Community Chat

[haddon9]

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.

[bmorechick]

@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.  

[ellaphant]

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. 

[Snowpuppy]

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. 

[JYWilliams]

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.

[ScrapHappy]

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.

[Mom2Dogs]

@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.

[CalminHeart]

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@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?

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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.

[wagirl]

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!!

[katie1859]

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.