patrick.net

a buyers market if you have cash and can find something! I live in sun city az. 16 yrs. the only reason you see a house for sale on my block is if they died. recently 2 died and they had open house yesterday. there were at least 20 cars waiting

PC says

a buyers market if you have cash and can find something! I live in sun city az. 16 yrs. the only reason you see a house for sale on my block is if they died. recently 2 died and they had open house yesterday. there were at least 20 cars waiting

Not being a dick, but you literally just defined a sellers market to a T.

https://www.reddit.com/r/RealEstate/comments/17oa29o/is_lying_common_practice_in_negotiations/

Is lying common practice in negotiations?

I received an offer on my home after the first round of open houses that was over asking with a waived inspection & solid financing. It was the only offer I received.

My agent wanted to lie to the folks who made an offer and tell them we received multiple offers and to please submit best and final. I rejected that strategy & my agent insisted that it was common practice at his realty group.

I feel comfortable in my decision to not go through with that plan but was wondering if that strategy really is common place. It feels slimy to me.

zzyzzx says

It feels slimy to me.

Like when your "buyer's agent", making 3% commission, is going to get you a house for the cheapest price.

Robber Baron Elite Scum says

A decade later, what is the housing market now? Buyers market or sellers market?

I say a sellers market!

What do you guys think after more than a decade!

In TX triangle countryside - seller’s market. An acre of mesquite brush sells for 20-50K without mineral rights which is insane.

About situation described in OP - when we were buying a farm nearly 3 yrs ago, the realtor(TM) started yelling that we need to agree to buy right now, at full price, before leaving property as there are a lot of cash buyers. I just left. She called us up next day saying that the sale fell through and we can submit a bid…this is a clear case of realtardation multiplied by small town thinking where outsiders should be fleeced.

It will be a sellers market for a very long time.

Out here in silicon valley, it's always a seller's market.

Mortgage rates have risen substantially from historic lows, which would make me think it would hurt sellers and become a buyer's market for the remaining people with loads of cash. But it seems that the high rates make existing home owners loathe to trade up to a better home, since they don't want to trade in a 3% mortgage for a 6% one. So that imbalance remains intact, with fewer buyers being matched by fewer sellers. I guess the only losers are the Realtors™, which makes it a big win for everyone else!

The house a few doors down from me went up for sale 10 months ago then went off market. It went up for sale again just a month ago and had a "sold" sign posted within a week. Can't wait to see the price, as it's an identical house to mine but with a lot of cosmetic improvements.

I'm seeing more for-sale signs around my bit of Silicon Valley, and they seem to stay up quite a while. Two houses in my neighborhood has been on the market over 50 days each.

Patrick says

I'm seeing more for-sale signs around my bit of Silicon Valley, and they seem to stay up quite a while. Two houses in my neighborhood has been on the market over 50 days each.

What's the price point?

GNL says

What's the price point?

On Zillow, there are seven houses in Patrick's area (Millbrae down to Palo Alto) for less than a million dollars.
Here is one:

$980,000 3415 La Selva St, San Mateo, CA 94403
2beds 2baths 1,190sqft Est.: $7,097/mo
Townhouse, Built in 1978 1,464 sqft lot
$955,800 Zestimate®
$824/sqft
$435/mo HOA

The same area has 450 houses over a million. Of those, 109 are over $5 million, and 38 are asking over $10 million.

Damn. Actually, I believe mclean Virginia is hitting those numbers also. Or close to it.