Housing Market

CT_LFC

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Everyone's local housing market as ridiculous as mine? I'm in CT and been looking for a house the past 6+ months but not just is inventory low, they are overpriced and a lot get snatched up in a matter of hours with multiple offers well above asking price. A realtor posted in the town's facebook page that buyers are also waving inspection and other contingencies. Unbelievable stuff.

A friend of ours had bought their house in Q4 of 2017 for $465K and a couple months ago listed it for $699K and sold it in a couple days at $750K with multiple offers at that price.

Went to an open house a few weeks ago and got there 10 minutes after it started and there were already 10-15 cars there. Went on deposit at the end of the weekend.

Unfortunately it does not look like we'll be able to buy a new house any time soon, particularly as the government keeps kicking the can down the road with forbearance extensions.





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CT_LFC

CT_LFC

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Yes crazy everywhere. In a couple of years we will have another housing crash with all these homes in foreclosure, guaranteed.
That's what i imagine as well, but then i heard recently of a new proposed "program" where lenders have to offer borrowers coming out of forbearance a lower interest rate, or longer loan term so that they can stay in their current home. I forget specifics on this program, but if passed it would greatly reduce the amount of foreclosures.
 

OldGuyNewJeep

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Everyone's local housing market as ridiculous as mine? I'm in CT and been looking for a house the past 6+ months but not just is inventory low, they are overpriced and a lot get snatched up in a matter of hours with multiple offers well above asking price. A realtor posted in the town's facebook page that buyers are also waving inspection and other contingencies. Unbelievable stuff.

A friend of ours had bought their house in Q4 of 2017 for $465K and a couple months ago listed it for $699K and sold it in a couple days at $750K with multiple offers at that price.

Went to an open house a few weeks ago and got there 10 minutes after it started and there were already 10-15 cars there. Went on deposit at the end of the weekend.

Unfortunately it does not look like we'll be able to buy a new house any time soon, particularly as the government keeps kicking the can down the road with forbearance extensions.
Hi, Ed. You’ve been in my neighborhood... three houses just went up and sold immediately for RIDICULOUS money. Seems to be NYC folks fleeing for the suburbs and willing to pay a premium.

You’re in a tough spot. Sorry. 😕
 

conFUcius

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Yeah - it’s crazy in Raleigh. My sister listed her townhome starting at 8:00am on a Mon. and in 36 hrs, she had 35 showing requests and received 22 offers by the time they closed the window that same week’s Thurs. at 2:00pm. The offer she took was $15K above asking with $32K as a due diligence fee that would expire that same Fri. at 5:00pm. They didn’t even wait for any inspection.
 

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House sale prices are crazy and even rentals are getting crazy too. New homes are getting hit with the lumber shortage resulting in an added $20k-$30k increase too.
 

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This seems to be the case in most major markets across the country. I don't think it's a bubble. Things will likely slow in the more extreme markets, but I doubt they come down. People keep buying. The demand is there.

I think the real factor is investment companies getting in on things. If they can rent and hold, which they can, we'll see prices continue to rise.
 

1quick1

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Denver is insane. We are having a new place built and figure we should be up 5-10% before we even close. Our current place will likely sell within the same day we list and since we are still waiting for the new house we are riding both the value increase in our current house and our new house.
 
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CT_LFC

CT_LFC

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Hi, Ed. You’ve been in my neighborhood... three houses just went up and sold immediately for RIDICULOUS money. Seems to be NYC folks fleeing for the suburbs and willing to pay a premium.

You’re in a tough spot. Sorry. 😕
Hi Don, yes, it is miserable and honestly don't see an end to this anytime soon. At this point we're in just wait-and-see mode because not just are some of the prices more than we are willing to pay for, we are also not willing to give up inspections, appraisals and the other stuff buyers are doing just so the offer gets accepted.
 
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CT_LFC

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A friend of ours is a realtor who said one of the reasons inventory is so low is because people are afraid to list their house and sell in 24 hours and not be able to find another place just as quickly.
 

4xFUN

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Yup, it's crazy out there. Perfect storm of people not listing their homes due to COVID lockdowns and fear, renters who do not pay their rent being protected form evictions, people fleeing from NY & CA in record numbers, homeowners who during COVID lockdowns did major improvements to their homes and no longer looking to 'upgrade' plus an obscene number of single family homes being purchased by investment companies-many of them Chinese owned...
 
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CT_LFC

CT_LFC

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Yup, it's crazy out there. Perfect storm of people not listing their homes due to COVID lockdowns and fear, renters who do not pay their rent being protected form evictions, people fleeing from NY & CA in record numbers, homeowners who during COVID lockdowns did major improvements to their homes and no longer looking to 'upgrade' plus an obscene number of single family homes being purchased by investment companies-many of them Chinese owned...
i have heard about investment companies buying up homes but never seen any evidence of it. Logic doesn’t make sense to me since they would be buying at a historically high price when you generally want to buy low.
 

Nailgun

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House sale prices are crazy and even rentals are getting crazy too. New homes are getting hit with the lumber shortage resulting in an added $20k-$30k increase too.
Not to be political, but a 20% tariff slapped on Canadian lumber a few years back has caused this. Biden knocked it back to 8.9%....but the mills shutdown in the mean time. Add Covid on top of that.....and you know the rest. Maybe Canada should trade lumber for Vaccine shots.
 

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