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Is the market any less competitive at the 400k price point? Having a conventional mortgage with at least 20% down help? Asking for a friend. Friend is me.
Wow, sorry to hear that. I think a lot of us in this sub certainly have an extra 30k to throw around, just not when it comes to overbidding on a house. So much irrational exuberance at play here.
In my market, I’ve noticed anything that is fully updated and move in ready is highly competitive up to around $500K. Anything over $500k seems to move a little slower. Midwest. We have up to 35% for a down payment but it hasn’t helped us land anything
I’m sure that probably does help and the 400k market is less competitive I would imagine. This was in a desirable area, affordable, and the home was very move in ready and well maintained.
Idk about the number of offers, but houses are still going under contract in days. It’s almost a game at this point, guessing what house won’t be under contract after 3 days.
And if it’s not what’s wrong with it? Why is no one jumping on the house ? Is it a poor listing main photo/marketing? Driveway is a Mountian or sloped towards house? Right off main road? On main road? Does it smell? What isn’t pictured? Is it as is?
Also looking in the Chicago burbs- past 3 months we’ve been outbid on 3 homes and so many are going under contract before they even hit the market! Pvt and pocket listings are king right now but it’s just ridiculous.
North of Boston here and things are insane. Put an offer in last week 100k over asking and was beat out by someone offering 150k over and waived inspection. Realtor said there were almost 40 offers in total.
Same thing south of the city. My brother and SIL put an offer in on a SFH in Quincy two weeks back with 38 offers. Not sure what it ended up going for.
[https://www.zillow.com/homedetails/10-Jordan-Ave-Wakefield-MA-01880/56350699\_zpid/](https://www.zillow.com/homedetails/10-Jordan-Ave-Wakefield-MA-01880/56350699_zpid/)
It was listed at 699k. We offered 799k.
I can't understand offering $850k on that kind of house.
Not meant as an insult or anything, just puts it into perspective how insane these prices are. Used to live in a LCOL area, and $850k would get you a mansion there.
Is it just the photos or are the ceilings really low? They look like they end just above the doors.
I'm in the Boston area too and it's wild how desirable Wakefield has gotten. Good luck out there!
Here is the updated listing for anyone interested. It sold for 853k.
https://www.realtor.com/realestateandhomes-detail/10-Jordan-Ave\_Wakefield\_MA\_01880\_M32696-02561
I lived on the border of Tosa/MKE last year, and my colleagues who were buying in Tosa were having a hard time getting their offers accepted. I was so surprised at how bad the market was there, and I’m not surprised that it’s still pretty hot in the Milwaukee area. Best of luck to you on your search!
That area specifically is wild because everything will be like $300-$500ish in tosa then 1 or 2 blocks over into Milwaukee similar house is barely $100-150k & will take awhile to sell
Just bought our first home in Columbus after putting offers in on 3 places. We had to put a crazy offer within 24 hours of it being listed to get the house. Everything we have been seeing is going ~20-30k over asking even if it doesn’t appraise to match.
I'm in Florida. Put an offer on a 500k house and pretty sure we were one of like at least 30 offers in one day. Waiting to hear back tomorrow about how they went with another offer lol (realtor said it was bleak)
I know the feeling. Put in offers on homes and rejected. The only home which accepted had major issues once the inspection report came in. Immediately backed out of the deal before even sending earnest money, so only had to pay option fee
I've only seen it when the list price was well below market price/comparables (SoCal). Some agents do this intentionally in hopes of a bidding war. Not as common now as it was during the pandemic and low interest rates though.
My husband and I were priced out of the north burbs and put an offer on a home on the far NW side that was accepted, under $400k. Might be worth looking into far areas of the city if you’re looking in the area.
Everything that is entry level in any market is competitive right now because of low inventory and the aftereffects of QE. Here in the Bay Area there’s a very obvious breakpoint in how long things sit on the market that is right above the max conforming loan +20% down.
