Housing Market

Twins Mom · ‎04-03-2016

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?

deepwaterdotter · ‎03-09-2010

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

patbz · ‎03-10-2010

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).

Mersha · ‎03-10-2010

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.

"My desire to be well informed is currently at odds with my desire to remain sane."

rockygems123 · ‎06-04-2012

@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?

Twins Mom · ‎04-03-2016

@rockygems123

Missouri

bmorechick · ‎03-11-2010

@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!

patbz · ‎03-10-2010

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!

drizzellla · ‎03-14-2010

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.

roeroe1005 · ‎03-13-2010

@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.