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People are stupid when they're emotional. Real estate agents know this and exploit that part of human nature at every opportunity.
A supposed in some, very real in others, and definitely marketed lack of inventory by the real estate industry fuels the fire. People think that the house they're looking at is the last one on earth.
You also get the typical "I have to have it now" crowd.
This is the same type of thing that happened in 2007.
We all know how that ended.
Anyone sane is holding cash and renting until things settle down.
On March 28 of this year, the house was put on the market asking $1.689 million. Apparently it didn't receive an offer deemed acceptable by the seller; and one month later the price was cut significantly (by $500k) to $1.189 million.
Lo and behold, that strategy worked. They seemed to have gotten multiple offers and ended up selling for $1.690 million, $501k over asking and $10k over their original asking price.
Sometimes I am reminded that I don't understand this market.
Did you notice it sold for $675,000 three years ago....on Jun 27, 2013? That is insane.
I absolutely hate the interior. It looks "clean" but BORING, like every other flipped house in the Bay Area.
Yes, I saw. Probably bought it as a fixer.
The Building Dept permits show roughly $200k in repair cost, factoring in the interior remodeling I'm guessing the flipper spend at least $300k on the house, probably more. Still made a killing though.
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both agents involved are listed on the Redfin site. I'm sure one of them could provide you some insight.
Maybe the Buyer made an offer, it was in the 1.3MM range and the parties were at a stalemate. So, listing agent says "let's scare them into action by dropping the price $500K in a day. they want the house - who knows what they'l do."
What goes up comes down. People rarely believe that it can or will happen in their neighborhood/market. Agree re the opinion to be in cash and not in RE at this time. I've seen some spectacular crashes and burns in my 45 years of relocating across the country and today's craziness appears almost widespread. "Cheap Money" making things totally messy.............
Just buy a home you can afford and for get about it. I realize prices are way up in the stratosphere in San Francisco. Still, people seem to come up with the money to buy homes. With prices jumping up what scares me is multiple families buying a single home, something that does happen in my area. We have one home that now has 8 cars in the lot and street. I don't know how many people are living there but they are all working. It is funny to see, you wake up in the morning and only one or two cars are there. By 7pm they are all back. Nice enouph people and all, and I get it that it can be hard to come up with the entrance fee to get a home.
Just buy a home you can afford and for get about it. I realize prices are way up in the stratosphere in San Francisco. Still, people seem to come up with the money to buy homes. With prices jumping up what scares me is multiple families buying a single home, something that does happen in my area. We have one home that now has 8 cars in the lot and street. I don't know how many people are living there but they are all working. It is funny to see, you wake up in the morning and only one or two cars are there. By 7pm they are all back. Nice enouph people and all, and I get it that it can be hard to come up with the entrance fee to get a home.
We have a lot of foreign money being dumped into the SF Bay Area market.
We can't afford to move up to a larger home in a better neighborhood around here due to the foreign buyers snapping up all the higher-valued properties in the best neighborhoods and pushing the prices up even higher.
If you look on some websites and check the names of neighbors it is clear to see that the vast majority of that new money is Chinese.
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