My area is also still moving if the house is even marginally priced right. We had three houses sell on my block this summer, including one last week which we thought was late in the season. All three sold the day they hit the market.
That said, there were two other homes that were well over priced that both just got pulled off the market after sitting for three months. They had lower offers but the sellers rejected them. If people are buying with mortgages there is no way the bank appraisal would align with the asking prices.
We are about to list my parentsā home, the one we grew up in. Itās in a rural part of our state outside a small city. The problem for us is that it is worth about $400K (mainly the acreage) but nobody is buying things at that price. We will probably list it in the 240ās. As we have been emptying it, weāve had three people ask about buying it. Thereās a big investor from the nearest major city who built a huge modern home overlooking the river, then got tired of rural life and has been trying to sell it for almost 2 years at 1.25 million. Real estate is hard.
O agree location matters. Our street is a cul de sac with only 12 houses on it. Houses rarely go for sale here, and when they do they sell pretty quickly. Like I said above, one sold this week. The last house sale here was almost 6 years ago. The last before that was geeā¦maybe 15 years ago?
So when a house in this neighborhood, with a small private beach on a beautiful lake comes up for saleā¦it sells quickly.
@toledo, it sounds like you have a great family neighborhood. It will sell!! If you listed in July, itās been on the market 6 weeks or so. We have gotten so used to houses selling very quickly that we forget that this is normal!
Iāve heard the real estate market is softening in much of the US. Iām in eastern MA, 25 miles north of Boston, and real estate in our town is still going like hotcakes. We sold my dadās tiny house (1100 square feet) earlier this summer for a little over asking at a price I thought was ridiculous (mid $600s) but it is āin townā and those places tend to sell really quickly. I keep thinking that prices will need to stabilize at some point but it hasnāt happened yet. Good luck with your sale - the middle of summer tends to be slow - hereās hoping that you will get some bites as fall approaches.
My neighborhood still has very low inventory, almost everything sells in a hot minute over asking. I know several young ish couples looking to buy, donāt yet have kids so not tied to the whole school schedule yet. They have large budgets, are not looking for starter homes.
I know I wonāt live in this house forever but as there is a very limited supply of ranch homes Iām not selling until I can find one. My location is walkable to every school, commuter train to the city and shopping so very desirable. Lots of my friends in same boat.
Late spring/summer tends to be the busiest time of the year ā better weather + more daylight hour, aligns with families looking to avoid disrupting school year, more new listings, ā¦ An example graph is below, showing aggregate for full US. Of course many regional markets will differ from the national aggregate.
Years ago, I listed my home in October. It went pending less than 10 days later with multiple offers, and sold at the highest price ever (at time) for a comparable home in the neighborhood, in spite of being in relatively poor condition without upgrades and with more limited view than some neighbors. In the preceding month, I bought my new home. It originally listed in April and sold more than 2 years after list date. Some contributing factors to the dramatically different outcomes for the 2 homes include:
Fast selling home was basic and at lower price end, in an VHCOL region, resulting in a larger number of potential buyers that can afford the home, as well as interest from rental investors.
Slow selling home was unique with special customizations. This includes both major customizations such as utilizing over $100k worth of AV equipment (included in sale), as well as minor things such as painting walls non-neutral colors. It was also not at lower price end. The home was a great fit for me, but not a great fit for most buyers.
Slow selling home was originally priced well above market demand. The home received far more interest/offers after cutting list price.
The fast selling home timeline coincided with termination of government incentives. Buyers were in a rush to complete sale before incentives went away.
Slow selling home was a short sale that required special coordination with bank to complete sale, and different motivations and timeline than traditional sellers. I expect many potential buyers intentionally chose to avoid short sales, limiting interest in the home.
We are in Wisconsin. Just had our one year anniversary for buying our house. Spoke to our realtorās husband last month (also a realtor). He said the market has really changed and there are far less buyers now
This is so location specific. Weāve heard from local realtors that many areas that were traditionally second home areas (ie beach towns) that saw huge increases during covid (remote working, early retirement) are softening a bit, although not to pre-pandemic levels.
Other localized shifts impact real estate, such the health of a local industry. Politics has in some cases created uncertainty.
Yes, itās a buying frenzy here (down the shore), too. My next door neighbor listed her home 3 weeks ago (purchased in 2008 for $408k) as an āas isā sale for $729k (the house needs a lot of work). She has 12 offers, 10 are above asking with one as high as $900k . They are currently in attorney review, and of course, until itās a done deal, anything can happen, but it does seem that the sellersā market is alive and well here.
Sweet neighbor 2 doors down lost her husband this summer. House needs a LOT of updating. She did have some basic things fixed, replaced all the screens on her porch, painted the trim, etc, but the house was listed low (and then lowered it more to sell quickly) and selling āas isā. They have a buyer. Closing was supposed to be last Friday but was pushed to this Friday. DK why.
House sales have basically collapsed here. Houses have been on the market months, reducing prices. S3 took his off the market to reevaluate since price reductions had not worked. They are trying to move closer to their new jobs. There are still pickets with good sales but definitely more with price reductions.
(My brother and I need to get my dad and his wife to list their house to continue paying for the AL we moved them into in June, but they believe AL is temporary and are planning to return to the house. Probably more of an aging parents issue than a real estate issue.)
I have relatives who own a 5 BR house in the DC area. They were planning to get it on the market in the spring, but just put it on last week. I feel like this is bad timing for them - Kids just went back to school Monday. Iām crossing my fingers for them. Honestly they have 2.x acres of property so it wonāt surprise me if someone buys it and then tears down the house.
We sometimes see that kind of big lot broken up (where zoning permits) for apartments or more houses. I understand the need for more urban density, but it still makes me sad.
@HImom Iām glad you did the exchange and hope you havenāt exchanged any of them into DSTs. For ours, we still donāt have access to our money (itās been 5 1/2 years, and they say they usually go full cycle in 4-5 years, but they wonāt give us any indication of when ours will), and we want our money! No idea how to tax plan, since we donāt know when weāll get it, and surprise, surprise, while viewing one of their management meetings, they revealed that these DSTās will only keep their value in all these years they had them, with little to no appreciation.
The good thing is we really like the condo we bought and our kids do as well. D thinks once the tenantās lease ends it will be an attractive incentive for more frequent and prolonged visits.
The rail station will be built right outside the building!
. They are currently in attorney review, and of course, until itās a done deal, anything can happen, but it does seem that the sellersā market is alive and well here.