Home Prices Fell in February for First Time in 11 Years
I just got an update from my realtor that, compared to 2021, houses are now getting 5-10 offers instead of 10-20. Every open house I go to is packed and has an offer deadline at noon the day after (they aren't bluffing - it goes straight to under contract the next day). It's impossible to have any contingencies - even home inspection. Most are going for $50-$100K over asking. This is even with 7% interest rates, the stock market down 20% and tens of thousands of layoffs in my relatively tech (and Amazon) heavy area. The rental market is so tight - there's basically nothing on the market and the few dilapidated homes that go for rent are between $5-7k/mo. And this is late-March 2023.