Frustrated at the housing market!

[Angrypenguin]

Hi all, I was just curious as to what the housing market is like in your area? My wife and I have been outbid 3 times, and the latest house we went 15k over listing and lost (again) to what we think is an all cash offer. The house was only on the market for 7 days, and had 10-15 offers . Needless to say this process is extremely frustrating, as we've been searching for months. Is it like this at all where you guys are? We're in the Los Angeles area, looking near Cerritos.

 

[clarabelle]

So not like that in the Southeast.
We have houses in our neighborhood that have been on the market for months

 

[princess momma]

It's not like that at all around here. There are for sale signs everywhere, and the houses sit and sit. We always thought this area was temporary for us, but with the way the housing market is, we'd lose big if we tried to sell.

 

[BriarfoxinWA]

Nothing is moving here. (Eastern Washington State) I laughed yesterday because my neighbor has listed their house for $299k. They had shown it to my parents back in January and wanted $280k. It is really overpriced for this market. It is a 1,700 sq. ft. 3 bedroom 1.75 bath with an attached 2 car garage and a separate 2 car garage and a nice craft room. It's about 15 years old or so and while it is nice inside the kitchen has not been updated at all. They paid $200k for it 4 years ago and the only thing they did to it was to paint the outside. Market price is probably around $225k.

 

[Praying Colonel]

We're looking to sell and move into a larger home. We may not get top dollar for our house, but we're hoping we can find a bargain to buy and we'll come out ahead. Our realtor says the market is starting to come around in our area--her company has been busier in the last 30 days. OTOH, the house across the street from us has been on the market for 90 days--and counting.

 

[DMickey28]

I am house hunting in Southern New Hampshire and have seen a lot of homes on the market for between 6 months and 18 months.

My best friend's house in RI has been on the market for at least 3 months now and not a nibble.

 

[PatsMom]

I am house hunting in Southern New Hampshire and have seen a lot of homes on the market for between 6 months and 18 months.

My best friend's house in RI has been on the market for at least 3 months now and not a nibble.

Both southern and northern NH seem to be awful. A house near me just sold after being on the market close to two years. Sold for almost $100,000 below the original price. Another one sold after on 18 months for about 1/3 of the original price. There is a third that is for sale and has been for about 18 months - not sure what the builder has dropped the price to on that one.

I know at least one beautiful home in southern NH that the builder will practically give away - all he wants is to walk away from the closing not owning any cash to the bank. The interest carrying costs are killing him.

Glad to hear the market is getting better somewhere though. Maybe it is a sign that better days are coming here as well.

 

[Angrypenguin]

Nothing is moving here. (Eastern Washington State) I laughed yesterday because my neighbor has listed their house for $299k. They had shown it to my parents back in January and wanted $280k. It is really overpriced for this market. It is a 1,700 sq. ft. 3 bedroom 1.75 bath with an attached 2 car garage and a separate 2 car garage and a nice craft room. It's about 15 years old or so and while it is nice inside the kitchen has not been updated at all. They paid $200k for it 4 years ago and the only thing they did to it was to paint the outside. Market price is probably around $225k.

Yowza! My wife and I aren't looking for anything fancy. The house we just lost was a 1400 sq ft. house, built around 1970. The kitchen wasn't updated at all, and we offered 535k (list was 520) and still got beat. Maybe I should transfer to Texas after all.....

 

[sbell111]

So not like that in the Southeast.
We have houses in our neighborhood that have been on the market for months

Same here, but some of these houses are starting to sell (or finally selling).

 

[Handbag Lady]

Oooh, sorry. I'm in Los Angeles, too, and I so wish I could move my job to Kentucky or Pennsylvania or something that has a buyer's market right now.

My colleague across the hall is in house-hunting mode and have been in the same situation as the OP. They are looking in the Burbank and surrounding areas. They were out-bid by $12k also by a cash offer.

 

[merekc]

Yowza! My wife and I aren't looking for anything fancy. The house we just lost was a 1400 sq ft. house, built around 1970. The kitchen wasn't updated at all, and we offered 535k (list was 520) and still got beat. Maybe I should transfer to Texas after all.....

You need to move to Kansas! That house would go for low to mid $100K in the Kansas City area. I think our market may be starting to rebound but there are still a lot of houses taking some time to move.

