pweedith t1_je57g4r wrote on March 29, 2023 at 2:32 PM

Reply to comment by Loveroffinerthings in Would you buy a house in RI right now? Why or why not? by TransitionSea9480

Don't expect prices to really come down much if at all. Interest rates may be up but it comes down to supply and demand. Home construction has been outpaced by population growth for over a decade. This lack of supply is what will keep the housing prices stable right now. And waiting for interest rates to come down just means home prices will go up again. The best thing is to find a monthly payment you can afford and hope to refi in the next few years. Overtime the homes will be worth more, I bought in 2019 and thought prices were high then but it kept going up.

SnooDrawings7662 t1_je5g4o6 wrote on March 29, 2023 at 3:30 PM

Here in Barrington - Prices are coming down a little bit.. but it's still close to top of market - maybe only a couple percent..Zillow claims my house has dropped 10 % from peak in june 2022, and down about 2 % in last 30 days.. if you believe zillow..The biggest difference is that houses are staying on the market longer - e.g. 10 days instead of 1 day..I believe that there will be at least two houses in my neighborhood this spring.. it'll be interesting to see what they go for.

pweedith t1_je5gnzw wrote on March 29, 2023 at 3:33 PM

Zillow is hit or miss. They just use algorithms that don't always factor things in properly and can sometimes use outdated information, especially in a changing market. Also, with spring starting up I feel that those days on market are going to shorten again...as long as the house is priced properly. The ones that sit the longest tend to be priced too high, a properly priced home will sell quick because there is no shortage of buyers looking.

SnooDrawings7662 t1_je5jfeq wrote on March 29, 2023 at 3:51 PM

Oh, Agreed - Zillow's data and numbers are guesstimates at best. I don't think Zillow is accurate in specific cases, but I think it is a useful comparison tool to look at overall trends.

Even with that - just looking around town, around my neighborhood, and talking with people - in the past two or three years, I haven't heard of a single house going for under asking price. It's all at asking price, or over. Usually, if the house stays on the market longer, it's at asking price, at least that's what I have seen with my admittedly incomplete information. To be fair, the number of houses sold here is so low, that getting an average selling prices is ... usually an N=2.. so it doesn't mean much.
And lots of houses are never on the open market, they go pocket listings - so you don't really know until 30-60 days after the sale has closed.

crownjd t1_je5loxm wrote on March 29, 2023 at 4:05 PM

Also in Barrington. A house in my neighborhood has been on the market for over a month now. The house two houses down sold in 1 day, and around the corner, 1 day as well. All over-asking. Wild.