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Contract Signings Surge In Mercurial US Housing Market
They're buying houses all of a sudden! Or at least signing contracts to buy houses.
I don't know wh
I’ve been browsing Zillow and Redfin for multifamily (apartment duplexes and triplexes, on the ‘inexpensive’ end of the spectrum $250-500k) in my area of North Jersey, plus some in original home turf of Philly suburbs and South Jersey. I’m seeing a LOT of these that have been on the market for extended periods (as little as 30 days up to 3-6 months) with price drops. We recently sold inherited single family –that needs tons of work– and was on market for an asking price a good $150k more than my estimate and sold over ask, north of $650k. I’m surmising that the fortunate are grabbing the homes they want, rates be damned, but that average and first time RE investors are sitting out. I stopped listening to RE podcasts recently, so not sure what the zeitgeist is, but I’m curious now to listen again to see. Maybe a good time to sit and wait for lower prices on that end of the market.
Any numbers that show the effects on the second home market, particularly East Coast Jersey to Florida?