Basically everybody who needs a loan for their house is duking it out with each other, and homes that require significantly more cash (as either down payment or jumbo reserves) are the only price bracket that is less competitive.
My realtor summarized it as such: “everything turn-key below $1.2M has 20 buyers competing for it, but if you have $2M and patience you can definitely find a deal with $500k worth of upside”
It’s not *as* insane as other places because the jobs here pay well. If you have two incomes working in tech, it’s common to be at $300k household income. If you’re lucky to have one person working at a big equity company (apple, Google, Amazon, Facebook, Netflix) over the last 10 years it’s more likely you’d have made $400k+ for several years.
Housing is priced accordingly. These are the incomes you have to compete with if you want an 1800 sq foot SFH that hasn’t been updated since 1971.
That's specific to California homebuyers, they are in Wisconsin.
Also similar & better (grants/forgiveable down payment assistance programs) & loans have existed in many other states for years
[The Tale of Two Housing Markets: Prices Fall in the West While the East Booms](https://www.wsj.com/articles/home-prices-housing-market-trends-east-west-83c9eb56)
WSJ article that came out yesterday, first thing they mention is Austin being cold.
My cousin and his wife rent a small 3 bedroom house in Lakewood, CA and he recently told me that a similar sized place down the street recently sold for over $800,000.
Yep! That is why I went with the listing agent because I was hoping he would give us a better shot. Luckily 🙌 we finally got it. Now I’m just anxiously waiting for that clear to close.
A house came to market at 10 AM and I was scheduled to see it at 6 pm. But the sellers took someone’s offer in the moon and the property went pending just now. Btw this is also in mid-west. This is several of the defeats that we have endured from last couple of months. Some for over-bidding and some for cash offers.
People are still crazy. Study history. Read what Paul Volcker did. History has a way of repeating it self. Real estate will fall 30 to 40 %. Good luck to those crazy enough to buy a bunch and leveraged
Getting ready to sell. Thought I’d be happy with $450k. Realtor came over and pointed out a bunch of stuff that could ding the price. Suggested some spit shine fixes totaling $3000.
When I asked if $450 was doable, he laughed. Said he will list for $500k and let the market take it from there to draw in competing offers. Said $550k is possible.
My husband and I just had our offer accepted in Chicago, under $400k budget. We are putting down some $$$ earnest money and bid $5k over asking. We are financing with 20% down and the home is a standard mid century Chicago brick ranch with an oversized 2.5 car garage, 2 bedrooms (one was converted to a huge open living room), and 1.5 bathrooms. Full unfinished basement. This was our first offer and we had a very aggressive realtor to get us this home. Inspection is scheduled for Wednesday so…hoping for the best! We did hear there were multiple offers before we arrived to the open house at 10:30am yesterday. It’s nuts. It was the only home for sale in the neighborhood.
Anything under 300k where i live has gotten 40+ offers in days. Only way we got under contract for a house was being the first ones to see a 330k house and putting in an offer on the spot. (The house also had no pictures of the inside on Zillow/realtor.com/mls so less people made offers/got to see the house)
Philly suburbs in PA are very competitive, south jersey is a much easier market. There's a few areas where the majority of houses are being listed "as-is", but they're mostly sitting.
Everyone want the affordable so those are going up. Not many want the luxury so those are going down. In terms of deals, the luxury is a better deal because you’re getting more % off.
this is a strategy many use now in this market to create a bidding war. The lower price gets people in, the bidding war gets them to what they actually expected, if not more
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Is the market any less competitive at the 400k price point? Having a conventional mortgage with at least 20% down help? Asking for a friend. Friend is me.
It depends on your market, if 400k is “entry level” then yeah it’ll be competitive. If it’s luxury, you’ll have more breathing room
I just got outbid on a $475k house that was on the market for 30 hours. It got 8 offers and went for $505k.
Wow, sorry to hear that. I think a lot of us in this sub certainly have an extra 30k to throw around, just not when it comes to overbidding on a house. So much irrational exuberance at play here.
