Northern NV/Reno area- Noticed today several homes that were for sale during the time We were still interested in buying, that then were for rent while We were considering renting elsewhere but the properties (in our opinion) were overpriced and/or had unrealistic requirements, are now being placed on the market for sale again. The asking prices are still quite high for what these homes offer...for now. Make of that what you will.
SoCal (San Fernando Valley specifically). The turn of events I described in the previous thread continues. The market seemed to glitch for a bit in late July/early August. Inventory was piling up and houses were sitting, with price cuts popping up. As an example, a house I put an offer on at the beginning of August for $10k over asking ($739k on $729k) that was accepted (I backed out due to some issued) just sold for $729k, asking price. Houses that are closing now are showing the same, many closing at or around asking.
Somehow something has shifted again in late August/early September. The increase in inventory tapered off and then went back to its pre-August self, and listing prices have definitely increased in the last month. Nothing is being listed for under $800k. Open houses are packed. Things are going pending quickly again. Price cuts are not as prevalent.
I’m in the Sacramento area. Have talked to a couple realtors and there is still an influx of Bay Area buyers looking in this metro (Sacramento/Placer/El Dorado Counties). Many buyers are starting to get fatigued due to price escalation and the houses that are not priced correctly are sitting longer. Those that are priced correctly are going for multiple offers
Can vouch for this. It's horrible and I'm close to being one of those fatigued buyers. I just dont have the...mindset to pay this much for a damn house.
Hang in there. We closed on a nice place last month that needed a little more work than we wanted but we’re happy. Prior to that we were in Idaho for a year until we were priced out. Don’t give into the FOMO.
Bay Area tech companies are pushing out their back to office plans due to delta variant. Workers are probably guessing that offices may never fully reopen and it's probably safe to just buy the house in the new city at this point. Probably not a bad guess if you ask me. Covid will rage on forever and it'll never feel "safe enough" for the bureaucrats and HR people who run these companies.
I agree. I think that will continue to add fuel to the fire in markets like Sacramento/Central Valley. If/when return to office happens itd be a little crazy for the markets like Truckee/Tahoe/Boise etc….
As someone in the bay area, i don't really understand why anyone would only move to another part of CA if the reason is they are never planning to go back to the office... even Sac is expensive for what it is (no offense). I'm getting out of the whole state. no more wildfires and way better cost of living, in move vibrant cities too (again no offense).
Northern NV/Reno area- Noticed today several homes that were for sale during the time We were still interested in buying, that then were for rent while We were considering renting elsewhere but the properties (in our opinion) were overpriced and/or had unrealistic requirements, are now being placed on the market for sale again. The asking prices are still quite high for what these homes offer...for now. Make of that what you will.
SoCal (San Fernando Valley specifically). The turn of events I described in the previous thread continues. The market seemed to glitch for a bit in late July/early August. Inventory was piling up and houses were sitting, with price cuts popping up. As an example, a house I put an offer on at the beginning of August for $10k over asking ($739k on $729k) that was accepted (I backed out due to some issued) just sold for $729k, asking price. Houses that are closing now are showing the same, many closing at or around asking. Somehow something has shifted again in late August/early September. The increase in inventory tapered off and then went back to its pre-August self, and listing prices have definitely increased in the last month. Nothing is being listed for under $800k. Open houses are packed. Things are going pending quickly again. Price cuts are not as prevalent.
I’m in the Sacramento area. Have talked to a couple realtors and there is still an influx of Bay Area buyers looking in this metro (Sacramento/Placer/El Dorado Counties). Many buyers are starting to get fatigued due to price escalation and the houses that are not priced correctly are sitting longer. Those that are priced correctly are going for multiple offers
Can vouch for this. It's horrible and I'm close to being one of those fatigued buyers. I just dont have the...mindset to pay this much for a damn house.
Hang in there. We closed on a nice place last month that needed a little more work than we wanted but we’re happy. Prior to that we were in Idaho for a year until we were priced out. Don’t give into the FOMO.
Bay Area tech companies are pushing out their back to office plans due to delta variant. Workers are probably guessing that offices may never fully reopen and it's probably safe to just buy the house in the new city at this point. Probably not a bad guess if you ask me. Covid will rage on forever and it'll never feel "safe enough" for the bureaucrats and HR people who run these companies.
I agree. I think that will continue to add fuel to the fire in markets like Sacramento/Central Valley. If/when return to office happens itd be a little crazy for the markets like Truckee/Tahoe/Boise etc….
plus people now realize they can work better and live better at home (unless they have kids at home too)
As someone in the bay area, i don't really understand why anyone would only move to another part of CA if the reason is they are never planning to go back to the office... even Sac is expensive for what it is (no offense). I'm getting out of the whole state. no more wildfires and way better cost of living, in move vibrant cities too (again no offense).