Just anecdotally but around here in suburban Philadelphia/Southeast PA region I’m seeing a whole lot of FOR SALE signs that are up now for weeks and that’s just not been the case all year. I even saw a super-rare “Reduced” sign the other day!

Anyone else seeing this or is it still crazy in your area of the country?

Still crazy around here.

Still crazy where I am, but there's only so much land close to the ocean. Condo in my building just closed a couple of weeks ago at $95k more than what the previous owner bought it for less than a year ago.

Still crazy here. I live on a one block long street and I just moved here 10 months ago. My house is the only new house on the block and most of the other houses are 80 - 100 years old. Just in the past month or so 3 houses on the street have been put up for sale. One sold in 7 days, another one sold in 14 days but the 3rd one is still available, only because it's about 100 years old and only about 975 square feet.

I hope so! I am hoping to buy a house within the next year. I looked yesterday and the city I live in is still high but it does seem to be getting a little more reasonable. I may look at moving a few miles south though to another area.

Probably because all those PA people are moving to FL and TX for freedom. No slowdown here, new housing, old housing is still in a boom...

The overpriced homes in our neighborhood are not selling. Yes, the market has cooled by us.

The overpriced homes in my neighborhood are still selling quickly. I'm actually thinking seriously about selling my condo, banking the money for now, and renting a house for a bit until prices hopefully come down. The money I could get for my place is almost too much to pass up.

Im in Boca and it has been lightning hot but yes we are seeing a bit of a cool down. Appraisals are getting harder but buyers are still paying the gap to cover the short appraisal. We normally have a slow down this time of year so time will tell.

I suspect it will take interest rates to go over 3% for it to cool down significantly.

Florida is being flooded with those fleeing NY and NJ. Just hope they don't bring their Marxist ideals with them.

quote:

Originally posted by Edmond:
I suspect it will take interest rates to go over 3% for it to cool down significantly.

Florida is being flooded with those fleeing NY and NJ. Just hope they don't bring their Marxist ideals with them.

You ain't kiddin'. I thought about selling mine but the cost of rent would be more than twice our mortgage now.

Prices aren’t dropping yet. Plateauing yes, dropping no. The ridiculously hot market of the last year is cooling. I’ll still take the crash bet. If you are hoping for any deals soon you will be disappointed. The above guy is right, when interest rates climb the tide will turn.

It is going to get interesting when the markets goes back down to where it belongs and all the folks that bought (does not matter whether cash or mortgage holder) come to the realization of the errors of their ways. Real interesting. It will happen sooner than later.
For example. Someone that paid $600k for something worth $250k. That will be life changing is a terrible way financially.

^^^^^^^^
ORC, exactly right, in your observation.
When thx dust settles, and the paid too much, over priced realisation sets in.

Here in Aus, same housing price boom.
Doesn't appear to be cooling off.
Particularly in Sydney.
Investors snapping up. FOMO.
Interest rates are at the lowest for years.

Buy in a bust, sell in a boom.

My little town of Altona. 3 years ago, one could find a modest 3 bedroom, brick, single storey, good size rear yard, for $500k Aus.
Now? Good luck under $850k Aus.
Many close to retirement are not faced with that decision. Great time to sell. Where to buy?

For my own position, I have land at Point Cook. Near the non-active RAAF base. Ready to build. The builder, GJ GArdner, is pushing through a building contract for signature. Before the end of the month. As next month, October, the cost to build goes up an extra $50k Aus.

And that's the flip side of a housing boom. More construction, more demand for resources, shortages, and price surges.

quote:

Originally posted by old rugged cross:
For example. Someone that paid $600k for something worth $250k. That will be life changing is a terrible way financially.

Nah, they just need to make it a home and stay a while instead of trying to make a quick buck.

Investors may take a hit and then leave homes unoccupied instead of selling them for a huge loss.

In San Diego, plateauing prices, fewer frenzied offers; so that's good, I think.

In Sacramento the market has plateaued a bit. They are no longer getting offers of $50k over asking price...more along the lines of $30k.

Houses under $500k are still being snapped up pretty quickly and houses over $1mil aren't staying on the market very long either...it's the middle ground that has stabilized a bit.

Folks going back to work is a contributing factor as folks who thought they'd be able to continue to work from home are finding that their companies have other plans.

Most of our growth has been with folks moving out of the San Fransisco Bay area where the median price of a home was $1mil+ was getting out of hand. They've found that 1.5hour commute a couple of times a week/month isn't too bad

quote:

Originally posted by sjtill:
In San Diego, plateauing prices, fewer frenzied offers; so that's good, I think.

Not in PQ though the month-to-month jumps do not seem to be as big of a percentage (been tracking my floor plan for the past year)

quote:

Originally posted by old rugged cross:
It is going to get interesting when the markets goes back down to where it belongs and all the folks that bought (does not matter whether cash or mortgage holder) come to the realization of the errors of their ways. Real interesting. It will happen sooner than later.
For example. Someone that paid $600k for something worth $250k. That will be life changing is a terrible way financially.

Take this all out to the next level. When many of these folks realize they now own an asset worth thousands of dollars less than its value, what would be the motivation to keep making payment on that asset? Especially if economic conditions continue to decline due to King Retard's dictates and mandates. This is the template for a major financial system upheaval.

2 points of data. I sold my house in the bay area in June, closed in July for just a shade under 1mm. A similar house a block away came on a few weeks ago at 1mm and has since been reduced 50k. Unheard of in the last few years in the Bay Area or my old town.

I’m in the mortgage biz and people are still buying in the Bay Area like crazy but all of a sudden we’re seeing appraisal contingencies come back. And realtors are mental about it and demanding appraisals in a real short time. Like they know they are over bidding to win the deal but still worried it won’t come in at value.

Despite the stock market today. Rates are still very low and my amateur opinion is eh will stay low for a while. Till next year at least.