Tuesday, February 16, 2021

Bouncing around the top.

I went through the MLS this morning because when someone you know tells you they got "stupid money" for their house - that's what you do. I estimated that he probably got 10% over asking. So I had to see how often that was happening.

It looks like a fairly recent developement. The first house I hit went for 18% over. The second house 11%, and the third house only 2%. But I've been reading about other places where the same thing is happening.

When word gets out, that is going to bring a lot of supply onto the market because everyone wants to get in on the gold rush. This will probably happen just as moratoriums are expiring. If they ever expire. I mean, I don't know how this economy works anymore.

Update - One day later more houses are showing up that went for crazy money. Hope none of these pop out because that would suuuuuuck. I don't want that to happen for that guy I know. He's going to retire and is a nice guy. He deserves some lotto money.

But it looks like everything that sold in Feb was just irrational. I saw one house go for 150 grand over.

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