Skip to main content

MD - Condos / < $400k SFHs are getting snatched fast, rest is sitting

MD here. Have been monitoring market locally for a while.

2 condos (listed almost at all time highs) in the area are under contract within a week. Same applies to smaller SFHs (under 2k sq ft). They go pretty fast since you kinda, sorta still can afford these under $400k with ~6% interest rates. Everything else bigger > $500k for the most part has been sitting for 30 + days. I mean who the hell can afford $4000 + mortgage, so I'm not surprised.

Supply is decent since people have to move for XYZ reason, new jobs, divorces etc.

The problem is that new buyers in lower, median income bracket without any equity are pretty much outpriced and can't afford literally anything. This is why rent is skyrocketing. Also I stopped hearing about "cash buyers" 🤡, finally.

Historically high home prices coupled with highest interest rates for more than a decade do not mesh well together. We live in condo and eventually want to buy SFM with a yard but im not buying $500-600k home (that was $350-450k in 19/20) even though we can technically afford it at 6%. When looking at amortization for first 5 years on this type of "deal" its a high way robbery. I'd rather rent for $2500

submitted by /u/just_IT_guy
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/xnnnmg/md_condos_400k_sfhs_are_getting_snatched_fast/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more