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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/
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