For Redmond area (particular further east) I notice: - 5x more listings than 3 months ago - Houses listed without offer review date - Houses blowing through offer review date without any offers (3 months ago this was unheard off) Take for example this 3.6k sqft house with 50ft indoor pool and 5 acres listed for 1.75M: https://www.redfin.com/WA/Redmond/-/home/446394 Redfin estimate is 2.34M, Zillow estimate is 2.4M. 3 months ago this would have ended with a 2.6M+ bidding war, now it's been sitting for 4 days with no offer review date. Are similar things happening in Seattle city ? Will prices drop dramatically throughout the area ?
Lol, a house for 1.75 million sitting for 4 days and the market is melting down ? If you need to see what irrational exuberance means: this is an example.
It's normal to have more supply during the spring, so I wouldn't read too much into that. However, if houses are sitting longer than usual, that could be a sign things are slowing down. However, i wouldnt say collapsing. Also, stock market has tanked for over a month and many companies holding back on hiring.
Stretching the defintion of “collapsing”
Houses are def staying longer than before. Price has dropped a bit. Not crashed yet.
Bidding war is slowing down because there is more to choose from. 4 days is nothing, 40 days... then we have a problem
40 days will be healthy.
It's been listed for 4 days lol what are you talking about. Don't worry it will sell. And I think it makes sense for this kind of house to have no review date: it will appeal to only a small audience. It is way way too much maintenance work for most people .
Several saying lots of maintenance. Do you mean the pool or the land ? Is hiring a gardener for big mostly grass land much more expensive than small garden upkeep ?
Mostly the land. Yes the larger the area the more expensive, because it takes a lot more time.
It's far from the major cities. The number of the people who prefer to have a closer location than a pool in the middle of the forest is probably higher, so this doesn't have an offer review date. It makes sense.
Yes, wait for 1-2 month and buy house with 40% discount
It does have an offer review date: Tuesday, May 10, 2022
Loool It just got added - you're right. It didn't when I posted. I guess they were not expecting bidding war / lots of offers but got lots of interested ppl and they realized having an offer review date would be smart. Or is adding an offer review date later on a trick or something in the real estate business ?
I think it’s just a trick to add some time pressure. In this case it might backfire.
Do you have cash to buy if prices drop ? Will you pay 1million with 6% for 5years ? You either pay to the bank or pay towards price of home. Potato patato who knows who’s loss.
It’s much better to lock in low price and high rate due to refi. High price and low rate and you’re stuck forever.
Not everyone can afford a million at 6% but almost everyone can afford 1million at 1.99%.