Wow. Pent up demand maybe ? People been quarantined with their kids too long and want more space? It's the same in my little neighborhood. Spec house sold before it was finished and 2 neighbors had contracts on their homes within 24 hours of putting it on the market. The one in the photo below sold for way more than asking in 24 hours.
I think it's demand, but only for certain neighborhoods. Not sure where you are at. But speculation on my part but I don't think most homebuyers under 40 have any interest in the suburbs. So in my neighborhood, a hip, historic, coffee shop and craft beer part of town, there just aren't enough houses. I know 2 other couples looking for houses, one is a realtor. I just ain't happenin. The home we missed on is adjacent to this neighborhood and I think it is starting to bleed over as people realize there is nothing available here. My house has doubled in value in 5 years, just wish it had one more bedroom. I don't think it is a bubble. I think this is legit demand. I'm not sure what to do, because offering 25% above what appraisal is going to come back is ludicrous.
It’s a lack of supply. Bunch of reasons for it, but high level, new home building is still behind from the Great Recession, low interest rates are pricing people in who otherwise wouldn’t be, stock market hike meaning more people can afford down payments, still a lack of mobility among a portion of home owners for several reasons etc.
Definitely not a hip, historic, coffee shop area here. Interesting though that of the 10-12 couples I've met all but 1 are from Florida and their home here is a 2nd home. Old broke-down boomers such as myself.
My cousin just got into a bidding war for a modest house in PV beach. They ended up at $50k over asking (the list price was $497k). It's nuts.
Sorry, man. That really sucks. You’re not alone. In my town the cheapest you can find a house listing is in the mid 400s and that’s rare. 289k sounds like a steal. In a different part of my metro a coworker and his wife found a house they loved for $499k. Their realtor recommended they go in at $570k. The winning offer came in at $625k in cash, no inspection, no contingencies, and four days to close.
Is your house in the neighborhood where you want to be? I have some friends that were in the neighborhood they wanted but their house was tiny so they added a second story on using the equity value of their house to pay for the renovations.
Yes but it's a historic district and they won't approve adding a second story. I wish that was an option.
All true, plus: building materials are many multiples more costly than normal, making new construction less appealing/cost effective.
Yeah, I built a large deck on the back of our house end of last year. Couldn't have picked a worse time considering wood costs.
Bummer. Maybe if you have a higher roofline they’d approve you installing a couple dormers to expand the attic space and bring in lighting?
I actually bought a little this morning (literally 2 shares, cash sitting in my account) and up 46% on the day. I was doing some reading on Friday when I was sick as shit in bed all day and the GME thing has been fascinating. There still seems to be strong indicators that the short percent is still 20-40% higher than the actual float. And a lot of those shorts are coming due in the next few days (allegedly) and the price may again shoot up super high. If enough retail holds the price could theoretically become astronomical because the hedge fund shorter will be forced to pay anything for them or go bankrupt. Again. But possibly way way more volatile than the first time. As with doge, I've wasted money on worse
This is why I never sold the 2.5 shares I bought a while back. I stand to possibly lose very little or gain quite a bit.
