Just sharing in case anyone is wondering about the real estate market and/or has any insights. We've been searching for a house for 6-12 months. We don't feel it's a particularly good time but for some reasons of getting family closer we are doing this.

Houses we are finding on the market:

-been there a while with fundamental flaws, price dropping at a steady rate but well over what they are worth

-been there for a while with no flaws, obvious recent flip with a really high price listing, these disappear when they reach reasonable prices but you're stuck with a low heart flip/renovation

-actually good houses that are move in ready, these tend to fly off the market at a premium

-houses with renovation potential, also fly off the market and still expensive

Bidding and finances:

-we have made three bids, lost on all of them usually to cash offers with 0 due dilligence so be prepared to move fast

-rates have come down lately and are down to 6.5% from a high of over 8% for good credit scores

Summary:

There are plenty of buyers but very low quality houses/inventory available. The market is flying for a good house so if you seen one you like you have to commit.