This market is killing us! We have toured every house that we have any interest whatsoever in that is on the market right now. We have placed two offers and lost both. Now we wait day by day for new houses to go on the market. It is so frustrating!!
Is there low inventory where you live? Are you house hunting?
wonderful clementine / 24134 posts
Yes for what we are looking for. We are very specific about our school district and our desires that would make it worth it to move. We aren't ready to put our house on the market because I'm not sure we would find something better.
grapefruit / 4988 posts
Yes, low inventory and increasing prices. We are not house hunting right now but we are keeping a very close eye on the market because we want to buy in 1-2 years and I think we are really going to need to time it right. If we wait too long, the prices may increase to the point where we can't get what we want, however we can't afford to move right now. It's a catch-22.
hostess / wonderful persimmon / 25556 posts
@catlady: our problem, too. We are getting our house ready for the market and just pray we find something in a few months.
@T.H.O.U.: same but we aren't in a good school district and are looking to move to a good one. We don't have to worry about it until 2017 but you apply for your school in February so we want to be in and settled by end of year this year. It's scary. And frustrating.
pineapple / 12053 posts
There was/is where we just bought. It's a fixer but we feel like we got a good deal compared to what's up now. Things are few and far between in our exact neighborhood (and we were very specific where we wanted to end up like a mile radius).
grapefruit / 4988 posts
@mediagirl: Good luck! Are you going to try to buy first, and then sell, or the opposite? I can't figure out how to time things in these types of markets.
hostess / wonderful persimmon / 25556 posts
@catlady: we can buy before selling and that was our goal until we lost the first house we offered on (and I'm still so, so sad about) and then lost another (they took the house off the market to do repairs). It looks like we may do it all at once now. It's hard to figure out what to do. In this market we have to show that we can put 20% down and have no contingency.
eggplant / 11824 posts
We are not house hunting, but I’m always keeping an eye on what’s out there and inventory is very low. That’s especially bad because most people won’t list a home for sale in winter around here, so this is our busy season. Inventory has been low for several years – before we bought our house we lost on a home we bid $10k over asking on but had 1 contingency (we wanted to confirm with code enforcement that we would be able to build an addition and asked for 1 week to confirm this). They went with lower $$ but no contingencies. Luckily we didn’t need to sell in order to buy, pretty sure that’s the only thing that saved us. We also toured our home the week it went on the market, immediately offered full asking with no contingencies and no requests of any kind.
grapefruit / 4321 posts
All good houses in our area go for over asking in less than 24 hours. Our friends listed their house and had 12 showings, a bidding war, and accepted an offer for 25K over asking all within a day. Some things came up on their inspection and they just flat out refused to fix them and the buyer just accepted it because they were that desperate to actually get the house. Prices are so inflated that my husband and I seriously considered listing our house, but we would over pay for whatever we moved into, so there was no point.
grapefruit / 4455 posts
Yes. We are about to move into yet another rental but even the rental market is tight right now. There is quite a bit of multifamily being built right now.
grapefruit / 4800 posts
It was 2 years ago when we bought for what we were looking for.
We actually offered less than asking price, which then I didn't realize how risky it was, but we put 30% down, had no contingency and i forget how many days we had to close but it was only like 3-4 weeks. Every house that has sold recently has had a closing date of less than a month, for some reason that quick turn around seems to be a huge selling factor here. Good luck!
pear / 1837 posts
Very low. We had an offer on ours the day after we put it on the market, lost out on 2 houses before we got the one we just moved into- put an offer way over asking the day it got listed.
nectarine / 2173 posts
Very low. We bought new construction partially to avoid the song and dance of multiple offers and a long hunt.
honeydew / 7622 posts
Yes. Low inventory. I'm keeping an eye out so we can possibly get an appraisal and increase our HELOC for projects.
honeydew / 7917 posts
We are not looking for ourselves, but I have been searching for a townhouse for my cousin. It's rough, and nothing is popping up in areas that I like. Low inventory here as well.
watermelon / 14467 posts
For what we need, there is not a lot in our price point. We need to sell within 1-2 years and I don't know what t will look like then. So for now, we are getting our house ready to go on the market.
pomegranate / 3127 posts
There is low inventory of good housing, and high inventory of lousy housing (small or badly planned apartments for a million or so). The worse inventory can sit on the market for months, but I guess it sells eventually, because prices are not going down.
pineapple / 12793 posts
it's awful here. The market is going up 13+% every year. Our house is up $230k in two years. If we finish the projects we have left it'll be up $515k. We could sell but then never get anything else. It took us two years, 12 offers, and $140k over asking just to get into this house.
hostess / wonderful apple seed / 16729 posts
Yup. Seattle market is very low. Rent is very high because it's so hard to buy. Luckily, we are not house hunting.
persimmon / 1364 posts
Yes for what we are looking for it's very low. I've been looking for months and there have been only a handful of houses that even sparked enough interest to go see. We saw a house this weekend that we love. The problem is its at the very top of our budget and the location is not ideal. After a lot of thought, we've decided to pass on it but it's SO SO hard letting go of such a great house when there has been nothing even remotely comparable in all the months we've looked.
grapefruit / 4817 posts
Nope. You still have tons of houses to pick from in my area. The market is slowly getting better, but nothing is really moving fast. Now, go and hour south of us in Orlando, and the market is insane!
coconut / 8279 posts
Low inventory and everything under $400k goes for well over asking price (like, a 1 BR condo..)
Here's a single family for $400k in my town:
lol, yikes
persimmon / 1188 posts
Yes, I think so. I know for sure it was bad when we were looking last year. It was awful, we'd go into a frenzy anytime there was a remotely interesting new listing. There were 20 showings plus 2 open houses on our house in the first weekend. Getting the offer accepted was so stressful. It's not that amazing of a house, it's nice and it suits our needs but not worth all that fuss!
pomelo / 5791 posts
No, there are a TON of homes in our area. There are at least 4 houses for sale that I can see without even leaving my yard.
That being said....NJ taxes. I wouldn't want to live here either (except that my family and friends are here)
GOLD / wonderful olive / 19030 posts
Yes, which for us is good because we want to sell but do not need to buy (we are building) so we can make a decent profit to put toward our new build.
cantaloupe / 6669 posts
Yes, it's crazy where we own our house (not where we live - we are renting in a different city). We are getting ready to list it and I'm trying to not to get too excited and buy into the hype. The way people talk, it's like we are going to get $1 million for our little starter home.
wonderful kiwi / 23653 posts
Low inventory.. Not that there aren't any, but they go FAST.
bananas / 9227 posts
Definitely. Where we live, the market is just small in general. There just isn't tons of new housing popping up all over the place. They've opened up new plots in my neighborhood (replaced part of the forest) but it's very limited because the population is small. I think the limited amount of homes really affects people's expectations - no one expects to buy a perfect home around here, which makes renovations a natural thing. So it's really rare to see anyone doing extensive renovations right before selling.
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