East Bay, albeit other side of the tunnel, resident and I was stunned $1.2M 😫 over asking ... that is insane. I’ve already come to terms w the fact that I will never own in the Bay Area and but grateful for my centrally located super inexpensive but nice apartment - all 800 sf of it.
It's a seller's market here for sure, but not that bad.
I am in contract right now to buy. Asking price was high, IMO, and we offered about 4-5% over that to get it. It's an all out sprint to make offers. A house we saw the week before the one we got, had 43 showings in the first two days, and on day #2 got an offer 20% over an already-high asking price.
We're going to list for sale in about 2 weeks. I'm blown away by what our agent is telling us we can list at. It feels a little icky, until I remember that we need to make it back because we're paying it on our (larger) purchase.
East Bay, albeit other side of the tunnel, resident and I was stunned $1.2M 😫 over asking ... that is insane. I’ve already come to terms w the fact that I will never own in the Bay Area and but grateful for my centrally located super inexpensive but nice apartment - all 800 sf of it.
you never know! The crash in 2009 was why we could buy. We might be ripe for something similar.
SFH have always been hard to buy here, but prices are inflated for sure now. A house down the street from me just sold for 300k over asking with the asking price already high at 1.7mill. Another one just popped up listed at 1.9 and is a full gut job. I know it already has above asking offers.
That said, if there was somewhere I would want to move, I would list our house in a heart beat.
We sold our condo in the city in 2018 for almost double we had paid for it in 2009. I thought that was crazy.
East Bay, albeit other side of the tunnel, resident and I was stunned $1.2M 😫 over asking ... that is insane. I’ve already come to terms w the fact that I will never own in the Bay Area and but grateful for my centrally located super inexpensive but nice apartment - all 800 sf of it.
you never know! The crash in 2009 was why we could buy. We might be ripe for something similar.
even with an epic 2009 like crash it would be impossible unless they loosened down payments. i'm fairly certain i can afford a mortgage payment if prices dropped that much but i lack the dp.
It's crazy. Stuff is selling premarket for about $100k more than we paid 7 years ago. I don't think it's sustainable and I think values will drop eventually, but I'm not an expert.
Oddly enough there is one house with our same layout that just sold for only about $50k more than we spent. It doesn't make sense as it's not updated, but it's also not horrendous inside. I'm thinking there's got to be more to the story. It did sell for more than list though so maybe they just listed too low.
Post by thedutchgirl on Apr 1, 2021 12:09:15 GMT -5
Yes, Twin Cities are like this too. Multiple offers, over asking, waiving inspection, etc. for anything moderately desirable. An article in the paper this week noted one home recently had over 100 showing requests within the first few hours of listing. I'm tempted to list my house, because we really want to buy a friend's dad's house. Not sure he's quite ready to sell yet, though. I probably could get $200k+ over the $505k I paid in October 2014.
Yup. I live 45 minutes outside of the city, and the value of my house has gone up nearly 40% in only 5 years. We will not be moving any time in the foreseeable future, but it's crazy. My Bro/SIL are trying to buy in the next county over and have bid as much as $50K over asking and still not gotten a house. That said, the county that we both use to live in which is much closer to Philly isn't really seeing the same kind of boom. Where my house is currently valued at $236/sq ft, my Mom's house, which quite frankly is nicer than mine, is only valued at $143/sq ft. It's all so odd.
Yes. I'm in SoCal and we've hit $1 mil for anything over 2k sq ft. These are 1960's tract homes. So glad we already own, there is no way we could buy now.
Seems like it. Houses are flying off the market - a townhouse like mine on my block sold in 3 days when it was listed in March, and it was nothing special. I don't know what it sold for though.
When I look at Zillow, it estimates my house for about 25k more than what we paid 11 months ago (ETA: Which is almost a 10% increase). I know the estimates aren't exact, but it's interesting to see. Obviously that's nowhere in the realm of doubling the price, but it does make me happy we bought a year ago instead of now!
Maybe a rhetorical question, but how in the hell is all ^ this sustainable? And how do solidly middle class folks, for example, a dual-income household, making $100K, with 2 kids, able to afford these insane house prices?
