topic Re: Are Home Prices Stabilizing in Your Area? in Community Chat

Are Home Prices Stabilizing in Your Area?

On It — Sun, 08 Aug 2021 19:16:31 GMT

Home prices are still rising here, but I am currently in a vacation area in New Mexico. Often I have noticed trends begin on the two coasts and work their way toward the interior states. I was wondering if prices have stabilized in the coastal states or anywhere else for that matter.

Re: Are Home Prices Stabilizing in Your Area?

Sooner — Sun, 08 Aug 2021 19:23:32 GMT

I think the boom has backed off a little bit. I see houses stay on the market longer and some are dropping prices a little.

Re: Are Home Prices Stabilizing in Your Area?

AuntG — Sun, 08 Aug 2021 19:26:13 GMT

Prices remain high, but some of the shabby houses stay on the market longer.

Re: Are Home Prices Stabilizing in Your Area?

judy0330 — Sun, 08 Aug 2021 19:30:42 GMT

Still high where we live in CT and inventory is low. Our next door neighbor's house just sold in one day.

Re: Are Home Prices Stabilizing in Your Area?

SilleeMee — Sun, 08 Aug 2021 19:32:16 GMT

Home prices here in Colorado are still high and rising. A regular person cannot afford to buy or even rent here any more. There was a peaceful demonstration on our city courthouse lawn last week. People are fed up with the high cost of housing. They were demanding that the city start building affordable housing. It's out of control.

Re: Are Home Prices Stabilizing in Your Area?

manny2 — Sun, 08 Aug 2021 19:40:42 GMT

They have not stabalized at all in my area (east coast). I live in a pricey area, and the homes currently on the market are the highest I have ever seen, and they are selling!

Re: Are Home Prices Stabilizing in Your Area?

Kalli — Sun, 08 Aug 2021 19:41:38 GMT

According to my newsfeed, prices are topping off and expected to go down. As far as my area, houses are still high but will probably come down a little. Will have to wait and see how much.

Land never seems to lose value here, it remains the same or goes up. Even when the RE crash happened 13 yrs ago, land here never really went down by much.

Re: Are Home Prices Stabilizing in Your Area?

San Antonio Gal — Sun, 08 Aug 2021 19:42:20 GMT

No stabilizing in my area. Unless you can afford to pay over the sales price/appraised value, you won't be able to win the bid.

Re: Are Home Prices Stabilizing in Your Area?

SloopJohnB — Sun, 08 Aug 2021 19:44:15 GMT

They are still selling like hotcakes here. On the market for a few days, then the little SOLD shingle gets attached to the realtor's sign in the yard. Prices are still high, too. This is in SE Florida. 🏡

Re: Are Home Prices Stabilizing in Your Area?

proudlyfromNJ — Sun, 08 Aug 2021 20:15:04 GMT

We keep getting cards with a picture of our house and saying name a price and if we agree we'll give you cash as is. Of course they will not be handing over millions for our home but we never have been inundated with these cards before. Usually it's just some add from a realtor asking if you want to sell. This is in southern NY state. ETA I don't see people moving from around here. It must be from the city.

Re: Are Home Prices Stabilizing in Your Area?

Kalli — Sun, 08 Aug 2021 19:52:49 GMT

@proudlyfromNJ wrote:
We keep getting cards with a picture of our house and saying name a price and if we agree we'll give you cash as is. Of course they will not be handing over millions for our home but we never have been inundated with these cards before. Usually it's just some add from a realtor asking if you want to sell. This is in southern NY state.

@proudlyfromNJ we get cards, too! The thing I don't like is now people are starting to text me. They never leave their name, just say that they're interested in buying properties. I can hear my dad, whose career involved dealing with the public, advising that with any interaction, "always introduce yourself first!" The cards sometimes only have first name signed. The texts never have any id whatsoever.

I immediately delete texts and only save cards that have complete signatures on them. Not ready to sell and may never be, but I do file away the correspondence that's signed with full name.

Re: Are Home Prices Stabilizing in Your Area?

Dory19 — Sun, 08 Aug 2021 19:55:14 GMT

i so agree. i live in New York, on LOng Island and i have heard of houses going for over $30,000 over the asking price. people are having bidding wars.

Re: Are Home Prices Stabilizing in Your Area?

patbz — Sun, 08 Aug 2021 20:04:28 GMT

In N.E. Arizona ( mountain resort) prices are still rising. Three of my neighbors put their homes on the market last month and all three sold within a week. One of those neighbors bought their home 9 months ago for $220,000 and sold it for $440,000.

Re: Are Home Prices Stabilizing in Your Area?

decaf — Sun, 08 Aug 2021 20:36:49 GMT

I live in S Florida. A house near me was listed about 4 months ago for $749K and it sold for $860K. No one moved in and now it's listed for 1.2M. This type of bubble is unsustainable unless people with tons of $$ just keep moving here from NY and other states. Average Floridians can't afford to buy or rent here.

Re: Are Home Prices Stabilizing in Your Area?

Kalli — Sun, 08 Aug 2021 20:15:45 GMT

@patbz wrote:
In N.E. Arizona ( mountain resort) prices are still rising. Three of my neighbors put their homes on the market last month and all three sold within a week. One of those neighbors bought their home 9 months ago for $220,000 and sold it for $440,000.

@patbz Wow! That's amazing!

Re: Are Home Prices Stabilizing in Your Area?

Brisky — Sun, 08 Aug 2021 20:17:05 GMT

I live in Western Colorado. Prices are still rising so high it's crazy....

Re: Are Home Prices Stabilizing in Your Area?

icezeus — Sun, 08 Aug 2021 20:18:33 GMT

I live in Southern California, and the housing pricing is not stabilizing. There are bidding wars, all cash offers being made and so on.

I too am very annoyed by the cards and texts to purchase my home. No Thank You! I am fine in my home and I have no plans on moving.

I personally think the prices are not sustainable. When the market comes down, I will still be in my house with my affordable mortgage, while all of these people who have paid outlandish amounts for tract homes, will not be able to stay in those homes with the outrageous payment.

Re: Are Home Prices Stabilizing in Your Area?

ValuSkr — Sun, 08 Aug 2021 20:27:01 GMT

I think so. But how would I know - I'm not in the market.

Re: Are Home Prices Stabilizing in Your Area?

quadmimi — Sun, 08 Aug 2021 20:41:27 GMT

@patbz wrote:
In N.E. Arizona ( mountain resort) prices are still rising. Three of my neighbors put their homes on the market last month and all three sold within a week. One of those neighbors bought their home 9 months ago for $220,000 and sold it for $440,000.

@patbz

Queen Creek Az, here, it's awful! If you don't have cash forget it...The regular Az, folks can't afford it anymore...All out of state folks moving in doesn't even seem like Az to me anymore.

Re: Are Home Prices Stabilizing in Your Area?

kittykatkay — Sun, 08 Aug 2021 20:43:40 GMT

@icezeus wrote:
I live in Southern California, and the housing pricing is not stabilizing. There are bidding wars, all cash offers being made and so on.

I too am very annoyed by the cards and texts to purchase my home. No Thank You! I am fine in my home and I have no plans on moving.

I personally think the prices are not sustainable. When the market comes down, I will still be in my house with my affordable mortgage, while all of these people who have paid outlandish amounts for tract homes, will not be able to stay in those homes with the outrageous payment.

B I N G O !!!