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Where I'm looking, I don't even have time to look at homes they sell so fast. Literally they are sold in less than 24 hours. I'm not sure if I should just delay my search or what, but I'm not looking to have a rat race to buy a home.
My sense of all this is that for many Americans the future of this country what with coronavirus running rampant, the economy sinking fast, businesses being forced to shut down again, unbelievable unemployment numbers and the like the future looks bleak and Americans feel that owning a home is the only security they're going to have in the coming years. So they're rushing out to buy whatever they can lay their hands on. Most homes in my area of SoCal are sold within a few days to a week and usually for over the listing price anywhere from 30K to as much as 200K in a few cases. It's a terrible time to be buying and a great time to be selling.
i have been in this situation as a seller, and a family member was in this situation as a buyer. The houses not only had several offers, they went into bidding wars. The offers were put in as bids that were over the asking price, so it was like bidding on ebay, trying to figure out how much OVER the asking price to bid. The family member had this happen several times, but he saw it as an engineering type of challenge. He researched the area and meticulously kept track of prices and just kept at it. Within hours, if not minutes, bids were put in on houses and sold quickly. Both he and a co-worker were each trying to buy a home at the same time so they discussed various strategies and compared notes and compared asking prices and bids they had put in.
Finally the family member was successful and got a home after probably 10-12 times he did not. It was very competitive. Turns out he and the co-worker were both bidding on the same house that he ended up getting.
I'm sorry. I misread when another poster said they live in a Chicago suburb with a similar market. My bad.
(I still cry BS to any suburb of Chicago being a hot market now).
Desirable suburbs west of Chicago are hot. Where I am in Downers Grove, houses (that are WELL overpriced compared to even 6 months ago) are under contract in 5 days. The same holds in core, walkable villages with desirable housing stock. NO, this does not go for all the burbs, but it is happening here, too.
I don't know yet! Wondering that myself, but I don't want to be a PITA or too inquisitive about what is her personal business. She'll let me know in time. There is also another, 2-hour open house today.
I'm also interested in how this goes for my own reasons. We plan to put my mother's house up for sale next year (if we can ever get the will probated...) It's in a different part of the state, about fifty miles north, but also a commuter area to the city. I will be watching the market.
Of course, next year could be different from this year, because who knows anymore what even the next month is going to look like.
Update: She has ten offers over her asking price. They are accepting bids until 5 pm tomorrow.
Sent me pictures of the cars lined up and down the block waiting to get into the open house (four were allowed in at once) and the lookers standing outside them on the street--all NY plates.
Update: She has ten offers over her asking price. They are accepting bids until 5 pm tomorrow.
Sent me pictures of the cars lined up and down the block waiting to get into the open house (four were allowed in at once) and the lookers standing outside them on the street--all NY plates.
That sounds like my last selling experience about 4 years ago. Certain markets are just hard to crack.
That sounds like my last selling experience about 4 years ago. Certain markets are just hard to crack.
But an offer is the best feedback you can get.
Yes, this is a matter of timing being everything. Between coronavirus and riots, there are a number of New Yorkers running for the Jersey suburbs from which they can commute to work in the city and then leave it at night, and her town is one that's long attracted people from Brooklyn and Staten Island to begin with. Has a train station, is 20 minutes from the beaches, good schools.
We just went through that in NJ. We had a very savvy agent that knew how to win a bidding war. We did extensive research on the areas, scoured listings.
The house we ended up buying she did some investigation to find out what motivated the sellers, how many people were bidding etc. Very happy with our houses there is truly nothing right now.
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