Personally, I would never buy a house like that — small yard, smaller house in a two-story configuration, surrounded by three streets, etc.
If nobody’s buying it, but they are getting multiple offers at $470K, then that’s what the market is telling them the house is worth.
This thing has “flipper upgrades” and it’s entirely possible they HELOC’ed everything out of the house and are now *not able* to lower the price. Maybe your realtor can help you find out if they are simply underwater at $470K.
I think we’re going to see a lot more inventory this year. If a seller is unreasonable, walk away. Hopefully, we’ll see an end to low interest rates and deadbeat squatters at some point in the near future. Until then, any purchase near peak prices is pretty risky, IMHO.
