Craziness

Dated: November 4 2021

Views: 108

The current real estate market can only be described as crazy. 

I showed a home last week to a couple that was priced at $545,000. It had scratched up floors, bad dog smell, very loud air conditioner, and some cosmetic issues. Nevertheless, my clients made an offer. We offered $550,000. 

The listing agent called me last night to tell me we were beat out by another offer. Someone had offered $625,000! He went on to say that the home had been appraised earlier for $42,000 less than that number. I was incredulous. 

People are so desperate they are way over bidding for homes. They are moving in with negative equity that might take years to catch up with them. I sure hope these crazy buyers are staying in their expensive homes for a long time. Otherwise when they resell they might be looking at a significant loss.

Craziness. Just craziness.

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Peter Den Boer

Peter h­­as worked hard to make sure he is constantly up to date on contracts and procedures used in Real Estate deals. He has armed himself with the industry leading designation of GRI, or Graduate....

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