Most things are going for 4-6% over asking, the first weekend on the market. We have lost several to all cash.
My friend in Nashville was blaming the all cash offers around there on California money. So it might not just be boomers cashing out.
That said, everything I’ve read suggests that this isn’t a leading to a 2008 bubble pop type thing. Because there is a lot more going into underwriting. Of course, if you are buying all cash, you don’t have underwriting.
I have wanted to sell for a few years and had my house on the market, but I am really concerned about what to buy. Everything in my price range is not great. I could go up to $500k and even then it’s extremely slim pickings.
Yep. I'm in San Diego. We bought last February, right before Covid, and made peace with the fact that we were potentially buying at the top of the market then. It could obviously still drop at any point, but the values have soared in the past year. There's usually only 1 or 2 houses in our neighborhood for sale at a time, and they go immediately and for over asking.
We have friends relocating from the Bay Area that are going to be house hunting here in a couple of months. I referred them to our realtor because he was excellent, and when I texted him to let him know he said "The market is 10X more nuts that you read about in the news right now." I just can't imagine. I feel so sorry for our friends... they're going to have a tough time!
Maybe a rhetorical question, but how in the hell is all ^ this sustainable? And how do solidly middle class folks, for example, a dual-income household, making $100K, with 2 kids, able to afford these insane house prices?
I don't think we'll see a crash like in 2008/2009, but I do think things will cool off as interest rates go up and things settle down after this weird pandemic rush to the suburbs.
Post by Velar Fricative on Apr 1, 2021 12:33:15 GMT -5
I'm in the NYC outer boroughs (SI). It's been nuts since around 2017 but right now it's not any more nuts than it was pre-covid. People have skipped over us to go to Jersey so maybe that's why lol. Houses go for around asking, sometimes a bit more but not like some of the examples posted here, and contingency purchases are still happening so it's not like only cash buyers are winning out. If and when we sell, we'd still stay around here so it's likely going to remain tough to find that balance of selling for as much as we can get but also wanting to find a good deal to buy. FWIW, we bought our rowhouse in October 2014 for $375k and could easily sell for at least $550k now, and that's been the case for a while. We've done some value-adding renovations since then but nothing close to that appreciation amount.
I'm always astounded by Bay Area purchase prices even though I live in a VHCOL. The Bay Area just seems like its own real estate world.
I read a detailed article that I posted on CEP a while back about housing costs. I just don't think they're coming down anytime soon, if at all.
Yes and the plan has been for us to sell and buy in our area next spring/summer. I’ve been watching the amount we would have to spend to get what we were planning to buy go up ridiculously. Like I always had $450k in my head as our budget and now it would be $525k to get the same thing. And that’s listing. Things are going within a day well over list. A positive is our current home would sell high but not to the same amount more we’ll be spending since our current home is smaller/less expensive.
Well... Some things are flying, some things are sitting on the market forever (granted - they usually have massive problems with them if they've been sitting around). There are a ton of houses in the 1 million+ category, fwiw.
I have noticed that a lot of the houses I have been interested in are closing for less than ask. However, two of the three we put offers in on, we put in offers of 25k over and 50k over respectively and didn't get either one. FWIW - both were underpriced. The third was overpriced, we went under and although the dumb house had been sitting on the market for like 6 months, the week that we put in our offer, so did someone else. Grrr...
There were two we missed out on (that I'm kicking myself about) for not being fast enough.
I am in the Chicagoland area. Apparently people are trying to flee from here because of the taxes (and winter). If that was totally true, there'd be a ton more properties on the market than there are. It's slim pickings if you are even remotely interested in getting something more custom. We've been compromising a lot on location and what we are looking for.
I have seen the inventory definitely increase in the past two weeks though.
Post by Velar Fricative on Apr 1, 2021 12:44:30 GMT -5
HOLD UP. I googled Prop 19 since I don't live in CA. People can sell their houses and buy more expensive ones while maintaining the taxes they paid on the cheaper house? Say what?