share Posted February 24, 2013 Buyer's here but the sellers are so angry and deluded about how far prices have dropped that it's like pulling teeth to get them to be reasonable. For those who have a good understanding of the market right now, there is not a lot of competition for homes. Quote Link to comment Share on other sites More sharing options...
Dandelion Posted February 24, 2013 Share Posted February 24, 2013 I would say that it's been a buyer's market in Colorado Springs the past few years, but it seems to be evening out a bit now. Median home sales prices are up over a year ago, as are the total number of home sales. Quote Link to comment Share on other sites More sharing options...
Um_2_4 Posted February 27, 2013 Share Posted February 27, 2013 Our neighbor actually works for a contractor who has accounts with several banks, they go in and "revamp" bank owned homes. He said they are swamped, they have more housees then they can finish. One is done, another waiting. The crew is spread thin. He asked the bank agent one day when he was visiting the house our neighbor was working on "so when will this one be listed?" (I guess his relative is looking to buy in the area) and the bank rep said not till next summer! THen the rep told him, don't worry I have tons more houses for you to "fix up" so you'll be working through at least the next year on them. He said they put all new carpet, kitchens, etc EVEN if the previous ones were still in good shape just so the listing can say NEW. Lots of time they are replacing granite counters with TILE !!! AHHHH!! Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 27, 2013 Share Posted February 27, 2013 It seems mixed here. Homes that are lower-priced are getting snapped up quickly and there are bidding wars going on. Many homes are now selling for over list price. However, it is very difficult to qualify for jumbo loans these days, so higher-priced houses are still taking a while to sell. Quote Link to comment Share on other sites More sharing options...
Happy Posted February 27, 2013 Share Posted February 27, 2013 In many neighborhoods around here, it's become a seller's market....multiple offers, even some above listing price deals. Low inventory (especially for February) is causing buyers to make decisions fast. Some of my clients didn't believe me when I told them this and were disappointed they didn't get their favorite house. We've seen prices slide up a bit, too. The further you are from all the 'bright lights' the less all of this is true. Quote Link to comment Share on other sites More sharing options...
Crimson Wife Posted February 27, 2013 Share Posted February 27, 2013 Coincidentally, I just came across an article on MSNBC talking about the difficulties borrowers are having getting jumbo mortgages. According to the article, to qualify for a jumbo loan borrowers need: "to put up 30 percent of equity, show a FICO credit score topping 760, provide years of tax records and prove that he or she has a year of mortgage payments in the bank." No wonder the demand for higher-priced homes in our area is much weaker than for lower-priced ones. 30% down plus a year's worth of mortgage payments in the bank is a huge hurdle given what housing prices are like in my neck of the woods. It took us years to save up 20% down and 6 months' worth of savings. Quote Link to comment Share on other sites More sharing options...
Ali in OR Posted February 27, 2013 Share Posted February 27, 2013 I don't really track prices, but I do hear that inventories are low. I get mail about once a week from local realtors saying it's a good time to sell. But I don't think prices are back up to where they were a few years ago. Quote Link to comment Share on other sites More sharing options...
Guest nelonmasni Posted April 9, 2013 Share Posted April 9, 2013 It may change and depends on several factors; fluctuation from buyers to sleers and vice versa happen over time. Its cyclic and a see-saw process. EVery time the real estate market is depended on the time. Thanks from iGroup Quote Link to comment Share on other sites More sharing options...
Jane in NC Posted April 9, 2013 Share Posted April 9, 2013 There are some interesting things happening in my market. While a number of existing homes are on the market, new construction is hopping again. Further, the zombie developments are being purchased by big investors like Bank of America. Obviously they see that the corner has been turned. Quote Link to comment Share on other sites More sharing options...
gingersmom Posted April 9, 2013 Share Posted April 9, 2013 I'm not sure about my neck of the woods. There is low inventory yet I think some houses are so grossly overpriced ( aka people overpaid for them) that they are not going to sell until they are reduced major $$$. I bought in a town that is definitely a sellers market. Quote Link to comment Share on other sites More sharing options...
