topic Re: Housing Market in Community Chat

Housing Market

Twins Mom — Sat, 25 Jan 2025 02:10:26 GMT

Here in the Midwest the housing market is crazy. Family members were transferred here and finding a home has become a source of anxiety and depression. If a home comes on the market, it has contracts within a day or two. Even those said to be in flood prone areas! Add to that contracts are for over asking and realtor fees are on the buyer. If a home is not fixed up, sellers set prices similar to updated homes. There are so few homes available.

Its unfortunate that one of your largest and most important purchases has to be done as a snap decision. As I look over The listings, I wonder if some are listed a bit low in hopes of creating bidding war, but one does not know how high is reasonable.

Are you seeing this elsewhere?

Re: Housing Market

deepwaterdotter — Sat, 25 Jan 2025 02:20:12 GMT

I think it's what's known as "What the market will bear."

Re: Housing Market

patbz — Sat, 25 Jan 2025 02:54:11 GMT

Be glad you don't live in CA or AZ; way too few homes and huge prices! After the extensive fires in CA, they just said on evening news that AZ will be much worse. I live in NE AZ ( snow, pines, etc) and young adults my son's age (36) usually can't afford a home, period. He lives with us and we just changed our Trust so he will inherit our mortgage free home ( I'm 81).

Re: Housing Market

Mersha — Sat, 25 Jan 2025 02:38:03 GMT

I am in Maryland, not too far from DC.

When a house in my area goes on the market, it is snapped up quickly. The inventory is always low.

The houses that are selling range mostly between $800,000-$900,000...with some hitting $1 million. If a house comes up that needs work/renovation they are in the $600,000 range.

Not far from us is our "upscale" area, places such as Bethesda or Potomac. They start at $1.5 million and go up.

It is outrageous.

Re: Housing Market

rockygems123 — Sat, 25 Jan 2025 02:38:11 GMT

@Twins Mom wrote:
Here in the Midwest the housing market is crazy. Family members were transferred here and finding a home has become a source of anxiety and depression. If a home comes on the market, it has contracts within a day or two. Even those said to be in flood prone areas! Add to that contracts are for over asking and realtor fees are on the buyer. If a home is not fixed up, sellers set prices similar to updated homes. There are so few homes available.

Its unfortunate that one of your largest and most important purchases has to be done as a snap decision. As I look over The listings, I wonder if some are listed a bit low in hopes of creating bidding war, but one does not know how high is reasonable.

Are you seeing this elsewhere?

@Twins Mom

What part of the midwest?

Re: Housing Market

Twins Mom — Sat, 25 Jan 2025 02:39:40 GMT

@rockygems123

Missouri

Re: Housing Market

bmorechick — Sat, 25 Jan 2025 02:47:58 GMT

@patbz Two of my sons, ages 30 and 36 live here with at home here in MD with mom and dad. They are both employed, but are single. Neither can afford a home right now and renting isn't financially smart for them and it's outrageous what rental rates are.

This is a 5 bedroom 3 1/2 bath house with plenty of room. We are close with all four of our kids, and we love having two of them live here. It's like being in college 😆... but really everyone respects each other's space, yes there are disagreements at times, but they are quickly resolved. They have a lot of friends and sometimes they are gone for a few days but I don't worry like when they were teenagers. I like when their friends come hang out here because they always invite us to join them.

We all work full time and the co-living arrangement works great for us. I can say this much - it's never boring or quiet!

Re: Housing Market

patbz — Sat, 25 Jan 2025 02:52:20 GMT

I'm from Silver Spring and ( per Zillow) my childhood home (2100 ft, 2 bath, no garage) would rent for over 3k a month! Ridiculous!

Re: Housing Market

drizzellla — Sat, 25 Jan 2025 02:54:04 GMT

About 2 years ago the house next to mine went on the market. Within 2 hours the house was purchased for the asking price.

Then they sold the house, within hours, to someone else for $50,000 more. And we talked to the guy who bought the house the second time. He didn't care about paying $50,000 more. He was just happy to get the house.

Rarely do you even see Realtor signs showing a house is for sale. Don't know how people can afford the houses.

A house was built on a very busy street in our neighborhood. Used to be a lot where they sold Christmas trees once a year. The house looked nice but who wants to live on a street that has constant traffic in front of the house. The house sold for $995,000. Hope it is soundproof.

Re: Housing Market

roeroe1005 — Sat, 25 Jan 2025 02:56:47 GMT

@Mersha, I lived in Lewes, DE, for 5 years. Talk about a crazy housing market. Newly built homes near the bay (not walkable) are very close to $1MM on smaller lots. When I moved there before the pandemic, it was still affordable. But now it's nuts.

I moved back to NY, upper Westchester County, my rent takes up my monthly SS check plus more. I'm hoping to buy a condo when this lease is up is early summer. It will actually be cheaper for me. I may also apply to a 55+ lower income development if mortgages spike up.

