Less than a day after real-estate agent Andrea White listed a three-bedroom home for sale in Sacramento, Calif., in March, she received an all-cash offer. The buyer—who had not even seen the home in person—was ready to pay $520,000, Ms. White said. That was $21,000 above the asking price and 37% more than the seller had paid for the ranch-style home only two years ago.
Accepting the offer was the easy part. Ms. White then had to call 17 other agents who had scheduled tours of the house to let them know it was off the market. Ms. White, who works for brokerage Redfin Corp. and has been an agent since 2014, has never seen anything like the sales mania gripping her Northern California city. “It’s exhausting,” she said. “I’m speechless. It’s heartbreaking for buyers; it’s celebration for sellers.”in 14 years. Home values are rising in practically every corner of the U.S., and median sale prices in dozens of metro areas have posted double-digit percentage increases from a year ago, according to Zillow Group Inc.
“Prices are up virtually everywhere,” said Mark Vitner, senior economist at Wells Fargo & Co. “It is surprising to see home prices rebound this quickly, by this magnitude, this early into an economic recovery.”
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sunchartist Imagine what the housing market will look like when the Fed drops the rates to negative..
Real estate agents that have the same goal as a used car salesman.
I've been watching prices in my little town climb to pre 2008 crash prices. Fixer-uppers that need everything from a foundation to wiring, plumbing, and total remodels are selling for what a nice remodeled home was selling for just a year ago. There has to be a correction coming.
Sounds great, not like anything bad happened in 2007!
By no metric are these prices serviceable with normal incomes. Clearly the overbidders are banking on either a 10:1 devaluation of the dollar, or the introduction of a new currency that will wipe out all pre-existing debts (and cash savings) like when the Soviet Union collapsed.
It could help the building market but high lumber prices are an obstacle.
This does not bode well for 2023
Time to wait, buying now is buying at peak. You'll be screwed when rates rise and it all comes tumbling down.
Can we go somewhere today?
Wait till the collapse start! Crazy will not even begin to describe it!
Because banks, corporations, & rich people are buying up properties as investments to flip and propping it up. It's another bubble and it's going to pop eventually. A large portion of millennials for example, who in theory should be buying homes, can't, due to lack of money.
The game is past rigged. 1776 rigged.
What the fuck is that in the photo
This time it’s different
Home buyers: A bidding war awaits those brave enough to navigate the real-estate market in 2021
gotta lock in those low interest rates.
A very large chunk of the joy has been taken out of the process. Speaking from experience.
wow
That’s a great news
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