4 ms·

What market? Anecdotally, I follow many smaller markets in the Midwest and the South (plus Chicago). I wouldn't call it a buyer's market anywhere. But I'm not

What market? Anecdotally, I follow many smaller markets in the Midwest and the South (plus Chicago). I wouldn't call it a buyer's market anywhere. But I'm not seeing anything like this. I also have a few friends shopping on the East coast - and they're in a similar situation. It's not a buyer's market. But also not crazy. My understanding was that The Bay, SoCal, and Seattle had massively slowed down. So I'm just wondering where this could be - or if things have recently turned around a lot. Maybe my info is just bad...

itake 4y ago
I heard a similar story about Bellevue and Sammamish, WA. North Seattle-area (Edmonds, Lynnwood, Mill Creek, etc) have seen a price decline.
vbtemp 4y ago
Many of the Northern VA counties and certain others in the DC metro area.
- tssva 4y ago
  Things cooled somewhat in the fall but have definitely rebounded. On Friday the 10th I placed my townhouse in Loudoun on the market. Choose from 17 offers on Sunday evening. Accepted an all-cash offer with a quick closing for well above asking. Moving on Saturday.
sharkmerry 4y ago
entirely anecdota but a house me in the peninsula bay area, got bought for 1million (3/2) 8 months ago. got reno'ed- listed for 1.698 a month ago- went for 1.755
- deleted 4y ago
  [deleted]
purpleblue 4y ago
San Francisco condos are down a lot, many going for less than $1000/sqft now. But that's also the political climate and the increase in crime that is contributing to all that. I might come in when condo prices fall to about $600/sqft.
jedberg 4y ago
The house around the corner from me in Cupertino just sold. It's 1700sq ft on a small lot, and they were asking $3M for it. It sold for $3.2M four days after the open house. It sold so quickly they cancelled the second open house. Apparently they got 20+ offers. So at least here in Cupertino, things are still nuts.
- cryptonector 4y ago
  $3.2M for a measly 1700sq ft?! Nuts. You can have a bigger, probably better house near the new Apple campus in Austin -walking distance, through a beautiful park no less!- for $600k or $700k.
  - spacemadness 4y ago
    I think these people making these choices are in another universe from most of us working folk, so understanding this behavior from one data point isn’t going to make sense. This could even be a second convenience home. It can be hard to wrap your head around that much wealth if you’re in more down to earth class.
    - jedberg 4y ago
      I haven't met the new owners yet, but most of my other newer neighbors are not what you'd consider wealthy. It's mostly families with two working adults where one works or worked at FAANG and sometimes both. Most people's story start with "my FAANG stock made my down payment, and the salary pays the mortgage". The older neighbors are generally people who have owned for 30+ years and bought when things were still reasonable. The houses in our neighborhood are all about 60 years old, and we even still have some original owners! But the point is for the most part people here are not so wealthy they can stop working, they just have high paying local jobs to pay for their really expensive house and don't have a lot left over after housing expenses.
      - strikelaserclaw 4y ago
        they probably could stop working, they just wouldn't be able to afford a house in Curpertino.
jjk166 4y ago
I've been looking around the suburbs of Philadelphia, it's been a frenzy since summer of 2020. I guess it's slightly better in the sense that houses stay on the market for a few days instead of a few hours, but it's still absurd. My uncle, who is also in the area, put his home up for sale about a month ago and got a multimillion dollar offer same day without anyone even looking at the place. Even though prices have tripled and mortgage rates have doubled, a mortgage is still cheaper than rent.

itake 4y ago

I heard a similar story about Bellevue and Sammamish, WA. North Seattle-area (Edmonds, Lynnwood, Mill Creek, etc) have seen a price decline.

vbtemp 4y ago

Many of the Northern VA counties and certain others in the DC metro area.

tssva 4y ago
Things cooled somewhat in the fall but have definitely rebounded. On Friday the 10th I placed my townhouse in Loudoun on the market. Choose from 17 offers on Sunday evening. Accepted an all-cash offer with a quick closing for well above asking. Moving on Saturday.

sharkmerry 4y ago

entirely anecdota but a house me in the peninsula bay area, got bought for 1million (3/2) 8 months ago. got reno'ed- listed for 1.698 a month ago- went for 1.755

deleted 4y ago
[deleted]

purpleblue 4y ago

San Francisco condos are down a lot, many going for less than $1000/sqft now. But that's also the political climate and the increase in crime that is contributing to all that. I might come in when condo prices fall to about $600/sqft.

jedberg 4y ago

The house around the corner from me in Cupertino just sold. It's 1700sq ft on a small lot, and they were asking $3M for it. It sold for $3.2M four days after the open house. It sold so quickly they cancelled the second open house. Apparently they got 20+ offers. So at least here in Cupertino, things are still nuts.

cryptonector 4y ago
$3.2M for a measly 1700sq ft?! Nuts. You can have a bigger, probably better house near the new Apple campus in Austin -walking distance, through a beautiful park no less!- for $600k or $700k.
- spacemadness 4y ago
  I think these people making these choices are in another universe from most of us working folk, so understanding this behavior from one data point isn’t going to make sense. This could even be a second convenience home. It can be hard to wrap your head around that much wealth if you’re in more down to earth class.
  - jedberg 4y ago
    I haven't met the new owners yet, but most of my other newer neighbors are not what you'd consider wealthy. It's mostly families with two working adults where one works or worked at FAANG and sometimes both. Most people's story start with "my FAANG stock made my down payment, and the salary pays the mortgage". The older neighbors are generally people who have owned for 30+ years and bought when things were still reasonable. The houses in our neighborhood are all about 60 years old, and we even still have some original owners! But the point is for the most part people here are not so wealthy they can stop working, they just have high paying local jobs to pay for their really expensive house and don't have a lot left over after housing expenses.
    - strikelaserclaw 4y ago
      they probably could stop working, they just wouldn't be able to afford a house in Curpertino.

jjk166 4y ago

I've been looking around the suburbs of Philadelphia, it's been a frenzy since summer of 2020. I guess it's slightly better in the sense that houses stay on the market for a few days instead of a few hours, but it's still absurd. My uncle, who is also in the area, put his home up for sale about a month ago and got a multimillion dollar offer same day without anyone even looking at the place. Even though prices have tripled and mortgage rates have doubled, a mortgage is still cheaper than rent.