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I hope so. Our house has only had a few showings in the month it has been up.
Which area?
What C1 described is what I see in the South markets (includingbTexas). If you add up Mortgage + Property Taxes + Insurance + HOA + Fund for unexpected fixes, gap is 30 to 50% (renting vs buying). Either family incomes go up or home prices go down (or a mix), it is math. This will take few more years to unfold…. If you own a house purchased before 2022, you are trapped (like me)…. Price is now 2.2X, sadly I cannot afford my own house at current prices, my mortgage will go from $2.5k to $10k (no kidding), property taxes will double and insurance company will demand a new roof…
Mentor
Will highly vary in the market you are in, but yes, I have started to see home purchases increase the last 2 month in my area. Additionally, home prices in my areas hit all time highs again.
It’s bitter sweet, my current properties on paper have gone up between 15% - 30% (depending on the property), but it’s been very difficult to keep on growing the portfolio.
No. Market is getting hotter for well priced properties. Everything else is sitting forever
Buying my first multi-family in New Jersey and the market is hot!!!! Sooo many buyers and few inventory, ppl are still bidding and going way over asking price. My first offer was beat by over 80k. I’m sorry but I don’t agree with going sooo much over asking. Found a gem and hoping to close soon!
Citi1 where in New Jersey are you buying your multi-family property?
It’s slowing down. Had a sales rep basically beg me to have a sit down with her yesterday. I told her flat out I’m moving after I finish grad school next Spring and she tried to convince me that it would be a great rental property after I moved (since I have a few)
I then walked her through how with current rates and community HOA payment would be 2400-2700 hundred in an area where rents are 2000 max.
That’s why no one is buying. I make very good money and live in a previously LCOL city that has been swamped by people that sold their HCOL homes and bought cash here. Now that the frenzy is up - builders realize they can’t charge locals these crazy prices w/ current interest rates being 7%
Nah a bit further north
OP is this a fact for all markets?
No, every market is different. I have lot of clients looking for home in my area and we got overbid multiple times.