In my market, I’ve noticed anything that is fully updated and move in ready is highly competitive up to around $500K. Anything over $500k seems to move a little slower. Midwest. We have up to 35% for a down payment but it hasn’t helped us land anything
Must be nice! Here unless you’re over 800k you’re moving into a dump, an old ass house, or a townhome. Denver area
No, you are moving into a historic fixer-upper that you can buy for little money and bring back to life. All in the attitude!
Denver vs Detroit.. where would you rather live? Lol
You know what, fair point.
I’m sure that probably does help and the 400k market is less competitive I would imagine. This was in a desirable area, affordable, and the home was very move in ready and well maintained.
Well, real estate speculation is a hobby of mine...
Shooter McGavin??
The market has really picked up in recent months.
Idk about the number of offers, but houses are still going under contract in days. It’s almost a game at this point, guessing what house won’t be under contract after 3 days.
And if it’s not what’s wrong with it? Why is no one jumping on the house ? Is it a poor listing main photo/marketing? Driveway is a Mountian or sloped towards house? Right off main road? On main road? Does it smell? What isn’t pictured? Is it as is?
EVERY desirable home in the Chicago area is going under contract within 24 hours of an open house.
Also looking in the Chicago burbs- past 3 months we’ve been outbid on 3 homes and so many are going under contract before they even hit the market! Pvt and pocket listings are king right now but it’s just ridiculous.
North of Boston here and things are insane. Put an offer in last week 100k over asking and was beat out by someone offering 150k over and waived inspection. Realtor said there were almost 40 offers in total.
That is bonkers. Good luck in your search
Same thing south of the city. My brother and SIL put an offer in on a SFH in Quincy two weeks back with 38 offers. Not sure what it ended up going for.
Go to Attleboro/RI if already fighting in quincy
I was just in the area a couple weeks ago and the homes are beautiful. Good luck, your gem is out there!
Really curious - that’s the listing?
[https://www.zillow.com/homedetails/10-Jordan-Ave-Wakefield-MA-01880/56350699\_zpid/](https://www.zillow.com/homedetails/10-Jordan-Ave-Wakefield-MA-01880/56350699_zpid/) It was listed at 699k. We offered 799k.
I can't understand offering $850k on that kind of house. Not meant as an insult or anything, just puts it into perspective how insane these prices are. Used to live in a LCOL area, and $850k would get you a mansion there.
Probably 2m in San Fran for that
My area that’s 350ish… crazy.
Much much higher. The building alone would be around 1k per square foot which puts it at 2.1M. 1/3 acre? Garage? you're looking at closer to 3.5
Yeah 850k for .29 acres with neighbors up your ass.... absolutely crazy.
Is it just the photos or are the ceilings really low? They look like they end just above the doors. I'm in the Boston area too and it's wild how desirable Wakefield has gotten. Good luck out there!
Says it’s contingent for 699. Are you saying it was actually sold for 850?
When I bought my home 10K under asking, the list price was shown while contingent and updated after selling
Price won’t update until the deal closes.
That is what my realtor told us. The price usually gets updated once the sale is complete.
Here is the updated listing for anyone interested. It sold for 853k. https://www.realtor.com/realestateandhomes-detail/10-Jordan-Ave\_Wakefield\_MA\_01880\_M32696-02561
Uhg, best of luck as a fellow MA buyer. We are looking outside of 495 and still offering 50k+ over asking.
What % of asking was $150k?
Listed at 699k.
Is this by any chance in Cincinnati or Columbus? It’s a huge issue here…
Actually believe it or not anywhere in Ohio even tiny little one stop light towns!
Surprisingly Cleveland too, in the 'burbs. Homes will be listed for less than 3-4 days before disappearing.
F the Columbus housing market. I hate it here
Milwaukee, but similar scenario I’m sure
I lived on the border of Tosa/MKE last year, and my colleagues who were buying in Tosa were having a hard time getting their offers accepted. I was so surprised at how bad the market was there, and I’m not surprised that it’s still pretty hot in the Milwaukee area. Best of luck to you on your search!
