Property markets now suburban and rural

[masraum]

We've been looking around at property, and the markets in the suburbs seem to be pretty hot and good for sellers. Not many properties are on the market and they go fast.

In the area around our apt, in town, some of the very expensive homes seem to be going on the market for quite a bit less than they were before.

We've also considered buying some property far outside of town, but we're unfamiliar with the rural markets.

What have you guys seen in your various markets, especially the more rural markets?

What are your thoughts on purchasing property now vs possibly waiting a year, any predictions?

[ramonesfreak]

my wife is a real estate paralegal and has been slammed all summer

i have no predictions since i thought the RE market would be dead after all the job losses and was wrong

[onewhippedpuppy]

In our relatively stagnant RE market houses are selling fast and for good money, this is despite thousands being laid off in aerospace. Supposedly there isn’t very much inventory. I’ve seen a lot of articles related to mass exodus of professionals out of the big cities, particularly those that have seen a lot of riots, civil unrest, defunding police, etc. It will be interesting to see how the working remote professional reacts going forward, because regardless of Covid I think working remotely is here to stay. So for many who can now literally do their job from anywhere, why spend big bucks to live near corporate HQ in a big expensive city when you can now live somewhere that you want to live, and likely for less money?

[Seahawk]

In the past year my wife and I have begun to make plans to sell the farm and find a more suitable place to live. We have five more years to my wife's retirement and I'll be 68.

As much as I love this place it is a lot of work.

So, I've been looking at alternatives in South Carolina, North Carolina and the PNW - specifically Eastern Washington State.

I have focused on rural and small town properties, land and existing houses. I use Zillow and based on their trends (I use the term "trends" because I look at 'days on Zillow' and price) prices have gone up and properties seem to be moving with more alacrity than late last year.

A lot of the properties I had saved and tracked have been sold - one in particular had been on Zillow for 8 months.

Originally Posted by masraum

What are your thoughts on purchasing property now vs possibly waiting a year, any predictions?

I wish I could help!

[masraum]

Originally Posted by ramonesfreak

my wife is a real estate paralegal and has been slammed all summer

i have no predictions since i thought the RE market would be dead after all the job losses and was wrong

I was also expecting the market, prices and sales, to decline after all of the stuff that we've seen. Maybe that's why we are seeing depressed prices near us (in town) because folks are wanting to move out of town even though Houston was relatively unimpacted by the protests, unrest and riots.

[GH85Carrera]

Around here almost any house with three bedrooms, two bathrooms and under 300K will sell in hours. My business partner's daughter bought a house just 18 months ago. Since then she fell in love and is getting married. She and her fiance bought a bigger place, and she sold her hour for a 30K profit, in 24 hours.

[ramonesfreak]

keep your eye on foreclosures in the coming few years. i predict a massive wave of foreclosures once they resume

[Porsche-O-Phile]

8-10 years of no home construction has restricted supply and buoyed-up an already artificially high price point. I sold a couple of places (one in 2018, one late last year). Both sold for asking price and pretty quickly - FSBO no no BS commissions to pay either.

Good time to be a seller. As a prospective buyer I’d sit on the sidelines for a while. I have no interest in getting back into ownership anytime soon but maybe eventually...

[tadd]

Y'all can thank the FED and QE with zero rate.

Borrowing costs are minimal.

What this has done is created a society of non-ownership. We all just lease stuff anymore.

Auto loans are now 72 months at zero % for some models. Six years is a long time for a durable good like a car.

I don't think people care anymore if they actually 'own' their homes. Goes with the attitude of working till you die.

[stomachmonkey]

Suburbs and rural are naturally hot due to COVID and population density.

People in dense areas want some breathing room.

We saw this in the NE with all the city folk fleeing to their summer places.

Realtor friend off mine in PA answered another friends question about the state of the market with this, "remember when you were looking for toilet paper?, it's like that"

Inventory is moving fast.

We are planning a move to Austin next year. We were going to put the house up this year just to see if it sold because I want my money in pocket and rent in the community till Conner graduates HS.

Then with COVID we thought we'd wait till it died down. Starting to rethink that now. Have a friend down the street going on market probably next week. Will base our decision partially on how he does.

[E38Driver]

Where I am at in Tennessee (rural) the market seems pretty hot. The agent that I used to buy my house sells two to three houses a week. She sold my Son's girlfriends house within 24 hours.

By the same token a house down the street from me has been on the market for over 800 days and one in the same price range sold in two weeks.

I guess location and eye appeal has a lot to do with it.

Dave

[monoflo]

Relative to most other states the property values in the Peoples Republic of Illinois suck.

So sell your Colorado property and get a great deal (of pain) in ol ILLinoise. Want to see the future-watch IL.

[fastfredracing]

I was going to make a similar post just yesterday, as I am planning my exodus from rental houses in the city .
The real estate agent told me that the suburban , and rural markets are smoking hot, and that overall, properties in the city are still holding strong. She said that this has been her busiest season by far , even with covid .
Times like this , I am very thankful to live where I live . I see all the city slickers moving into the new neighborhoods in our area.

[Cajundaddy]

The market in SoCal is still pretty busy. We sold our beach condo in April and the market value has continued to rise since. Two of my kids recently relocated to Idaho and are reporting a hot RE market there. One is near downtown Boise close to the university and one is having a home built in a smaller town outside of Boise. Idaho is a law and order 2A state with widespread open carry and concealed carry. Zero tolerance for Portland-style shenanigans.

Buying when mortgage rates are rock bottom makes sense because it keeps payments low. This has clearly supported the RE market and people are moving as they adapt to the new realities.

[john70t]

Uhaul and Ryder must be doing well.

[masraum]

Originally Posted by Cajundaddy

The market in SoCal is still pretty busy. We sold our beach condo in April and the market value has continued to rise since. Two of my kids recently relocated to Idaho and are reporting a hot RE market there. One is near downtown Boise close to the university and one is having a home built in a smaller town outside of Boise. Idaho is a law and order 2A state with widespread open carry and concealed carry. Zero tolerance for Portland-style shenanigans.

Buying when mortgage rates are rock bottom makes sense because it keeps payments low. This has clearly supported the RE market and people are moving as they adapt to the new realities.

Regarding Idaho, all of the sane folks are fleeing Seattle and Portland.

[Cajundaddy]

Originally Posted by masraum

Regarding Idaho, all of the sane folks are fleeing Seattle and Portland.

If they bring conservative values with them, they will be fine. The slightest hint of "social justice leanings" and they will be tarred and feathered, then run out of town.

[mgatepi]

We are rural in SW Ohio. Houses with land sell in a day or two. Super hot market. Like others here the wife and I are considering selling in the next 5 to 7 years. The farm is just too much to keep up as we age.

[onewhippedpuppy]

We have friends who are actively shopping for a place at Lake if the Ozarks, we are about one year behind them. Sales of properties on the lake are up 109% over 2019 and off lake about 55%. Prices are up but fortunately not to the same extent. Apparently school enrollment is also up, with many turning their vacation home into a primary residence at least for now. It will be interesting to see if this holds.

[cabmandone]

I'd wait to buy. While every market is different, rural property is a hot commodity around here. Homes are selling for more than the listed price. There's that kind of demand.