[quote=spdrun]I don’t think it will crash, but it will normalize this summer, since people will be more comfortable listing their homes and having open houses if COVID is no longer a major issue. People will list to take advantage of higher prices.[/quote]
Huh? I don’t think COVID is really detracting people from listing their houses or having open houses because of the virus itself….
when a house comes on the market, you have to sign a bunch of waivers and then schedule a viewing time. The listing agent, given how hot the market is, usually provides a few days (usually over the weekend) where you can schedule and view the house in 15-20 minute time slots. Then usually all offers are accepted up to monday…Then there’s usually
multiple counter offer across the 10-30+ offers on that one house, if the seller even bothers with a counter. In my last case, the seller didn’t even bother to counter and just picked one offer.
I don’t know. Where’s there’s 200 new construction homes in 3Roots / Sorrento Mesa, and there’s 14,000 applicants interest in those 200 homes (and that’s only the number of applicants before the builders stopped accepting more applicants…) …. I don’t know… That seems to me there’s still a lot of people looking for a home an no inventory relieve in sight….
If I were to guess, some people probably aren’t selling because maybe, just maybe they are holding on thinking that they can get an even higher price a few months from now.. Who knows. There was a condo that the seller countered 6 of us, me one of them being cash. I already put a bid slightly above asking $608k, cash offer, 15 day close no loan contigency. A few days later, seller cancelled selling the condo and decided to hold onto it and rent it out. Go figure…
That seems pretty consistent with what some of the on-the-ground realtors are saying that when a nice north county home comes on the market, there’s like 40+ families bidding on that 1 home. In some cases 70 families bidding… 70:1 ratio as crazy as it sounds probably happens more frequently these days.
