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What has covid done to your areas housing market (poll)?

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  • What has covid done to your areas housing market (poll)?

    My state offers a good quality of life and lots of room to quarantine and be in nature. The housing market since covid struck has taken off. Out of staters from more populated areas have been buying up houses and lots of land site unseen and >20k over asking price.
    We nervously bought at start of the shutdown fearful that we could have overpaid. It looks like our house is worth 15-20k more than we payed for it in just these few short months.

    What has Covid done to your housing market?
    40
    Housing/Land demand has sky rocketed
    45.00%
    18
    Housing/land demand is modestly up
    42.50%
    17
    No change
    10.00%
    4
    Housing/Land demand is modestly down
    2.50%
    1
    Housing/Land demand has plunged
    0%
    0

  • #2
    Literally same.

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    • #3
      Housing here has been on a study climb for a few years. Not sure if it's accelerated more due to covid.

      I do know that I would never pay today's asking price for my current primary residence, but it will be nice to sell

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      • #4
        The mid tier housing market has been pretty crazy.

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        • #5
          In larger metro markets, the breadth (volume), median price and average price typically impact the ability to buy or sell at favorable prices.
          Currently, the higher the price range, the more favorable the pricing action.
          https://www.noradarealestate.com/blo..._Forecast_2021
          Chewing on unloading next spring. The question is to what do we downsize. Price is only one factor.

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          • #6
            it you live in the central city, demand has generally gone down. if you live in the suburbs it has really gone up. If you live in the exurbs it has also gone up. rural areas are probably flat

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            • #7
              It bifurcated here, detached houses are up, condos and townhouses are down.
              ​​​​​

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              • #8
                I said same, because there has been a mild increase in home prices which would be consistent with historical appreciation.

                Context: low to med COL city in the SE.

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                • #9
                  Is it really people moving out of the city (that seems shortsighted as covid will decrease after the winter and then we’ll have a vaccine, antibody treatments, etc) or is it because of mortgage interest rates?

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                  • #10
                    HCOL - top schools - been steady increase over the years but this summer really increased the pace since those here didn't want to move and folk wanted to get in for the school system even more so

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                    • #11
                      Originally posted by Dusn View Post
                      Is it really people moving out of the city (that seems shortsighted as covid will decrease after the winter and then we’ll have a vaccine, antibody treatments, etc) or is it because of mortgage interest rates?
                      In my area I think it’s low interest rates + low inventory. I can’t believe how fast the houses in the 1-2 million dollar range sell. Several times I’ve said to my husband while out on a walk in our neighborhood “1.3 million for that? Who’s gonna pay that?” And the next week on the same walk “Sold”

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                      • #12
                        The rural areas two to three hours north of New York City are experiencing quite the boom in land and real estate purchases. Land that has sat dormant or farmland since I was a child and probably long before are now getting split up into the minimum zoning with little 1500 sqft modular homes placed on them and going for 400-600k. Which is probably double to triple the value it would have been last year.

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                        • #13
                          In talking with some real estate agents a majority seem to be out of staters... perhaps they are buying property for investment purposes.

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                          • #14
                            I live in a kinda rural area and my friend just sold their 6000 sq ft house for quite a bit more than they paid 2 years ago at close to $1M. They said that the majority of people looking were from out of state looking to relocate. Any new build estimates are currently running like $300/sq ft so their house was a bargain in comparison.

                            My more modest house has been steadily going up but nothing crazy, not sure if covid played a role or not, but all new builds are selling fast. They're also clearing a large lot next to our subdivision for another neighborhood.

                            I think with covid, a lot of these companies are realizing how much can be done remotely. Not everything of course, but it'll be interesting to see how the world changes due to all of this and technology catching up.

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                            • #15
                              Originally posted by Anne View Post

                              In my area I think it’s low interest rates + low inventory. I can’t believe how fast the houses in the 1-2 million dollar range sell. Several times I’ve said to my husband while out on a walk in our neighborhood “1.3 million for that? Who’s gonna pay that?” And the next week on the same walk “Sold”
                              This is perplexing in a “downsizing” mode.
                              Move out sounds great, but the replacement is “way over priced”. Geez.

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