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That's great for buyers in your area, not so much here.
Since our median price got up to $1.2 million, homes in that range are taking a little longer, 2-3 weeks. but even so, the median sell price is more, $1.4 million. Anything in the $800-900k range is still selling in 2-3 days with multiple offers over asking, and overall sales are still averaging 12.11% over asking.
Where I live, the last house on the market just sold yesterday. I thought a bunch of houses would come on the market at the end of the year and so far, the only difference has been how fast they sell. They are going in 0-5 days on average.
You can't get an objective opinion from someone whose best interest is for you to buy to make money. People have short memories, this offering over list price, waiving inspections, writing letters to get sellers to accept your offer was all seen before before the last housing crash we had. This only sets the stage for the next crash, smart people will wait this out and buy after this market also crashes.
Obviously, this market is unsustainable but I disagree about how soon the crash is coming. What people like yourself are missing is that this isn't anything like what happened before. People are leaving big cities because they can. People don't want to return to downtown Chicago to work. Companies are cutting back their leased space by well over 50%. My husband's company asked how many employees wanted to come back live and only 7% said yes. That's out of about 10k people. So imagine the impact on the city and multiply that by the number of major companies in a big city. The game has changed and it's not ever going to be the same.
Obviously, this market is unsustainable but I disagree about how soon the crash is coming. What people like yourself are missing is that this isn't anything like what happened before. People are leaving big cities because they can. People don't want to return to downtown Chicago to work. Companies are cutting back their leased space by well over 50%. My husband's company asked how many employees wanted to come back live and only 7% said yes. That's out of about 10k people. So imagine the impact on the city and multiply that by the number of major companies in a big city. The game has changed and it's not ever going to be the same.
Aren’t a lot of cities seeing the same hot market though?
Obviously, this market is unsustainable but I disagree about how soon the crash is coming. What people like yourself are missing is that this isn't anything like what happened before. People are leaving big cities because they can. People don't want to return to downtown Chicago to work. Companies are cutting back their leased space by well over 50%. My husband's company asked how many employees wanted to come back live and only 7% said yes. That's out of about 10k people. So imagine the impact on the city and multiply that by the number of major companies in a big city. The game has changed and it's not ever going to be the same.
More important than what the employees want is what the customers of a business want and will tolerate.
Customers of financial institutions are foolish if they go along with business practices such as work from home which make it far more difficult (and far more expensive) for a business to protect customers' data privacy.
Obviously, this market is unsustainable but I disagree about how soon the crash is coming. What people like yourself are missing is that this isn't anything like what happened before. People are leaving big cities because they can. People don't want to return to downtown Chicago to work. Companies are cutting back their leased space by well over 50%. My husband's company asked how many employees wanted to come back live and only 7% said yes. That's out of about 10k people. So imagine the impact on the city and multiply that by the number of major companies in a big city. The game has changed and it's not ever going to be the same.
I think the permanence of the is yet to be seen. Several companies in this area have told employees to return to the office or take pay cuts.
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