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I can speak to the Seattle market since I’m both buying and selling.
There is pent up demand and limited supply.
With companies vesting schedules there is a massive influx of capital.
So the market here isn’t where it was in 2017 but it remains a sellers market.
I agree it is local.
Austin, Boston and SF all seem to be strong.
I just bought a house, AMA.
Honestly, though, if you can, now is a good a decent time to grab a great rate. I don’t know that I’d be starting my home search this second if I was some combination of single/without kids/didn’t have a place in mind/am still early in my career, etc. For my wife and I, though, we are none of those things: we are expecting #2 this fall and it has been quite compact in our city condo during COVID. Bought in an area we had discussed for years, got a decent price (but still well within budget), a better rate, and pulled the trigger.
The one piece of the macro picture I’m not solid on is the 20M people out of work, and the potential for one/both of us to lose our jobs due to softening of the economy. But that concern won’t go away regardless of where we live, so my rationale is that if we exhaust our 12 month emergency fund with both of us unemployed (aka worst case scenario), then I’d rather the Sheriff kick us out of this new house than our tiny condo that we’ve outgrown.
We’ve prepared as best as could be expected; I’m sure there are others in the market who haven’t. So it goes.
Because of low mortgage rates, summer (before next school year) and everyone knows they are going to spend at home for next 6 months to 1 year, housing demand is high. Typically supply increases during June to Aug time but this year it’s not the case.
Rocket Mortgage