Down in south FL, they've built too many high priced condos and townhomes and now they can't get rid of them. A year ago, everything was wayyy overpriced, it's finally starting to come down.
How is the housing market near you?
- Thread starter Lyrehc91
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It's not coming down far enough
I doubt bf and I will be able to afford a home here for many, many years. I read an article on the Palm Beach Post that said it would take a couple to make $120k a year total to afford a median-priced home in Palm Beach County. For couples who are young and just starting out, but who are sick of renting and throwing away their money, that's absolutely ridiculous. PBC/South Florida ranks fourth (I think) for areas where the median home price or affordability of a home greatly exceeds what people in the area actually make. It's driving so many people out of South Florida, people like teachers and government employees who have great jobs and benefits, but cannot afford to live in this area.With recent talk of the evaporation of the "middle class", South Florida, especially Palm Beach County, is a perfect example - in my opinion.
Houses in the Puget Sound area seem to be selling slower- but CONDOS are absolutely nuts! We've seen our condo increase in value $50,000 IN ONE YEAR. I am not kidding.
As a Realtor in the South Florida, Miami, Miami Beach, Ft Lauderdale, Coral Gables,Pinecrest area I can tell you,,,,,,,,,,,the market is not good for sellers, but..........buyers can jump in now and make offers..........the super high asking prices and sale prices of last year are not here anymore............with the interest rate holding, those that couldn't enter the market before...........now is the time, make your offers, if you wait too long this crazy market in this crazy area will come back up!
My mom just sold her house in the Chicago suburbs. It went rather quickly.... we felt pretty relieved. There were like 8 houses at the time up for sale on our street, which is like maybe two miles long... so it just looked like everyone was moving, which can be bad for sellers! Over the summer only three of us sold... and none of us were the new constructions. The new construction used to be snapped up so quickly and now it is sitting. As we've been going through looking for a new house for her, we've noticed that some areas are just so over priced, and there are some desperate sellers! One agent has called ours three times lowering the prices and offering new bonuses and we haven't even made an offer. Its rather ridiculous. It does bode well for the buyers, but if you don't need to sell, I'd say it isn't the right time!
Now is NOT a good time to sell! I'm a senior Escrow Officer in So. California. I havent seen business this slow and bad since the 90's. Its no longer a sellers market, its a buyers market. The holiday season is typically slower than the rest of the year anyway, things usually pick up and get back to normal in February. My honest opinion would be to wait till the Spring. If you sell now, you wont get what you want for it....I just bought a house in North Scottsdale, AZ and we're moving in December, while prices there are low, low, low, my final offer was $40,000.00 LOWER than the sellers original sales price, yet the house appraised at $30,000.00 MORE than what I paid for it. Stunning house, I got a great home (and my payments are way lower than my rent here in Orange County!)...the house was on the market for 2 months, brand new, never lived in...cant wait to leave the OC!
Yes, Its great to be a buyer in california right now. But I think the market will slow down further. can't wait.
The market in Vancouver is incredibly hot. The median price of a house on the west side of Vancouver is close to $700K Can. We are having a housing boom with lots of new developments that get sold out quickly. It's because of the 2010 Winter Olympics coming. It's quite difficult to get in the market now; everything is very expensive.
Agree! And I do not understand how young couples or newly wed can ever afford to buy a house at this generation. Everything is too expensive now. Even the gas went up like nuts!
Los Angeles is a buyers market now. The is a really cool website I used to see the estimates of what houses were really worth (before we bought this one) it's Zillow - Your Edge in Real Estate gives you a guestimate of how much lower the house has to go till it gets back into reality.
We sold our home in NJ for full asking price in Jan. (there are several homes in our devlopment that are still not sold) and then moved to Northern VA/Washington area and paid a lot for a home. So we lucked out in selling but bought when things were high but at least not at the peak. I hope we do not lose value on our home.
That totally sounds like where I live in NJ. I have been saving up for years and it just keeps getting more and more expensive. I think it's ridiculous to spend 300K on a townhouse or condo that was 100K 10 years ago when it was first built. With all the McMansions they are putting up here, the average price of a house goes for about 650-700K, and a good chunk of em are at a million or more.
I'm seeing more and more houses for sale, and staying on the market for longer and longer times.
My husband and I are realizing that if we want to become property owners, we have to get out of Central NJ and go to another state .
I have no idea what the market is like in the suburbs west of Boston - whether it is a buyers or sellers market - all I know is that I will NEVER be able to afford a decent house in my area of Massachusetts. I think it is insane to pay $350,000+ for a small condo/townhouse. Any houses under that price are either major fixer-upers or in the boonies. One of my friends just sold her house in August for almost $50,000 less than what it was listed for....but she was just happy to have a sale after it had sat on the market for months without any offers.
That sounds like what's going to happen in my area (Bay Area, CA). Newly developed luxury condos are popping up in my nearby neighborhoods for 600K+. The 1200 sq ft townhouses are going for a bit over 1 mill...it's crazy.
But supposedly they are selling like hotcakes because you have to go through waiting lists and lottery drawings to get the floorplan you want 
ush: This could very well be some sort of sales tactic they're using to hype up the buyers...but it seems to be working because my parents and a few of their friends are really interested in purchasing some property for investment purposes 
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