Reply to Are buyers still buying?

Forum Index » Real Estate

Reply to "Are buyers still buying?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Owners in my area have lost their mind and are throwing completely overpriced houses on the market. This started 2-3 weeks ago when it became clear that the RE rally was ending (talk about bad timing). The result is that there’s a lot of inventory but everything is up at least 100% compared to 2019. Unless more NYers come in, they won’t sell as locals can’t afford these prices. Homes sold in May/June are significantly down from April and before.[/quote]
Florida? I’m looking there and seeing the same. It’s like owners are trying to dump junky houses in a panic and they’re sitting. I can’t stomach paying $1M for a house that sold for $600 2 years ago though. Just feels dumb. [/quote]

Yes and in my area it’s houses that used to sell for $2M or less, all of a sudden listed for $4M. Locals can never afford these prices and NYers aren’t coming in such numbers. These are inland homes. Waterfront homes saw an overall price reduction of 8% in the last 30 days. [/quote]

Also flood insurance is shooting up in price at same time. [/quote]

That’s true. But for inland homes that aren’t in a flood zone it’s not that bad. Regardless, I don’t think that these price increases are sustainable in FL. In DC and surroundings, prices are more stable and they haven’t seen prices double in the last 2 years in desirable neighborhoods. So I think that FL will see a much larger decrease than the DC area. I wouldn’t be surprised if the 30% some people mentioned holds true in FL. But who really knows? None of us. [/quote]

FL real estate has always been boom and bust. However, huge numbers of people are actually moving to FL.  Unlike DC, where the population dropped over the past two years. [/quote]

Will be very interesting to see what happens in FL. We just bought at the height bc we needed a home, and it was cheaper than renting. It was also a wash - if homes did come down 200k, we’d probably still have the same mortgage with the interest rate increases. I do not think the increases are sustainable because property tax and insurance are much higher than DC, but I don’t necessRuly see it cratering either. In my areas, it’s not just the New Yorkers coming. It’s Russian and Canadian money too.

People are still coming tho. My appointment for a license change is over 2 months out. [/quote]

I'm from Florida, if you are walking distance to the beach, in the era of WFH that can be a very nice setup.  But the rest of the state, is a swampy flat inferno for much of the year -- other parts of the south like NC/SC (inland, not even on the coast) are much more pleasant year round, and the recent price jumps in FL have made them pretty close to parity for value.  I think the knee jerk COVID move was to go to Florida for the beach and the cheapness; but with cheapness gone, the migration from DC to NC will resume as the primary driver. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics