What does the real estate market look like around you?

[starlily]

It's a hot market. We had put in 8-10 above-asking offers on resales back in October, all of which got beaten by higher offers, sometimes all-cash. We could even get offers in on a couple houses because the agents would have too many within hours of listing.

We ended up buying new construction in late October. The base price for our layout has already increased by close to $20k. If we had waited much longer we would have been priced out of our school district.

[stephm0188]

Not a seller's market, but not a buyer's market, either. Homes that are priced right are selling quickly and for full( or close to) asking price in under 30 days.

[Deleted]

I am right outside of DC and our market is moving fast and most everything is going for at least asking. Most of the good houses are under contract within a week. We just bought in November after looking for 6 mos. and multiple bidding wars. We had escalation clauses in all but one but kept getting snubbed for people with conventional loans (we did VA.) Our house went on the market at 9 PM and I called my realtor then and there. She wrote up the contract and brought it with her the next morning when she showed us the house so she could get it in first. We were willing to make an offer on any house that was this model and not a dump. We paid asking and all closing costs.

We probably would have bought sooner but we were limited in what we could buy since we were at the very bottom of the ladder price wise.

[WOT?*]

The lots that were purchased for tract development back in '06-'07 are being developed - very quickly, and selling even faster. We have road improvements happening in several areas within a mile and at least six reasonably sized developments within a half-mile or so have gone up and are sold out or almost sold out. All the foreclosures in our development sold in the past two years. Our next-door neighbors moved in as a rental and within two weeks were asking if I had contact info for the owner so he could make an offer on the house. Our house has probably appreciated $30-50K (depending on the valuation at $270K vs $290K at the lowest point. We're now probably at about $320K by my estimate; others say a bit higher.)

[Deleted]

Improving.

We bought in 2011, and our house has already appreciated in value.

[fizz7678]

Busy around us too, we built and moved in 2 months and our realtor, also a friend, stopped by to check out what we had done since moving in and asked in all seriousness if we wanted to see yet!!  He said our house is already worth over 30k more then we signed a contract for back in August.  He has tons of clients looking in our town and the few good houses go in 3-4 days max he said.

It's great news in my world for when we want to sell in a few years and build again, just on more property next time.