Reply to SPRING MARKET!! What's the vibe?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Very surprised in my neighborhood that houses that sat all summer and were delisted in December got relisted in the past month and have all sold. All in the $2.5-$3.5 range and all decent but had slightly at least one undesirable feature- bad street, corner lot, only one bedroom upstairs, 80s house on a block of 30s and 40s houses, etc.

So in my neighborhood at least I’m confused by the market. I thought things would sit but instead it feels like they’re flying, especially compared to last spring.

I drive through a few other areas en route to work with “lower” price points ($900k-$2M) and that stuff is not moving at all. To me it feels like there are two different real estate universes operating in parallel.[/quote]

What neighborhood? [/quote]

+1. This is the opposite of what we’re seeing in N Arlington - anything below $2.5M ish is flying and everything new and above $2.5 ish is sitting. Ashton Heights is a prime example - there’s now 8ish new builds in the high 2s and low 3s just sitting while original homes around $1.2/1.3 are going for $1.4-1.5. LV is similar too. [/quote]

It means there is a lot higher demand for cheaper houses and we are running out of people with $$$ for the overpriced new builds.  Are people starting to lower their expectations and are actually moving into smaller older houses?[/quote]

I think it’s less running out of people with $$ and more so running out of people with money who are willing to make a ton of compromises (ugly facade, nonexistent yards, weird floor plans, etc) when buying a $2.5M+ home. [/quote]

Well, this is because cheaper quality construction on $$$ land will still cost $$$ because builders could get away with it and buyers just wanted to get into an area and not have to deal with older homes issues, plus rock bottom interest rates allowed many to upgrade.  Now people are pickier and unwilling to overpay.  You are right. People expect nicer and higher quality things on the upper end of the price range for the area.[/quote]

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