I am in Philadelphia suburbs and inventory is dismally low. Last night I went to an open house and the street was packed with about 50 cars, and touring the house was shoulder to shoulder, like a crowded museum or something.
Even with a somewhat decent budget around $670k, I’ve put in around 10 offers at this point, all $50k-$100k over asking, and keep getting beat by all cash offers and people waiving any inspections or contingencies.
Trying to figure out if I want to wait until the economic shoe drops, or find somewhere else to live.
Is it still this bad everywhere?
Quote: billryanIf you can work remotely, why not move? I'd guess there are thousands of houses in Southern Arizona for $200,000 and less. I'm meeting more and more people who work remotely. Someone I know that works for Disney just bought a six-acre ranch with a decent manufactured house for $76,000.
link to original post
Yes, thinking about this a lot since my wife is WFH too. Couple of reasons holding us back….
We WFH but still occasionally need to go into office (couple times a month).
Moving across country is daunting to me, especially with a dog.
And all of our family lives in this area.
Quote: gamerfreak
Is it still this bad everywhere?
link to original post
I don't know about everywhere, but everywhere I've looked... yes it is.
Unimproved land far from population centers still seems affordable and reasonable, but that's not exactly housing.
It does seem that the market is somewhat less bad where "people" (meaning the public at large) don't want to go on vacation.
I did just talk to a guy who was laughing about how one of the nearby resort hotels is converting some of their hotel buildings to "aparthotel" condominia. I suppose if people can rent out their houses as hotels, hotels can rent out their hotels as houses.
Market here is fueled by exodus of people from NYC and large northeastern cities; Tennessee is also getting some of the emigration out of California. (Tennessee was 2nd to Idaho as a site for relocations during/after the pandemic.)
In Minneapolis/St Paul region, the frenzied real estate market has also slowed a bit. To buy a house, you still have to offer above asking price (certainly in the downtown areas). But houses are now reasonably available in some of the suburbs.
Those are the areas I'm familiar with.
Quote: gamerfreakIs the housing market near you still completely f$&$ked?
I am in Philadelphia suburbs and inventory is dismally low. Last night I went to an open house and the street was packed with about 50 cars, and touring the house was shoulder to shoulder, like a crowded museum or something.
Even with a somewhat decent budget around $670k, I’ve put in around 10 offers at this point, all $50k-$100k over asking, and keep getting beat by all cash offers and people waiving any inspections or contingencies.
Trying to figure out if I want to wait until the economic shoe drops, or find somewhere else to live.
Is it still this bad everywhere?
link to original post
I don't think it is that bad everywhere. Lots of areas are down close to 10% in the last year. Don't get me wrong, it is still expensive.
My wife and I both work from home and we moved about 18 months ago. We ended up buying near the top of the market and my wife flew back and forth between Las Vegas and Florida every week for seven weeks trying to buy a house. She would shop, put an offer in on a house above market price, return home to Las Vegas and find out we didn't get the house. Repeat for seven weeks. I believe we ended up getting the eight or ninth house we made an offer on. I never even saw the house until after driving 2000 miles to move in. I saw it on the day we moved in.
Prices here in Florida are going back down as the market is softer with interest rates being higher. I think I got in at 2.9% and todays rates are over 7%. On my house that alone would cost over $1000 more a month.
Quote: ChumpChangeMiami Beach walk & talk - Florida: MASSIVE Insurance Increases Starting To BANKRUPT Homeowners
I think these stories are exaggerated for effect. My house insurance went from $3800 to $8200 in one year. I shopped it around and was able to get it for $4200. I was happy with a 10% increase.