DIYbanter - View Single Post - OT: House Offer Accepted. What A Crazy Market!

Clare Snyder

On Tue, 04 May 2021 15:09:57 GMT, (Scott Lurndal)
wrote:

Leon lcb11211@swbelldotnet writes:
On 5/3/2021 8:52 PM, wrote:
On Mon, 3 May 2021 18:10:26 -0500, Leon lcb11211@swbelldotnet wrote:

On 5/2/2021 2:43 PM, DerbyDad03 wrote:
What a crazy housing market this is! My #1 son and his GF just
found out that their offer has been accepted.

Here is how houses are being bought these days€¦

If the house appraises at the $410K level, they will end up paying $55K
(15%) over the listing price. Holy crap!

Not a good idea to buy a home for the time being. Prices are going
crazy and for no good reason. It is a fluke.

I thought you were.

Yes we were. No longer. The home we went into contract for in late
September, $365K is not welling for $430K. Almost 10K per month price
increases in the last 7 months.

Our home went up in value, in the past 7 months, from $232K to $274K.

There is a "reason". Whether it is good or not depends on whether you
are buying or selling.

Lack of supply, high demand.

Houses in south San Jose are going for $250,000 over list or more.

House next door out here in the sticks (1 Hectare, 45 miles south of SJC)
was listed for 1.3 and had close to a dozen offers, I haven't
seen the final price, but I suspect it was close to 1.7M.
We had a semi locally went for $250 over asking. Almost $700Grand for
a SEMIDETATCHED home!!!!! Toronto buyers, to a large extent, getting
out of the city (60 to 70 km commute - but due to Covid working from
home)