Re:Bay Area wages soaring but still can’t keep up with housi...
by sandworm101 on Sunday September 25, 2016 @03:18PM
(#12576876)
>> My point being that the houses are being listed and sold in a short time frame. That suggests that the housing market is pricing appropriately for the buyers.
I'd call that a seller's market. Houses may be selling quickly because of a lack of supply and elite buyers are moving asap. A buyer's market would be one where buyers are not in a hurry, one where houses stay on the market for a while, negating any need to bid high and fast.
I'm currently in the ultimate seller's market (Vancouver, north shore) with a <1% rental vacancy rate and houses selling within hours. I laugh a little at the prices in the OP. 1.7m won't get you much in my neck of the woods. Some 35 new apartments (2Br 2Bath) in west van just pre-sold for 7.5m each. And they haven't even broken ground on the building. The city/province is starting to take drastic steps as the young flee and shops close. The market is in a bit of a panic, but that is what drastic steps were meant to do.
I'd call that a seller's market. Houses may be selling quickly because of a lack of supply and elite buyers are moving asap. A buyer's market would be one where buyers are not in a hurry, one where houses stay on the market for a while, negating any need to bid high and fast.
I'm currently in the ultimate seller's market (Vancouver, north shore) with a <1% rental vacancy rate and houses selling within hours. I laugh a little at the prices in the OP. 1.7m won't get you much in my neck of the woods. Some 35 new apartments (2Br 2Bath) in west van just pre-sold for 7.5m each. And they haven't even broken ground on the building. The city/province is starting to take drastic steps as the young flee and shops close. The market is in a bit of a panic, but that is what drastic steps were meant to do.