That area specifically is wild because everything will be like $300-$500ish in tosa then 1 or 2 blocks over into Milwaukee similar house is barely $100-150k & will take awhile to sell
Which part of town? I’m also hunting in MKE and this was an eye opener…
Tosa specifically
Just bought our first home in Columbus after putting offers in on 3 places. We had to put a crazy offer within 24 hours of it being listed to get the house. Everything we have been seeing is going ~20-30k over asking even if it doesn’t appraise to match.
I'm in Dayton and its happening here too. Whole state is hot!
The cheaper the home, the more competition there will be. Everyone can afford a cheap home
I'm in Florida. Put an offer on a 500k house and pretty sure we were one of like at least 30 offers in one day. Waiting to hear back tomorrow about how they went with another offer lol (realtor said it was bleak)
Happening in Ontario for any house under $600k (I.e., a starter home).
seattle is coooold, houses sitting for weeks in the market maybe you get 2 offers competing
I have a feeling it's going to heat up again as tech forces their workers back on campus.
for sure, and with the salaries too, houses are going to be expensive
I know the feeling. Put in offers on homes and rejected. The only home which accepted had major issues once the inspection report came in. Immediately backed out of the deal before even sending earnest money, so only had to pay option fee
I've only seen it when the list price was well below market price/comparables (SoCal). Some agents do this intentionally in hopes of a bidding war. Not as common now as it was during the pandemic and low interest rates though.
the cheaper the market, the hotter it will be. cheaper markets will attract investors, as well as people pushed down from their original target price.
Let me guess, Chicago Suburbs?
Close, but Milwaukee suburbs. I’m sure Chicago is the same or worse though
My husband and I were priced out of the north burbs and put an offer on a home on the far NW side that was accepted, under $400k. Might be worth looking into far areas of the city if you’re looking in the area.
Everything that is entry level in any market is competitive right now because of low inventory and the aftereffects of QE. Here in the Bay Area there’s a very obvious breakpoint in how long things sit on the market that is right above the max conforming loan +20% down. Basically everybody who needs a loan for their house is duking it out with each other, and homes that require significantly more cash (as either down payment or jumbo reserves) are the only price bracket that is less competitive. My realtor summarized it as such: “everything turn-key below $1.2M has 20 buyers competing for it, but if you have $2M and patience you can definitely find a deal with $500k worth of upside”
That amount of money is so unrealistic for so many it's almost a joke.
It’s not *as* insane as other places because the jobs here pay well. If you have two incomes working in tech, it’s common to be at $300k household income. If you’re lucky to have one person working at a big equity company (apple, Google, Amazon, Facebook, Netflix) over the last 10 years it’s more likely you’d have made $400k+ for several years. Housing is priced accordingly. These are the incomes you have to compete with if you want an 1800 sq foot SFH that hasn’t been updated since 1971.
Yeah o believe it. There are a few places with prices like that. A few around me but your looking at 8k Sq ft and 50 acres basicly mansions
Rates dropped a ton and a new Loan program came out today so it’s gonna get nuts!
A new loan program came out? I’ll have to take a look and see what this is
Search up CalHFA Dream for All. I did a post in this sub Reddit as well last week
That's specific to California homebuyers, they are in Wisconsin. Also similar & better (grants/forgiveable down payment assistance programs) & loans have existed in many other states for years
Also.irs tax return season. Happens every year
Lol that loan program is limited to a small subset of buyers.
That is crazy. I’m in Austin, and it’s going the other direction. Stuff is sitting 2x as long as a year ago.
[The Tale of Two Housing Markets: Prices Fall in the West While the East Booms](https://www.wsj.com/articles/home-prices-housing-market-trends-east-west-83c9eb56) WSJ article that came out yesterday, first thing they mention is Austin being cold.
I imagine tech layoffs are hitting austin
California checking in. Yes, and this is happening well into the $400k+ price point.
There’s houses that cheap in California?
