There isn’t anything here that the seller or agent did to warrant a big increase in value – yet buyers are willing to pay at least 10% more only 1-2 months later?
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
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I feeling like I’m the only one thinking that the latest economic improvements will be short-lived. I hope not, but I still feel that its a “false start”.
To me fundamentals are still lacking.
These flippers may have a 5% nominal appreciation for the next two months as buyers “panic” and the summer buying season starts.
But by July I think we’ll be back to February levels.
With or without ‘fundamentals’, it has been full tilt boogie for three years now. We have disconnected – people are buying houses to live in, and with the severe shortage of decent homes at decent prices on the lower end, they are grabbing whatever they can. The flippers contribute to the frenzy by snapping up affordable homes with their cash-buys that aren’t available to normal folks.
The flipper frenzy is helping to widen the gap between the haves and havenots – they are creating a floor that is higher than natural, and far above affordable ranges around SD Coastal.
that 20 bucks in landscaping must have sealed the deal. At least the microwave is stainless.
600k seems like a lot of money for such a small crib.
$539,000 (purchase price) + $30,000 (seller’s closing costs) + $10,000 (improvement) = $579,000 (possible selling price)
The seller probably broke even on this one or gained about $10,000 appreciation there.
To me fundamentals are still lacking.
You’re not alone. Bubble mentality lives on!