Real estate savvy folks-

[teachermom2834]

I realize no one has a crystal ball but any thoughts on when this crazy housing market might chill? 
 

We want to start thinking about moving (like in the next 2-5 years, not immediately and no rush). We can downsize if we want to but regardless we need to get somewhere with fewer stairs where we can get older and where older people can visit more comfortably. 
 

But we are not in a rush and not at all interested in jumping into this market. We are in Tennessee and the cities have serious housing shortages and of course prices are crazy.

Seems it can’t hang on this way. But what do I know? Anyone here have an opinion. Of course I know it varies by location and no one can predict the future. But outside those parameters- thoughts?

[gardenmom5]

Markets are more location specific.  

for starters - what is driving the housing market in your area?  new industry?  people retiring to a less expensive market?

[Bootsie]

When interest rates begin to rise, and mortgage rates start increasing, I think the housing market will chill in many parts of the country.

[katilac]

4 hours ago, teachermom2834 said:

We want to start thinking about moving (like in the next 2-5 years, not immediately and no rush). We can downsize if we want to but regardless we need to get somewhere with fewer stairs where we can get older and where older people can visit more comfortably. 

Will this put it shortly before retirement or many years before retirement? Are you strictly looking to stay local or open to other areas? 

[teachermom2834]

6 hours ago, katilac said:

Will this put it shortly before retirement or many years before retirement? Are you strictly looking to stay local or open to other areas? 

Still 15-20 years from retirement if we move in 5 years. Timeline is not set in stone for any reason other than now is not a good time and I don’t love where I am currently. We will likely stay in the general region but are open to stay close to where we are now which is a small town/city 35 miles outside a medium size city. We are open to staying here but also to any area surrounding the city in any direction or even the downtown area of the city. So we aren’t looking to relocate out of state but aren’t tied to a specific town or suburb. Dh came home to work in March of 2020 and may never return to the office or only return twice a month. So another reason to wait a few years and see how that shakes out. But it looks like a commute isn’t going to be a big issue if he stays at this job. 
 

We have always moved on a short time table and under duress and always with more kids than money. So we always have had fixer uppers and things that didn’t quite meet our needs. We never house hunted and found something we loved. Was always just a case of trying to find something safe with enough room for the kids. So now that we are down to one that will be college age when we move, we want to do it right and get something we really want and will work for us long term. So I am thinking ahead. And…it is fun to daydream. 🙂

[kristin0713]

I'm not savvy, just have been trying to buy a house since last fall.  We've had one builder bail on us and have been outbid multiple times on resales.  It seems like houses are staying on the market a bit longer right now as opposed to a month or two ago. But just a bit longer.  What we have seen is that the houses that are turn-key and in immaculate condition are still selling for 30-50K over asking price.  Houses that need some work are sitting a little longer but are still selling. Houses that have a huge strike against them are sitting longer as well.  We have been eyeing a house that is gorgeous but the lot is awful.  This house would have sold quickly and for a lot over asking if it were not for the lot.  But we don't want to be stuck with a house that is not sellable in a normal market, so we're definitely not going for one that is still sitting there in  this market.