Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
How is your housing market?
Ours is crazy!! A house goes on the market and within one day, they end up with like 20 offers! We don't even have time to think about it. We have placed at least 3 offers and we have lost each deal. This sucks!
How are the other markets out there? Just wondering
Re: How is your housing market?
Okay, yeah the homes that are $100k - $200k fly off the market the first week. No waiting until the weekend here to see a house. Its like I have to take all my lunch breaks to view a home the day it hits the market and if I like it, make a offer on it that day. craziness..
Homes for under $350,000 in neighborhoods that feed to the most desirable schools are going in a week. My parents have watched 3 houses in their neighborhood go under contract within 48 hours of the "For Sale" sign going up. We put in an offer on the house we're buying about a week after it went on the market.
Houses where the owners are still living in 2006 are taking quite a bit longer. I'm in Hampton Roads, btw.
Wow that is amazing. In our area (northern Minnesota) is at a standstill. There are houses that have been on the market on and off for the last 4 years.
Probably because nobody wants to live in the middle of no where
It was actually to our benefit- our current house we just bought was on the market since 2009 and it is pretty much our dream home.
Depends on the location. We have lots of starter homes priced in the 120 to 150k range in certain areas that take 6 months or more to sell. In other areas, they will sell within in a week. Crime has been increasing in certain areas and also with it being a college town we get lots of rentals and college students in largely residential areas. Sadly, it seems to drive away families.
Homes priced under or close to 100k with 3 beds will sell in any location, probably because a mom and dad are buying it to house kids for college.
I'm in Columbia, MO.
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In the towns we were targetting, it seems like reasonably priced 4BR/2.5Baths go quickly assuming they aren't total wrecks. The school systems are great so I assume that's why the bigger homes move quickly?
That said, there are plenty of overpriced homes that have been sitting out for ages. I honestly couldn't see much difference between those priced in the low- to mid-$500k and those over $600k - except for days on market!
ETA: The home we're under contract on came on the market 3/8 and we saw it 3/9. We put in our offer on 3/13 and by the time our realtor told us they'd accepted it on the 14th, they already had a back-up offer.
I think it depends on what part of Atlanta. I live in a northern suburb in a desirable school district. The homes in our neighborhood (around $300K) have all sold in less than a month for the past several months. For the first time in a LONG time, there are no homes for sale!
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In our area (45 minutes outside of Philadelphia), houses in the 350k - 425k price point are very low on inventory and if something comes on the market and its priced well and in good condition, it's gone in a day.
We closed today (yay!) and the house we bought was the third bidding war we were in. We didn't even win, but we were the back up offer (the winner offered full cash on a $400k house) and when the buyers walked because of family issues, we got it.
Bellevue, WA (10 mins east of Seattle):
Like PP have said, things have really picked up over the last several months. Since Oct/Nov we've seen prices rise slightly while inventory has fallen. Houses that are priced appropriately for the market are moving within a week in most neighborhoods in town; in the top neighborhoods it's within a day or two with multiple offers. Homeowners have started holding all bids until a certain time a few days after list and then reviewing at once; it works for them but makes a buyer have to be strategic. Homes have started to regularly go for 4-5% over list which is around $50k. I close in 2 weeks and was up against 8 other offers.
The craziest thing I've seen now is a few homes that have listed, then the pending offer falls through and they relist $40-50k higher. Tis a crazy market out there.
It depends on the price point. The under $325k price point moves fairly quickly. In that range people are buying quickly just to get into the county's school system. The mid-range ($350-550k) price point is sluggish. Every once in a while a house will go quickly, but that is not the norm. Inventory is sucktastic because no one is selling in this price point unless they really need to, so there are very few attractive homes on the market. Generally these houses are in less desirable areas/need work/are foreclosures/are short sales/etc. It's been very frustrating. The mid-high range of $$550-675k is also fairly sluggish. But if you go to the $675k+ price point, you'll actually have some options and things are moving a bit more smoothly. Go figure.
Edit: Baltimore-Washington suburbs
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Inventory is VERY low. A house in good condition flies off the market. Our TH sold in 3 days (well, 2 with one day of back and forth on price) because it was in excellent shape. People wanted to be under contract before the open house.
The house we bought was priced too high and needed updates and was on the market for a month.
Oh, to have a $100-200K market...I wish. Our fixer-upper with good bones and just over 2000sf nowhere near the city cost us $455K. Our 2 BR TH just as far from the city sold for $311K.
It's somewhat neighborhood dependent, but generally very hot right now. We just sold our house within 24 hours of listing for $25k more than asking and with multiple offers.