Any realtors? Question about the housing market

[darcytribe]

sale prices appear to have leveld or down from highs of a year ago and trending even lower in vast majority of markets. Every market has its unique variables at play adding to the general asset price downturn macro economic trends. Now and moving forward for a while I believe sellers will have to price aggressively to overcome the growing hesitancy in the buyer demographic. I recently heard a housing analyst state that nationally the greatest market Depression is within the second home market and for homes priced 1 million or more. The layoff cycle has begun and seems to be affecting several big tech companies lately. Wish you the best with the sale.

 

[Crghss]

Sell you house and rent at new location for a year or two. If prices continue to fall you could get way more for your money. I don’t think interest rates will continue to go up, may even fall. These are unknowns and may go the other. But renting will allow you to get more familiar with the area, gain some local knowledge. Get an informed opinion where to buy.

My house would be undervalued if priced “30 to 40% higher than what we paid for it a few years ago”.

 

[Crowmangler]

You can price your house "to sell" or you can price it "to be for sale"
I would try to get an idea of what you need for the market you're moving to then base your minimum sales price off of that.
You & your family are the only ones that have to be happy with what you sell it for.
Don't worry about what you could've gotten 6 months ago or a year from now.
Determine your number, sell the house & move on with your life & be happy.

 

[MattB]

1. Hire a good real estate agent, someone who is familiar with the local market.

2. Look at Zillow to get a sense of what your house is/was worth but know that pricing data is based on past sales so may not be accurate in moving markets.

3. Based on #1 you should get what your house is worth. That is completely divorced from what a similar house may cost in a different market, so make sure you understand that before you undertake the sale process.

4. You can negotiate a sale/short-term lease-back in most circumstances if you want to sell now and not have to move/buy for some time.

 

[mhabiger]

As others have mentioned, checked recently solds around you on Realtor and Zillow. You can see county level trends here https://www.realtor.com/research/data/.

In general every market is declining from hitting peak prices in May through July. However prices are still up substantially and 30-40% might be inline with what you see in the stats. Just realize all reported sales data is generally 2 months behind today's market. So if prices in the stats are dropping 1% a month you need to be at least 2% lower to be at today's market.

We moved to Northwest Arkansas last April. Rented in Bentonville and got to know the area. Lots of good areas, traffic in Bentonville and Rogers is terrible for how small the cities are. Fayetteville seems a lot better. We bought some land out near Goshen after watching the market for a while. Locally the market has dropped 5-10% from peak but up 30-40% from 2020.

 

[Boarmaster]

I’m a commercial broker not residential but all real estate is local and markets are fluid. I would consult a few trusted experienced brokers in your area with the question.

 

[MallardSX2]

I would never in a million years move for work to a different state and immediately buy a home when I moved.

I would rent for a few years and rent my current house.

At least until I knew FOR SURE I was going to stay at my new job.

 

[menhaden_man]

I would never in a million years move for work to a different state and immediately buy a home when I moved.

I would rent for a few years and rent my current house.

At least until I knew FOR SURE I was going to stay at my new job.

I just did exactly that two years ago, across the country with three kids and a wife. First time I saw the house was when I backed the trailer up the driveway. I’ve bounced all around the country so it wasn’t that big a deal for me. We really like where we are so it can be done.

Good luck - timing the market is tricky.

 

[zacattack]

I would never in a million years move for work to a different state and immediately buy a home when I moved.

I would rent for a few years and rent my current house.

At least until I knew FOR SURE I was going to stay at my new job.

We bought where we currently are without knowing much about the area.

We haven’t ruled out renting, but one of the major employers in the area is closing one of their out of state corporate offices in late 2023 and they anticipate 1,000 new families will move into NW arkansas when that happens. I would think the market there is going to take a while to recover from that. Hence why I’d like to buy now if I find something,

 

[Nick Muche]

Closed on a house today at 5.3% interest rate. Same house 2-3 years ago would have been about 60K cheaper. We looked at ALOT of way overpriced houses the past two months. Not a very fun experience this time around, glad it’s over.