I am already looking.

Re: Housing Market

haddon9 — Sat, 25 Jan 2025 02:58:05 GMT

There is very little inventory out there. Almost no homes are available in my community. Last year the home across the street from me sold for 60K over asking price in a bidding war during a snowy week in February. The new neighbors paid for the house in cash.

Once my new neighbors moved in they told me they had to rent before they could find a house and it took them 2 years before they got a house.

It's very frustrating for those who want to buy a home.

Re: Housing Market

bmorechick — Sat, 25 Jan 2025 03:01:16 GMT

@roeroe1005 We live maybe an hour from Lewes DE and you are so right. That area and the surrounding areas of Millsboro and Rehobeth have just exploded. The housing costs are just unreasonable and the homes are built too quickly. And sadly, the area has become too congested and I think it's because it's all close to the beach/bay.

Re: Housing Market

ellaphant — Sat, 25 Jan 2025 03:22:29 GMT

The market is outrageous everywhere. One main issue is a shortage of inventory. Those considering selling are facing huge costs on a new home w high mortgage rates.

Re: Housing Market

Snowpuppy — Sat, 25 Jan 2025 05:48:19 GMT

Watched Maria Bartiromo interview one of The Toll Brothers a few weeks ago.

When asked "why aren't you building more"? "Well, because we don't have to."

Yes, indeed. Create a shortage and you create a desperate consumer willing to spend whatever it takes.

Re: Housing Market

JYWilliams — Sat, 25 Jan 2025 11:02:45 GMT

I've been wanting to down size for the longest but I am in sticker shock. Prices for houses have doubled or even tripled in price. And it's getting worse. Even if a person wanted to rent your paying prices like you would on a house payment.

Re: Housing Market

ScrapHappy — Sat, 25 Jan 2025 11:54:36 GMT

When we moved into the house we're in now 8 years ago, it was competitive. Open houses saw A LOT of people and they were multiple offers. Homes sold very quickly. The housing market here starts around March/April. I think it's because people are looking and get in/settled before the new school year. We have very good school and it makes is a desirable place to live. Last year very few homes came onto the market in my neighborhood. I don't know what it will be like this Spring. A new neighborhood is being built about 10 minuted from me. Homes start at 1.7 million. Crazy.

Re: Housing Market

Mom2Dogs — Sat, 25 Jan 2025 12:45:21 GMT

@JYWilliams DH and I would love to move as well. We have been in our currrent house since we married in 1979. It is a nice home, plenty of space and well maintained but I would love to find another place maybe on 1 floor and a tad smaller.

Taxes in the area we want to live is 1.5 - 2 times higher and prices are out of sight. I will probably die in place.

Re: Housing Market

CalminHeart — Sat, 25 Jan 2025 13:15:26 GMT

@Twins Mom wrote:
Here in the Midwest the housing market is crazy. Family members were transferred here and finding a home has become a source of anxiety and depression. If a home comes on the market, it has contracts within a day or two. Even those said to be in flood prone areas! Add to that contracts are for over asking and realtor fees are on the buyer. If a home is not fixed up, sellers set prices similar to updated homes. There are so few homes available.

Its unfortunate that one of your largest and most important purchases has to be done as a snap decision. As I look over The listings, I wonder if some are listed a bit low in hopes of creating bidding war, but one does not know how high is reasonable.

Are you seeing this elsewhere?

I'm in the midwest too. My son and his family are being transferred back here. They are having a lot of trouble finding a home too. He starts his new position in less than a month and I hope they find what they want in time.

Re: Housing Market

wagirl — Sat, 25 Jan 2025 14:01:54 GMT

That happened here near Seattle around 2020/21. Insanely crazy --was a sellers market to the max. I sold my house of 35 years--built it in 1986 and with buying the land and building it--cost under $100,000--and I sold it for close to a million!! And it went in 2 days!!! The buyer was not even there--he was in Austin, TX!!! Now this house was not a beauty either --am still astounded. Of course now--I can't afford to buy a house--prices start at $850,000 but mostly go well above 1 million!! And those aren't much better than the house I sold either. How does anyone do it??? it's criminal!!

Re: Housing Market

katie1859 — Sat, 25 Jan 2025 17:58:30 GMT

It's consistent with the market here in Illinois

Honestly... this is not a time to purchase

Home insurance rates rocketing, property taxes high and rising, utilities looking to raise rates again and then add on house maintenance

the rate for a mortgage is high and what do you get?

An over priced house

high taxes

big utilities

and 30 years of sustaining

so if you have cash to pay cash that's a separate scenario

but if you are going traditional big cash at closing is needed, and to win that nice

house with several bids requires more cash.

Right now, I wouldn't do it.