Valley Real Estate

DWKB

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Home prices here in Annapolis are going for anywhere between $235 sq ft to close to $300 sq ft.

Seems like the market has cooled from just a few weeks ago as homes are sitting for a few days/weeks.

Read a lot has to do with the aging Millenials finally ready to enter the market and the lack of new housing available for them to buy up (on top of growing costs to build from materials)
 

Zeno

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A friend of ours in Michigan was preparing to list her house next month, she bought one of those PODs to put things in while she and her husband were doing some minor renovations and painting before actually putting it on the market. They hadn't even started loading it when they got a knock on their door asking if they were interested in selling and negotiated a deal right then and there with the daughter of one of their neighbors. She was retiring effective today and was planning to stay until the end of September--now she is leaving this weekend to the home they already bought in Georgia.

Needless to say the market is crazy everywhere it seems.

I hope when it comes time to sell my house it is as easy.
 

Mainstreet

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I found this chart which says a lot about the price of houses sold in relation to family income.

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BigRedRage

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I found this chart which says a lot about the price of houses sold in relation to family income.

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Yep. It's been a problem for a while. With the government now allowing eviction and foreclosure, the next 6 months could start to buck the trend. We'll see.
 

Mainstreet

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Yep. It's been a problem for a while. With the government now allowing eviction and foreclosure, the next 6 months could start to buck the trend. We'll see.

If I were a buyer I would hold off buying a house as I think a lot of folks will unfortunately lose their homes due to foreclosure, more houses will hit the market and prices will drop.

Now is a great time to sell a house though.
 

BigRedRage

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If I were a buyer I would hold off buying a house as I think a lot of folks will unfortunately lose their homes due to foreclosure, more houses will hit the market and prices will drop.

Now is a great time to sell a house though.
I've been watching and waiting for something for years and years. Conveniently, I'd like to sell a house at this high market but I might not be ready for another 8 months and by then it'll probably be a bit late and I might end up renting it out instead until the market goes bonkers again. We'll see. Even if it drops too fast and I rent it, it's still not a losing situation for my end goals.
 

Mainstreet

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I've been watching and waiting for something for years and years. Conveniently, I'd like to sell a house at this high market but I might not be ready for another 8 months and by then it'll probably be a bit late and I might end up renting it out instead until the market goes bonkers again. We'll see. Even if it drops too fast and I rent it, it's still not a losing situation for my end goals.

I have a family member who is in a similar situation but further along. He just fixed up a house but instead of selling, he rented. It's like dang. I thought he should have sold.
 

AZ Native

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Income is just part of the equation. Many people are selling their homes in states (like CA) and paying cash or putting down huge down payments. They are stable and will not lose their homes to foreclosure unlike in the last housing crash.
 

AZ Native

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Feels so much like the lead up to 2008. Anyone else have that in the back of their mind?
Nope. No stated income, no inflated appraisals and people are paying cash or putting a lot more down thus they are vested in their homes.
 
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