Real Estate Market

[reinko]

Please please please... Nothing political

At least where I live (Boston area), values are going up up up,  sale prices are well above ask... Maybe another bubble?  Is it like this in other parts of the country?

Honestly,  I don't know,  but imagine folks here would know better than I.

Mrs.  Reinko and I rent in a great neighborhood, with an awesome landlord,  but I'm certainly spooked when the house across the street during an open house has 80 some people lined up.

[MU82]

Charlotte has what I would call a "healthy" market.

Prices have moved up, but not crazily. Houses generally seem to be selling at about asking price, maybe a little less. Nice homes in desirable neighborhoods go fast; homes that need work or in less-desirable neighborhoods are taking about as long as I'd have thought.

I have read newspaper articles of us having too small a supply in relationship to the demand, so that is helping fuel the decent price climb. We also are one of the fastest-growing metro areas in the country.

My daughter lives in Seattle and she and her man are starting to talk about buying. That place is berserk! A friend who lives there is looking to go from a condo to a house. He and his wife just went to look at a house they liked and it received 13 offers in less than 24 hours, including several over list. I hate to hear that, given my daughter's situation.

Seattle's housing market, I'm told, was mostly unaffected by the recession. Maybe the same was true of Boston. Here in Charlotte, which is a banking hub in which a huge percentage of jobs are tied to the financial industry, was hit hard.

[warriorchick]

The market sucks in suburban  Chicago. But then again,  who would voluntarily move there?

[Jay Bee]

In April, national trends appeared to be lower inventory than a year ago, but higher prices and #donedeals occurring at a more brisk pace.

All depends on location, but... yes, another bubble.

[tower912]

Bubble where I am.   Bidding wars for houses, sellers receiving asking price plus 10% frequently.  I have been cold called by realtors 4 times in the last month asking if I want to sell.   I always ask, if I sell, where can I move?

[rocket surgeon]

certain areas of waukesha, washington and ozaukee counties, there have been bidding wars with houses selling within a week or two.  they barely get the sign up and it has pending offer(s) my house $$ has quadrupled in 24 years from what i built it for, but we did do some improvements thereafter to be fair

[GooooMarquette]

All depends on location

I don't know enough about the national picture, but location (as always) is a huge factor.  I live in a community that had seen steadily rising prices before the bubble, a slight hiccup for a couple years after '08, and then steadily rising prices since.  For most people here, the real estate bubble was something we experienced mostly on TV.

[Jay Bee]

Buzz should have held firm on that initial price in the Quon, a'''ina?

BTW.. I recently sold a house (6 hours on the market, full list price).. and purchased a house... (94% of list)... just all depends when talking about individual transactions.

But, is there another bubble forming? Of course.

[MU82]

Bubble where I am.   Bidding wars for houses, sellers receiving asking price plus 10% frequently.  I have been cold called by realtors 4 times in the last month asking if I want to sell.   I always ask, if I sell, where can I move?

Remind me, tower ... where do you live?

[naginiF]

The market sucks in suburban  Chicago. But then again,  who would voluntarily move there?

We're taking a long weekend in Chicago now and staying in East Lakeview/West Lincoln Park (not sure exactly where the line is.  also, used airbnb.com for the first time and it's WAY better than a hotel - highly recommend it for your next family getaway) and I'm shocked at how affordable the houses are.

We live in an older (1900-1950) part of KC and the market is very brisk from both a buy/sell perspective and, judging from the number of dumpsters in front of houses, from a renovation perspective.  <2 weeks for anything priced reasonably. 

[MU82]

We're taking a long weekend in Chicago now and staying in East Lakeview/West Lincoln Park (not sure exactly where the line is.  also, used airbnb.com for the first time and it's WAY better than a hotel - highly recommend it for your next family getaway) and I'm shocked at how affordable the houses are.

We might do the same fairly soon. Can you tell me which airbnb you stayed at?

[Coleman]

The market sucks in suburban  Chicago. But then again,  who would voluntarily move there?

"Suburban Chicago" doesn't really mean anything

North Shore, Lake County, Northwest Burbs, West Burbs, South Burbs, NW Indiana are all completely different markets. Some suck and some are red hot.

[WellsstreetWanderer]

San Diego  is really hot and prices are increasing . definitely  see a bubble as prices have outpaced incomes. when rates go up this will cool some but foreign investors continue to buy.

[Marquette Gyros]

We're taking a long weekend in Chicago now and staying in East Lakeview/West Lincoln Park and I'm shocked at how affordable the houses are.

It's because of the crime. http://www.cwbchicago.com

Increasing property taxes and general Chicago dysfunction don't help either.

Nationally, my theory is this isn't a bubble because these incredibly competitive situations tend to be hyperlocal based on the value a neighbourhood (or even a specific part of one) provides... particularly in large metro areas that have so much ugly housing stock elsewhere.