NotSoObvious Posted April 9, 2013 Share Posted April 9, 2013 I think the radio show was talking about Miami (but it could have been some other city in Florida) and I remember it focused mainly on condos and foreign buyers. I'm not from Florida, but I thought at the time "if Florida is improving, then things are looking up". I saw the Miami article, too. Good news. Quote Link to comment Share on other sites More sharing options...
butterflymommy Posted April 9, 2013 Share Posted April 9, 2013 In my little corner of the city it is definitely a buyer's market but in other parts of the city it's the reverse. I have seen houses on the market, near me, for 3+ years now. Quote Link to comment Share on other sites More sharing options...
Sun Posted April 9, 2013 Share Posted April 9, 2013 Definitely a sellers' market here. There's low inventory, which means multiple offers are the norm on reasonable houses, and a large percentage are going over asking price. One a couple doors down from me sold for about 8% over asking about a month ago (and it wasn't underpriced--there's just no inventory). Things here are back to the era of "if it's been on the market for two weeks and it's still for sale, there's something really wrong with it." Quote Link to comment Share on other sites More sharing options...
gardenmom5 Posted April 9, 2013 Share Posted April 9, 2013 it varies with the price point. there is quite a bit of new home construction around here - at various price points. houses are selling faster than last fall. Quote Link to comment Share on other sites More sharing options...
Runningmom80 Posted April 9, 2013 Share Posted April 9, 2013 Low inventory is turning the market around, but I wonder about when all these bank owned homes that they are sitting on go back on the market. Quote Link to comment Share on other sites More sharing options...
KrissiK Posted April 11, 2013 Share Posted April 11, 2013 Around here inventory is low, homes are only on the market for a week or two. Last fall our neighbor sold his house for asking price in a week. Now, prices, that's a whole different thing. For example: in 2000 Hubby bought his house (we weren't married) for $130K. We got married and sold the house in 2003 for $207K "by owner" the same weekend we listed it. We could have gotten more. We bought our current house and at the peak of the market could have gotten $80K more than we paid. Now, we could probably sell it for $7-8K more than we paid for it, though we wouldn't have trouble selling it. I think prices now are more realistic. Those Bubble prices were crazy. It's a good thing the market adjusted, though many people got shafted. Quote Link to comment Share on other sites More sharing options...
Ottakee Posted April 11, 2013 Share Posted April 11, 2013 In our area it varies. For basic single family homes in a subdivision or on smaller lots--like under 2 acres it is a buyer's market. Quite a few listed and prices seem reasonable. Where the inventory is very low is for single family homes on more than 5 acres in our rural township. We searched for a year to find out new home and we bought it the day it was listed. It hit the listings at 6am, called the realtor at 8am, showing at 11am, offer in at noon, and accepted by 1pm. The issue in our area is that they are putting an expressway through the township (rural with no stop lights etc) which has displaced over 40 families, many of which had 5-100 acres and hobby farms and some bigger farms. That meant that there were many families looking for the same type of property (esp. those with 5-10 acres suitable for horse/hobb farm). Quote Link to comment Share on other sites More sharing options...
Myeightkiddies Posted April 11, 2013 Share Posted April 11, 2013 It's a buyer's market here (in Ohio), but it feels as if it is a seller's market. Basically there are a lot of houses for sale. However, there are few really desirable ones in the most popular price range. Buyer's check the listings daily for new ones, and if something comes up that is great, it will have a contract on it within a couple hours of being listed. The other houses tend to sit for a few months (or more). Where I use to live in Florida (we moved this past summer), it is definitely a buyer's market. We listed our house in early October. As of this month, there were only two walk-throughs during those six months, and we are underpriced based on the area's price per sq ft. It is going up for rent. Quote Link to comment Share on other sites More sharing options...
Rebecca VA Posted April 11, 2013 Share Posted April 11, 2013 Seller's market here in suburban D.C., as per the article linked in yesterday's Drudge Report. Prices in our city have risen over 24% in the past year. I always take these things with a grain of salt. Since we don't plan to sell our house anytime soon, the rise in prices won't affect us. The houses are just getting older, year after year, and unless owners carefully maintain them, they are actually depreciating. Quote Link to comment Share on other sites More sharing options...
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