If it isn’t obvious, there’s a ton of crap out there. By crap I mean dingy, dirty fixers, crap-tastic cheap flips and lifeless stucco boxes with sellers (or agents) who believe they can command top dollar. The sad part is that sometimes they’re right.
Improper pricing is a key reason we’re seeing 37 offers and 100k over asking on some homes. When one home out of 10 looks good, is priced well and in a decent neighborhood, this one house stands out like a diamond which drives the demand.
What’s leading many buyers astray is the lack of inventory. If many homes are overpriced and look horrid, it’s easy to see why buyers might think this is all their money can get. To them I say, nonsense!
Don’t get dismayed or lose sight of your desire to buy a home. With summer fast approaching, more inventory will hit the market. Understandably, there will also be more buyers. The good news is that instead of all these buyers bidding on the same house, they’ll be spread out over 4-5 houses. With more quality homes to choose from, you’ll see a thinning out of the weeds and their lightning fast descent to a price that makes more sense.
If you’re interested in buying or selling a home, contact Vanessa Yan