So glad we sold in early Spring!
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Anonymous
Agreed. I'm simply not going to pay a million bucks for what is on the brink of becoming a tear down, nor am I going to pay 1.2 million for a flip that's either poorly done or plopped on a busy street. With that kind of money, I'm looking for a nice house in a nice location. If it looks like a bargain, maybe I can compromise. At some point reality needs to settle in. As a buyer with no rush, I'm just sitting back. |
Anonymous
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there are a lot of things that have economists scratching their heads.
although rates have been tremendously low, new construction has been way down--(I'm talking US generally, not DC area specifically). This means the supply of new housing has been tight. Possibly builders are just still gun shy about investing. inventory has also been low because people have not been putting their houses on the market--in many cases waiting for full recovery from the crash, in others because there's little inventory to move into to once the house has sold housing prices have remained higher than expected anticipated. Whether this is a mini-bubble or not is open to debate, but likely there will be a small correction/slowdown overall in the US housing market. interest rates will rise slightly, but how this will affect the market is unclear-- if inventory does not expand, prices remain high. otoh, if the market begins to slow, people contemplating selling or actively selling may want to cash in now, meaning more inventory. |
Anonymous
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+1
No way am I paying a million bucks for a moderately renovated 60s split level. Some of the places we toured left me with the impression that people were trying to "cash out" while the inventory was low so they wouldn't have to consider renovations (or pricing at market). Those homes continue to sit.
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