 

[Darcy03231]

I think a lot depends on whether or not the house is priced competitively and the actual area of the city where you live. I happen to live in one of the most desirable neighborhoods in my city (I'm in Southern NH). Its desirable for the elementary, middle and high schools, as well as being easy access to a major highway, shopping and entertainment. Houses in my neighborhood don't stay on the market long, unless they're way over-priced. There's also not much for sale in my neighborhood and it doesn't have a high turnover rate. When we bought our house 12 years ago (buyer's market at the time) there were only about 8-10 homes on the market that had all three of the schools we wanted (elementary, middle and high). I work in a law office that does a lot of real estate closings and all of the realtors say that its still that way, very little inventory in our neighborhood and its not unusual for there to be a bidding war, even in this economy. In the other areas of the city there have been houses on the market for a long time before selling.

 

[Angelhalo]

Yowza! My wife and I aren't looking for anything fancy. The house we just lost was a 1400 sq ft. house, built around 1970. The kitchen wasn't updated at all, and we offered 535k (list was 520) and still got beat. Maybe I should transfer to Texas after all.....

OMG!!!!!!!

Our house was built in 07' its 2900 sq feet 4 bedrooms, 3 baths, an office, a game room, 2 car garage, gas fireplace, formal and casual living rooms, formal and casual dining rooms, crown moldings, tray ceilings, hardwood floors, 3 tennis courts and 2 pools in the community and it cost us $210,000!

I can't believe the outrageous prices of homes in other parts of the country!!!!

 

[mishasmom]

That is happening in AZ, too. I think prices are just so low here that investors are coming back into the market and snatching them up (and anyone looking for a bargain). We were trying to help my MIL by a house earlier this year, and we lost 3 houses to full price or above offers.

 

[Pakey]

Yeah, that's what it is. We closed a few weeks ago on an investment property where we were the high bidder of 10. This was the second one we tried to purchase. Our realtor said that because prices have dropped so low, investors are snapping them up. The one we purchased was a foreclosure (that's all that's on the market here) and we purchased it for less than 50% of what it sold for 2 years ago.

 

[binny]

Yowza! My wife and I aren't looking for anything fancy. The house we just lost was a 1400 sq ft. house, built around 1970. The kitchen wasn't updated at all, and we offered 535k (list was 520) and still got beat. Maybe I should transfer to Texas after all.....

Heck, come to Boise! My 3300 sq ft, 5 bedroom, 2.5 bath on 1/4 acre is on for under $250,000. I have a seperate office, formal and casual living and dining rooms a grande hot tub and a Rainbow play system in a seperate fenced area.

Would love to have it sold soon so we can move on with our lives!

 

[vegasnative]

That is happening in AZ, too. I think prices are just so low here that investors are coming back into the market and snatching them up (and anyone looking for a bargain). We were trying to help my MIL by a house earlier this year, and we lost 3 houses to full price or above offers.

That is exactly what is happening. My parents live in Las Vegas, and each week my mom tells me about the "bargains" to be had there. If I had an extra $200,000 laying around I would buy something in Vegas right now.

 

[The Mystery Machine]

We bought in Sept of last yr. Anything that was "move in" ready that did not need a roof, flooring, etc....was snapped up in days.

The overpriced homes (people upside down on their loans) that need work sit.

 

[BriarfoxinWA]

Yowza! My wife and I aren't looking for anything fancy. The house we just lost was a 1400 sq ft. house, built around 1970. The kitchen wasn't updated at all, and we offered 535k (list was 520) and still got beat. Maybe I should transfer to Texas after all.....

I just don't understand why, with housing prices that high, anyone would want to live in the LA area. My Dsis and her family all do, but by the time you factor in a huge house payment, plus a car or two, I don't know how they can afford to just... well... "live".

 

[Handbag Lady]

I just don't understand why, with housing prices that high, anyone would want to live in the LA area. My Dsis and her family all do, but by the time you factor in a huge house payment, plus a car or two, I don't know how they can afford to just... well... "live".

Because my industry really only exists in L.A. and possibly NY and there's no way I'm living in NY.

I am also born and raised here, and I have ALL of my family here. I make a nice living but we can only afford an apartment for now. We're working on it and have looked at a lot of okay places just above our ceiling. We'll get there! (But I'm not going to be stupid and buy something we can't afford).

If I told you my rent, you'd faint. I could probably buy Binny's house in Boise as an investment! (actually, we've been thinking about buying in Palm Springs to have a retirement home and rent it for now).