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Has Achieved Nirvana |
Looks like the Real Estate market is still hot: House listing generates 76 offers.
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Has Achieved Nirvana |
Wow. Crazy times.
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| Serial origamist Has Achieved Nirvana  |
You can sell and get tons of cash. But then what? You gotta live somewhere. There’s a teardown a few blocks from me that’s listed for $1.8M. I’m guessing they’ll get more.
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| (self-titled) semi-posting lurker Minor Deity  |
Wow. Not just offers, all-cash offers. Besides all the other details, who are all these buyers with that much cash available??
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| (self-titled) semi-posting lurker Minor Deity |
P.S. this:
Yep. Even if you have the purchasing power, if you're not ready to go, you're not getting a home right now. It really stacks things against first time home buyers. I continue to be so, so grateful that we bought our home in spring 2019 instead of spring 2020!! (Also that I bought my grand piano before the pandemic started, pianos are also selling like crazy apparently!
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Minor Deity |
Bubble, bubble...toil and trouble.
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| (self-titled) semi-posting lurker Minor Deity |
Indeed! On a smaller scale, re the home that was a fixer-upper and sold for 70% above the list price, the buyer better move fast on those renovations to turn around and get that house back on the market, because otherwise they are risking significant loss. Obviously, things are different in big cities, but there are a few houses in our neighborhood that have been flipped and are listed at pretty high prices, and they're not getting snapped up. Those flippers take a huge risk....
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Minor Deity |
Brokers are bragging about the number of offers and the bidding wars but that tells me they don’t know the market and are underpricing their listings. Jf
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Has Achieved Nirvana |
Sometimes it's a deliberate strategy. They will tell other brokers, I won't tell you the prices, but we are already considering multiple offers. That gets some buyers to panic and to put in a bid way over asking. I've also known brokers who will set it up for a second round. They get one round of bids, then go back and ask everyone for their best and final offer. (And casually mention to the brokers that, by the way, your client wasn't the highest bidder, and wasn't close, so if they want this house, they'd better improve their offer a lot.) | |||
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| Has Achieved Nirvana |
And they take their cut anyway.
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| Serial origamist Has Achieved Nirvana |
I have never had a positive experience with a realtor. We met one a couple weeks ago on the other side of the state who was friendly, but seemed pretty young and inexperienced. But the vultures in this area are a nasty lot.
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