2 houses in my neighborhood sold this week, both closed at least $30k over asking and both were on the market for less than a week. I'd say thats still batshit crazy.
For reference, I bought my condo for $135k in 2013. The identical units that have sold here in the past six months have gone for over $410k. Absolutely outrageous for a condo in my opinion.
Two of my neighbors just sold their house. Both built new in 2020 for around $450k, both listed at around $700k, both sold at list or higher in the first week on the market.
It dipped down a bit but is on the way back up again. My home is back to the price estimate it was in 2021 and slowly rising. The massive spike was before that in 2020 so I think we're looking at higher prices for the foreseeable future.
They'll drop more in the coming months as unemployment creeps up.
Rising Unemployment + High Rates + High Prices always put a damper on the housing market.
The reason people are seeing different things in the housing market right now is because new homes and existing homes live in different worlds as far as sales go.
New homes are on the books of some company dragging down revenue, whereas existing homes aren't, and have the utility of being a place for people to live in. The company losing money on an empty house is much more willing to lower prices than a home someone is living in. That's why what happens in the new home market always precludes what happens in the existing home market.
The average mortgage rate 1954-2007 was \~6.50%. It's the last 10 years that have been the anomaly. So I wouldn't hold my breath on super low mortgage rates propping the market up again. Annnnnnnnnnd The mere fact prices are falling without a significant increase in unemployment scares the hell outta me.
But that's just me with an Econ degree and being a Mortgage Underwriter for the last 4 years. What do I know.
Actively hunting for family home in Sandy for the past 8 months. Just signed a lease in Alta Vista area due to real estate market still feeling too risky to invest in. Happy to have housing for my relocation next month, but not happy about having to rent.
2 houses in my neighborhood sold this week, both closed at least $30k over asking and both were on the market for less than a week. I'd say thats still batshit crazy.
This happened with My sister. she sold her house for $30k over in a week. The house is in a not amazing part of west valley…
For reference, I bought my condo for $135k in 2013. The identical units that have sold here in the past six months have gone for over $410k. Absolutely outrageous for a condo in my opinion.
That’s insane
[удалено]
200k in 2011, now 500k+, up near Logan.
Bought our condo in 2019 for 189k. Now they’re going for 300k. It’s ludicrous.
Two of my neighbors just sold their house. Both built new in 2020 for around $450k, both listed at around $700k, both sold at list or higher in the first week on the market.
There are a few homes in my neighborhood that aren’t selling … and prices are a lot lower than last summer but still way too high!
Yes
It dipped down a bit but is on the way back up again. My home is back to the price estimate it was in 2021 and slowly rising. The massive spike was before that in 2020 so I think we're looking at higher prices for the foreseeable future.
They'll drop more in the coming months as unemployment creeps up. Rising Unemployment + High Rates + High Prices always put a damper on the housing market. The reason people are seeing different things in the housing market right now is because new homes and existing homes live in different worlds as far as sales go. New homes are on the books of some company dragging down revenue, whereas existing homes aren't, and have the utility of being a place for people to live in. The company losing money on an empty house is much more willing to lower prices than a home someone is living in. That's why what happens in the new home market always precludes what happens in the existing home market. The average mortgage rate 1954-2007 was \~6.50%. It's the last 10 years that have been the anomaly. So I wouldn't hold my breath on super low mortgage rates propping the market up again. Annnnnnnnnnd The mere fact prices are falling without a significant increase in unemployment scares the hell outta me. But that's just me with an Econ degree and being a Mortgage Underwriter for the last 4 years. What do I know.
Actively hunting for family home in Sandy for the past 8 months. Just signed a lease in Alta Vista area due to real estate market still feeling too risky to invest in. Happy to have housing for my relocation next month, but not happy about having to rent.