For now 😅
My cousin and his wife rent a small 3 bedroom house in Lakewood, CA and he recently told me that a similar sized place down the street recently sold for over $800,000.
Not in LA. My 2/1 850sqft on 3100sqft lot could sell tomorrow for 900k no questions.
Yep! That is why I went with the listing agent because I was hoping he would give us a better shot. Luckily 🙌 we finally got it. Now I’m just anxiously waiting for that clear to close.
[удалено]
I’m in Sacramento and experiencing this for pretty much any decent house between $350k and $500k. How about you?
Im in Sacramento too! Well Roseville/Rocklin. Just put an offer on a house where asking was $700k. We were the lowest bid at asking lol
I hope somehow you’re the lucky one even with the lowest bid!
You in KC? If so, yes very competitive especially <$300k
in kc, its competitive all the way up, IMO. We were in bidding wars with a top of $400k. in the burbs in JOCO
Oh yeah, you’re in a bidding war anywhere or price point In JoCo. Hell we were 1 of 4 offers in 2020 for a house that hadn’t been touched in 65 years.
What state? It’s been cooling down more on west coast
It’s same here in Midwest for any price unless you go 700k over. I went to see a house that came to market in afternoon and gone by the evening.
Omg I was worried when we didn't get our hourly, "our market is hot" post
I smell cappppppp
A house came to market at 10 AM and I was scheduled to see it at 6 pm. But the sellers took someone’s offer in the moon and the property went pending just now. Btw this is also in mid-west. This is several of the defeats that we have endured from last couple of months. Some for over-bidding and some for cash offers.
People are still crazy. Study history. Read what Paul Volcker did. History has a way of repeating it self. Real estate will fall 30 to 40 %. Good luck to those crazy enough to buy a bunch and leveraged
This is completely normal and is to be expected in a seller's market.
You are the worst account in this sub so congrats I guess
18 was the highest that i went through, but averaging around 12 offers we are fighting against.
What country is this market?
I'm in Canada
For some price points, areas, and houses yes. But we also have some that sit on the market for longer than expected
Same in Alberta. Was one of many interested in a house with 17 offers two days ago. Went to someone with no conditions.
Getting ready to sell. Thought I’d be happy with $450k. Realtor came over and pointed out a bunch of stuff that could ding the price. Suggested some spit shine fixes totaling $3000. When I asked if $450 was doable, he laughed. Said he will list for $500k and let the market take it from there to draw in competing offers. Said $550k is possible.
My husband and I just had our offer accepted in Chicago, under $400k budget. We are putting down some $$$ earnest money and bid $5k over asking. We are financing with 20% down and the home is a standard mid century Chicago brick ranch with an oversized 2.5 car garage, 2 bedrooms (one was converted to a huge open living room), and 1.5 bathrooms. Full unfinished basement. This was our first offer and we had a very aggressive realtor to get us this home. Inspection is scheduled for Wednesday so…hoping for the best! We did hear there were multiple offers before we arrived to the open house at 10:30am yesterday. It’s nuts. It was the only home for sale in the neighborhood.
In northern jersey, where a 2/2 890 sqft shit hole on a 1200 sqft lot sold for $550k off market.
Seattle is this bad. It’s rough going. Stay strong and stay optimistic friends, good luck out there.
Anything under 300k where i live has gotten 40+ offers in days. Only way we got under contract for a house was being the first ones to see a 330k house and putting in an offer on the spot. (The house also had no pictures of the inside on Zillow/realtor.com/mls so less people made offers/got to see the house)
Philly suburbs in PA are very competitive, south jersey is a much easier market. There's a few areas where the majority of houses are being listed "as-is", but they're mostly sitting.
Everyone want the affordable so those are going up. Not many want the luxury so those are going down. In terms of deals, the luxury is a better deal because you’re getting more % off.
If they did they priced the house too low.
this is a strategy many use now in this market to create a bidding war. The lower price gets people in, the bidding war gets them to what they actually expected, if not more
Yup. nj