home price changes April 2022?

[LWJ]

Hello,

I was actively looking to move recently and spent a considerable amount of effort on this. I got a pretty good feel for what things were trading for. It seemed nutty.

Then, with the increase in interest rates, I think that a micro-adjustment has happened on pricing. I have seen some decreases come through and new listings seem to be less "shocking."

I am looking in the Portland, OR market.

How are other markets reacting?

[gacook]

Originally Posted by LWJ

Hello,

I was actively looking to move recently and spent a considerable amount of effort on this. I got a pretty good feel for what things were trading for. It seemed nutty.

Then, with the increase in interest rates, I think that a micro-adjustment has happened on pricing. I have seen some decreases come through and new listings seem to be less "shocking."

I am looking in the Portland, OR market.

How are other markets reacting?

Been wondering myself if we're going to see prices start to drop due to interest rates climbing. So far, I'm not noticing anything going down. I get a monthly report on my house, and it continues to go up. Keep an eye on Zillow pretty much daily at the surrounding area here, and not seeing any trend down on prices here in Arizona.

[matthewb0051]

San Antonio has always been a cheap place to live. UNTIL NOW

We are looking but are finding an increase in housing prices. They are nearly to the level of Northern Virginia was when we moved there in 2014. I used to say that our NOVA house was $250k house that we paid $550k for. Now our NOVA house is worth about $800k and San Antonio houses that used to be sub $300k are over $500k.

Spoke with parent of my college kid's roommate a couple of weeks ago. They have a family member that was moving recently to Dallas from San Francisco area. Guy without even thinking offered and paid $100k over asking and there didn't seem to be competition. The crap they are used to in those high cost areas is now bleeding over to places that historically didn't have high living costs nor bidding wars for houses.

Will it ever end?

[Ayles]

Still HOT here in Seattle. Though I have only really been watching what happens within a couple miles of where I live. One a few blocks away just sold in less than a week. Will be interesting to see what the closing price is. It looks like they listed it a little low to encourage a bidding war.

Not a bad deal for the seller more than doubling what they paid for it less than ten years ago.

https://www.zillow.com/homedetails/2706-W-Elmore-St-Seattle-WA-98199/48825277_zpid/

[Evans, Marv]

Prices in my county have ballooned out of proportion from an already high level. I can only say I'm glad to have a house that is paid for. Even with recent price & rate hikes, demand is still high in large part due to lack of available area to build. It's going to be like that into the future. We're limited by the Mexican border to the south, mountains and desert to the east, dense development to the north, & Pacific to the west. I think last I heard, the average home price was either $870K or $970K - more than I need to be concerned about.

[craigster59]

My 5 bdrm 3 bth home has been steadily rising and getting close to the $1m price point. They are building a few thousand new homes in the area and they are priced over $1m.

The homes that have gone on the market in my tract sell quickly due to a couple of factors. The residents are predominantly police, fire and studio people so the neighborhood is very safe.

The other factor is that there is no HOA or Mello-Roos (an additional tax that deals with infrastructure for new neighborhoods) for my tract unlike many neighborhoods in the Santa Clarita/ Newhall/ Castaic area.

[LWJ]

A note on prior market insanity, I missed a cool place a couple months ago. Sold for 25% over ask in one day.

And, not a cheap house.

Don’t see that today.

[red 928]

foreclosures way up
keep an eye on that

[Roswell]

Originally Posted by red 928

foreclosures way up
keep an eye on that

canary in the coal mine...

[vonsmog]

I hope prices drop, sold our home in Nov. and we are heading to CO. this weekend in the RV to see if we can find a home to buy. Looking on the front range within 1 1/2 hours from Denver, where are kids are.

[GothingNC]

Same in Raleigh NC

Value of my house has doubled in the past 5 years.

A close neighbor sold their house for $50K over asking. Buyer ended up being an investor and there is now a "For Rent" sign in front of the house, Ugh.

They are saying that 25% of the homes in the Raleigh area are being purchased by investment companies now.

[Vipergrün]

Originally Posted by vonsmog

I hope prices drop, sold our home in Nov. and we are heading to CO. this weekend in the RV to see if we can find a home to buy. Looking on the front range within 1 1/2 hours from Denver, where are kids are.

Check out Monument and Palmer Lake if you pass through. Lived on the hillside across from Monument for a few years. Pike Peak Brewing Co. is just off the 25, owned by my buddy if you like that kind of thing. Tons of building and sprawl as you get into Co Springs. Same thing with Berthoud/Longmont area north of Denver. Beautiful area and good people from my experience.

[Superman]

In June I will sell a house in south King County for more double what I paid ten years ago. Zillow increased its estimated value by about 7% IN THE LAST MONTH.

[A930Rocket]

Originally Posted by GothingNC

Same in Raleigh NC

Value of my house has doubled in the past 5 years.

A close neighbor sold their house for $50K over asking. Buyer ended up being an investor and there is now a "For Rent" sign in front of the house, Ugh.

They are saying that 25% of the homes in the Raleigh area are being purchased by investment companies now.

We just closed on a neighborhood of 45 homes bought by an investment company. They will rent houses out.

[Brian 162]

We listed our house for 1.2 April the 5th. We had 4 offers and it sold on the 11th for 1.515. The next day the banks announced that interest rates will rise. There's no inventory so we were in the drivers seat.
We're moving to a smaller city Guelph Ontario which is around an hour west of our present house.
We bought a bigger house for 1.3.

[JavaBrewer]

It’s definitely slowing down in San Diego which is great. Homes that sold in 1 day 10-25% over ask to cash buyers now sit for a week before accepted offer. It will continue to slow as it must but indicators say no major correction on the horizon unless influencing from external world wide situation

[aigel]

Bay Area is just as crazy as ever. Still a lot of cash around. Tech people but also a lot of pent up demand by millennials that delayed family founding during covid and are having local boomer parents put in cash.

I will watch with interest if the tech and overall stock price decreases will change anything. That said, most areas are up about 30% in one year, so even if it drops back to 2021, it still is crazy expensive.

[IROC]

Still crazy here in Knoxville, TN. Average days on the market is less than 5. Most everything sells for more than asking. I actually checked zillow on our house last night. We bought it almost exactly three years ago for $442k. Zestimate is $715k. I don't think we could get that, but could easily get $650k. Insane. Interest rates don't seem to be having an effect yet. I feel sorry for first-time home buyers. If you don't have a lot of equity, you're going to be way upside down when this bubble bursts...

[911 Rod]

Nothing good will come out of this for the average person.

[GothingNC]

33% of home sales in Raleigh were cash sales.

https://wraltechwire.com/2022/04/29/investors-drive-bigger-share-of-raleigh-home-sales-all-cash-sales-soar-to-33-of-deals/