Market will hum along until yet another interest rate hike will chill it.

We aren’t in DMV anymore but another major metro area and we’ve had a couple houses in the past couple weeks come up, list on a Thursday with an offer deadline Sunday and under contract by Monday. I’m finding that the homes that are move in ready are still hot because there are so few. Most of the other homes that come up in our area only do because someone really old died, and the home is extremely outdated and in need of serious $. I feel bad for young families looking right now.

The movement of sub 1.5 m homes are quick.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So few houses on market up to now. Doubt there is going to be a spring market...

Historically low inventory, historically high house prices, and historically high interest rate... What a wonderful combination!

You do have some room for negotiations and don't have to go in multiple offer bidding where you only have hours to make a decision and waive all contingencies.

There’s still a lot of that going on. Read some other threads.

This is definitely still happening. I live in a relatively undesirable (bad schools) area of FFX Co and a house in my neighborhood went under contract with no contingencies over in 3 days last week.

If that's all true, how do you explain these charts?

https://tradingeconomics.com/united-states/monthly-supply-of-houses-in-the-united-states-fed-data.html#:~:text=Monthly%20Supply%20of%20New%20Houses%20in%20the%20United%20States%20was,3.30000%20in%20August%20of%202020.

That’s a national stat. Locally, accurately priced SFH in good condition in close-in neighborhoods are still moving pretty quickly (within a few weeks), just not at the frenzy level of the past two years when junk houses on busy roads would sell in 48 hours.

Spring market is already over baby

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So few houses on market up to now. Doubt there is going to be a spring market...

Historically low inventory, historically high house prices, and historically high interest rate... What a wonderful combination!

You do have some room for negotiations and don't have to go in multiple offer bidding where you only have hours to make a decision and waive all contingencies.

There’s still a lot of that going on. Read some other threads.

This is definitely still happening. I live in a relatively undesirable (bad schools) area of FFX Co and a house in my neighborhood went under contract with no contingencies over in 3 days last week.

If that's all true, how do you explain these charts?

https://tradingeconomics.com/united-states/monthly-supply-of-houses-in-the-united-states-fed-data.html#:~:text=Monthly%20Supply%20of%20New%20Houses%20in%20the%20United%20States%20was,3.30000%20in%20August%20of%202020.

Anonymous wrote:We went to an open house last weekend. Easily 30 cars there. 1 week + later and the house isn't under contract yet though, so I think a lot of lookey loos.

Link to the house?

Anonymous wrote:

Anonymous wrote:Not much available near me and things are still going really fast when they do come up.

Just like the spring market here every year, the time to buy was last fall when buyers had some room for negotiation.

we tried to buy in fall - nada.

I've bumped into two neighbors who are listing in May and another putting their house up for rent, again, in May. So anecdotally maybe May will be this year's busy season.

Anonymous wrote:Not much available near me and things are still going really fast when they do come up.

Just like the spring market here every year, the time to buy was last fall when buyers had some room for negotiation.

We went to an open house last weekend. Easily 30 cars there. 1 week + later and the house isn't under contract yet though, so I think a lot of lookey loos.

Not much available near me and things are still going really fast when they do come up.