"House for sale" signs are starting to litter the streets. Prices are still high but the signs aren't being taken down, houses aren't selling at these prices anymore.

What's everyone else seeing?

Not much for sale around here still. A few junkers that nobody wants but good houses are still selling at decent prices. They are taking a bit longer to sell than the last 2 years. I would need 2 more full time jobs to afford a nice house these days.

Not much available here. They do sit for way longer than they used to. Talking to my neighbor who is a realtor,

Folks won't trade a 2.25% for an 8% mortgage, so most are just sitting on their homes. It is causing a shortage which is keeping prices high. Those who have to buy a home, are paying top dollar prices, not putting any money down, and generally its a home they don't really want but all that was available. Its a recipe for disaster.

Its been my experience that during good times people overspend but then have problems adjusting when economic conditions go sour. They can generally live off credit cards for a year or so before they can no longer keep up with payments. Interest starts racking up, creditors start calling, and the game begins. I think we are starting in to that phase.

I expect to see commercial office foreclosures soon. Most of theses type loans are on 3 and 5 year renewals. Around may 2021 is when interest rates were at the rock bottom and everyone refi'd for a low rate. They are coming up for renewal now and at 8% their payment doubles. Landlords have to raise rent and tenants can't afford it.

But all the financial pundits on TV say everything is just peachy. What I see everyday tells a different story.

ol' dad

I'm in lake country. Anything on water sells fast. Off water sits.

Same here. Friends listed their lake home a few weeks ago and sold for more than listed. Sounds like this was going to be the buyers second home. Other than lake homes, it seems the market is getting soft and people who bought homes to flip might be in a world of hurt unless they can rent it out but that causes a whole new bunch of head aches.

Still selling fast and steady out in the country. Sold signs go up fast

With the soaring crime in the city schools property in our district hot and an available property isn’t available long. A friend of mine that recently sold his place and moved out of state received somewhere in the neighborhood of $370k for a place he paid $120k for. CRAZY!

Saw a house for sale on a Friday, went to open house on Saturday, made an offer on Sunday, Offer was accepted on Monday, closing July 1. Total 3 weeks.

It’s been about 8-9 months now, but my son put his house up for sale on a Tuesday evening. Got an offer Wednesday. Got another Thursday for more money than previous offer. Friday they got a counter offer from the first offer at over $50K more than what they’d payed for the house and they’d pay closing cost. They signed a contract Saturday and within 3 weeks they’d moved out to their new house. Luckily for them, they were being given a house so it was pure profit. My son basically got a $2000 a month raise when they gave him a house and let his wife go in and have it remodeled how she wanted it.

Valuations and taxes keep going up. I'm selling.

I can really see why others have sold out, invested in a decent trailer RV , and live in that , parked somewhere, and use their truck to drive otherwise.

Though, even spaces to rent , for an RV , have gone up in cost....regardless, many are preferring the options of moving when the conditions make life hard where they are.

bunch more popping up , I think people trying to get out of them before the foreclosures that will be around probably soon enough.
it keep feeling more and more like 2008

Real estate prices remained static here for a number of years but took off after the pandemic. It seems a lot of people wanted to flee the cities. Raw land is being snatched up at a good clip.

My son-in-law had me nervous for a while. He left a very good paying job to get into housing developments in the Charlotte area. I was nervous about his timing more than anything. He was putting up spec homes going for $1,500,000-2,000,000. He moved them all and he's doing one now that should go for around $3,000,000. I guess it depends on how well-heeled the buyers are.

Going fast here but $543 K average price land is out of sight.

Land and houses are still moving here but the market has slowed some due to the interest rates. Investors/developers are still buying up the land at ridiculous prices though. 25 acre ag field right behind my house just sold for 34K per acre. The only thing that can be grown on that for a profit is houses.

Cash buyers are starting to disappear except for the prime properties. With higher interest rates first time buyers are not able to become owners of the 180-250K homes as most don't have the needed down payments and if they have money to put down and they offer more than appraised value they better have all that difference. Also many elderly with these 200K homes that are 20-40 years old can't afford to sell and buy condos for 320-400K, so things have slowed some. See more adds and here more talk about the container type homes, 700-900 square foot that can get you in homes for less then 100K. We propbably will see more of those types as it is unlikely for existing homes to drop much in value and many wage earners even with sizable wage increases can afford average existing housing. People need housing and they will find ways to get what they need.

Bryce

Got a good friend that had a place on the Stillwater. I talked to him this weekend we sold it for 3 times more than what we paid for it 2 years ago. Before that he and his wife built a home and lived in it for about a year and sold that one for double what they had into it. They are homeless living in an older RV and end enjoying live in the west fishing and just enjoying life. They have to skills to build a small home at anytime and they aren't in any hurry. He said the cooler is full of beer and having fun.

Stuff here sells pretty fast. I could sell my ranch for a pretty penny, but I would never sell in my lifetime.

Houses still selling for more than asking price here and they're selling fast.

An elderly neighbor's house was put on the market by his kids about a month ago. It's in a fairly rural area (for around here) and sits on three acres on a corner lot. It's a decent-sized rancher built in 1959 with a detached two-car garage and several outbuildings. Electric heat, no central air. It listed at $250,000.

There was a huge response, the realtor shut down bidding after three days of constant showings.

Another neighbor and friend, a young guy and his wife who were living with his parents until they could find a place, bid on it. He bid $265,000 with and escalation clause up to $280,000. He had been friends with the owner for a long time and visited him often as had I.

Top bid was $312,000. When the owner's kids found out my buddy was bidding on it they told the realtor that if he could come up to $300,000 he could have the place. He did and we are currently remodeling a bit before they move in. I thought it was pretty cool that they walked away from $12,000 so that their dad's friend and his wife could have it.

They are building thousands of new homes and apartments here in the sanctuary County of chesterfield..