MKE example: Looked at potential investment properties in Tosa last month -- one around 65th and North wound up with 10+ offers and 10-15% over the listing price in basically a weekend.

Still in Tosa, a decent house off of 106th and Hampton is still on the market today.

The comparison gets even more extreme if you go a few miles east of 65th into Milwaukee and Metcalfe Park.

Where would you rather live?

[keefe]

In March I put a house on the market on Seattle's east side and got 21% over asking on day 1. But Seattle tech is adding 8% new hires this year and people need somewhere to live.

[MU Fan in Connecticut]

I'm catching up on films and I started watching The Big Short last night.  Wow!  Great scene when Steve Carrel's character and workmates visit Florida to get a feel for what's going on by talking with real estate brokers and mortgage lenders who push variable rate loans.

[ZiggysFryBoy]

Our potential market value in Madison increased almost 20% in one year (haven't listed the crib yet, because there is no inventory in our price range to buy a new crib).

For my situation, it comes down to 1 thing:  Epic Systems.

[Coleman]

We're taking a long weekend in Chicago now and staying in East Lakeview/West Lincoln Park (not sure exactly where the line is.  also, used airbnb.com for the first time and it's WAY better than a hotel - highly recommend it for your next family getaway) and I'm shocked at how affordable the houses are.

We live in an older (1900-1950) part of KC and the market is very brisk from both a buy/sell perspective and, judging from the number of dumpsters in front of houses, from a renovation perspective.  <2 weeks for anything priced reasonably.

To stay or buy? I believe that air bnb is affordable compared to Chicago hotels.

But single family homes in Lakeview and Lincoln Park are anything but affordable to buy. 7 figures for a home in decent shape.

[Coleman]

It's because of the crime. http://www.cwbchicago.com

Increasing property taxes and general Chicago dysfunction don't help either.

Nationally, my theory is this isn't a bubble because these incredibly competitive situations tend to be hyperlocal based on the value a neighbourhood (or even a specific part of one) provides... particularly in large metro areas that have so much ugly housing stock elsewhere.

MKE example: Looked at potential investment properties in Tosa last month -- one around 65th and North wound up with 10+ offers and 10-15% over the listing price in basically a weekend.

Still in Tosa, a decent house off of 106th and Hampton is still on the market today.

The comparison gets even more extreme if you go a few miles east of 65th into Milwaukee and Metcalfe Park.

Where would you rather live?

For all of the city of Chicago's dysfunction (and there is plenty), home values in my neighborhood of Lakeview are projected to increase 5% this year and everything in my corner of the neighborhood is going under contract within a couple weeks of going on the market. Its pretty hot right now.

[mu03eng]

Live in south eastern Waukesha county and we are definitely shaping up for a bubble I think. We have friends trying to move into our city that have lost 6 houses even though they made day 1 cash offers for full ask or better on houses. One house they offered had 5 offers above ask on day 1. Very hot market around here.

[tower912]

Remind me, tower ... where do you live?

Grand Rapids, Mi. 

http://www.mlive.com/business/west-michigan/index.ssf/2016/05/the_panic_mode_is_there_in_red.html

[StillAWarrior]

I have no idea of the overall market here in the Cleveland area, but I found a post card on my mailbox the other day from a realtor asking us to call if we're interested in selling.  I don't recall that ever happening before.  I suppose that's got to mean something.

[rocket surgeon]

Live in south eastern Waukesha county and we are definitely shaping up for a bubble I think. We have friends trying to move into our city that have lost 6 houses even though they made day 1 cash offers for full ask or better on houses. One house they offered had 5 offers above ask on day 1. Very hot market around here.

you have got to live near me-i know i know, you're thinking get out while prices are still good before others know i live here-eyn'a?  in all seriousness,  i live just outside the waukesha city limits about a mile from west high school.  my taxes would be about 40-45% more if i lived a couple hundred feet to the west, north, or east.  a couple of the houses in my subdivision have sold for top dollar and quickly as others are noting here

[mu03eng]

you have got to live near me-i know i know, you're thinking get out while prices are still good before others know i live here-eyn'a?  in all seriousness,  i live just outside the waukesha city limits about a mile from west high school.  my taxes would be about 40-45% more if i lived a couple hundred feet to the west, north, or east.  a couple of the houses in my subdivision have sold for top dollar and quickly as others are noting here

I'd have thought about leaving but we just remodeled our kitchen in September and we love the area where we'd live so we'd just buy another house in the same area but all of the kitchens have sucked for houses on the market (according to the wife) so we aren't going anywhere any time soon.

[keefe]

I have no idea of the overall market here in the Cleveland area, but I found a post card on my mailbox the other day from a realtor asking us to call if we're interested in selling.  I don't recall that ever happening before.  I suppose that's got to mean something.

Maybe it's your neighbors sending you a not so subtle message?