76 all-cash offers on one home. The housing madness shows no signs of slowing

[Boom1]

Ellen Coleman had never received so many offers on a house in her 15 years of selling real estate.

She listed a fixer-upper in suburban Washington, DC for $275,000 on a Thursday. By Sunday evening, she had 88 offers.

"The offers just kept coming," she said. "I felt like Lucy with the chocolates. I'm thinking, 'This is just out of control.'"

 

Of those 88 offers, 76 were all-cash, said Coleman, who works for RE/MAX Realty Centre. There wasn't even enough time for all of the bidders to visit the property. She said 15 offers were sight unseen.

 

The four-bedroom, 1,800 square-foot home sold for $460,000, nearly a 70% increase from the asking price. She said the winning bid was not the highest offer, but it was all-cash with no contingencies and it had paperwork in place. The buyer, she said, is an investor who is likely to renovate and resell at an even higher price.

"It was a lower priced property for the area and may have been an outlier," she said. But even her other listings have typically been getting closer to 15 offers. "Several people came in wanting to be homeowners and do the repairs themselves. There is such low inventory out there and people feel like that is a way they can get into a home."

 

https://www.cnn.com/2021/03/29/success/when-will-housing-market-cool-off-feseries/index.html

 

 

[megadheera]

Ee madness inko 2 years varaku taggetattu ledu

[kakatiya]

New home buyers ki kashtam kalame.. inko covid lockdown vachindante..triple avuthai

[zarathustra]

2 minutes ago, kakatiya said:

New home buyers ki kashtam kalame.. inko covid lockdown vachindante..triple avuthai

anduke without thinking koneseyi paduntundi

[gudboy]

this is madness

 

something big is about to happen in real-estate market 

[snoww]

70% above asking price aa. Devudaaaa. 

[nokia123]

intha karuvu lo unnarenti...some thing doesnt add up..

vellallo  mostly investment or resale purpose kosam konevalle ekkuva undi untaru...endho macan kosam intha competition aa...

[yemdoing]

58 minutes ago, gudboy said:

this is madness

 

something big is about to happen in real-estate market 

nov -2021 lo ani some youtubeers tellings

[kevinUsa]

1 hour ago, gudboy said:

this is madness

 

something big is about to happen in real-estate market 

It will not 

[kakatiya]

1 hour ago, zarathustra said:

anduke without thinking koneseyi paduntundi

There are no new ventures in market 

[Spartan]

1. problem is everyone is having money to buy...but no inventory...

2. some percentage of people who have homes but  lost jobs due to pandemic are waiting for moratorium to expire to sell

this got extended to end of June. This will help some people in that category to get job and not sell..

3. Even if the deadline expires, i think Banks will give some more time to them..rather than writing off the loans...

 

all inventory crunch....

[yemdoing]

Just now, Spartan said:

1. problem is everyone is having money to buy...but no inventory...

2. some percentage of people who have homes but who jobs due to pandemic are waiting for moratorium to expire to sell

this got extended to end of June. This will help some people in that category to get job and not sell..

3. Even if the deadline expires, i think Banks will give some more time to them..rather than writing off the loans...

 

all inventory crunch....

why/how is that people have money now ? covid gave them chance to save exponentially ?

something is missing... I think it's all FOMO and people WFH flexibility . 

point 2 will be some relief 

[Spartan]

2 minutes ago, yemdoing said:

why/how is that people have money now ? covid gave them chance to save exponentially ?

something is missing... I think it's all FOMO and people WFH flexibility . 

point 2 will be some relief 

everyone ---> majority of people.

people made lot of money in stocks...atleast in Bay Area...anduke many people have money to buy home ani cheppina.

compared to manf, food business....people in IT made significant money in Stocks, IPOs...

[yemdoing]

2 minutes ago, Spartan said:

everyone ---> majority of people.

people made lot of money in stocks...atleast in Bay Area...anduke many people have money to buy home ani cheppina.

compared to manf, food business....people in IT made significant money in Stocks, IPOs...

sheet man... I joined the stocks boat in Dec-2020. missed the train/boat.....

 

[Boom1]

4 hours ago, megadheera said:

Ee madness inko 2 years varaku taggetattu ledu

yeah minimum 1 year ayithe ilage undedattu undhi