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A house on my block here in Sayreville went up yesterday. It sold in November to a family who by all appearances looked like intended to live there awhile. I haven’t noticed any activity that implied renovations or otherwise preparing for a flip.
Since yesterday, my block has been a nightmare with people in and out of showings! At least triple the activity from when it sold a few months back.
What gives? Are people getting desperate to buy before the rates climb too high?
A house on my block here in Sayreville went up yesterday. It sold in November to a family who by all appearances looked like intended to live there awhile. I haven’t noticed any activity that implied renovations or otherwise preparing for a flip.
Since yesterday, my block has been a nightmare with people in and out of showings! At least triple the activity from when it sold a few months back.
What gives? Are people getting desperate to buy before the rates climb too high?
I really thought things had cooled off.
Might be time of year. People will buy now in order to plan a move in summer before school starts.
Someone in my townhome complex recently passed away (may she RIP) and while she lived on a different street, her house number is the same as mine. I had a bunch of people pulling up to my house and ringing my bell asking if my house was the one for sale.
The house is currently pending. It was on the market maybe 10 days...
Even with the higher interest rates, I don't think the market's going to cool off anytime soon. Buyers and lenders are just going to stretch themselves further until the bough breaks, as we've seen in the past.
I think it’s a combo of people trying to beat the higher rates and an extreme lack of inventory. Seems like the market is still hot even at the higher prices
Right now the sell to asking price nationally is 112%. My MLS has 4 times as many realtors as active listings. I have a $250,000 buyer that was too late to the party on Thursday: 13 offers in 24 hours.
I felt like I overpaid when I bought last year (bid 8% over asking). After seeing some recent sales in my neighborhood, I now feel like I got a bargain.
We lost multiple bids in the 8-10% over ask range. I eventually decided that the whole concept pissed me off. We started looking at houses in need of renovation and found ours on the 3rd day. The owners were finally divorcing after 14 years living separately. The battle cost them a previous offer $16,000 higher than ours. It was back on the market 1 day and we got it for ask minus a few concessions we asked for.
If this house across the the street sells even at asking, we’re well above what we paid. If they somehow manage to get $50,000 over their asking, I’m putting my house up!
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