by Jim the Realtor | Mar 4, 2013 | Bubbleinfo TV, Frenzy, Market Buzz, Market Conditions, Thinking of Buying?, Thinking of Selling? | 5 comments
Peak pricing is approaching in several spots – how much higher will it go?
Buyers would love to see the sales momentum get disrupted, and if something happens they will be happy to hit the brakes. At the same time, those gambling sellers who waited too long will jump in at the last minute. The frenzy could stop on a dime.
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My mom's house sold for way over asking price. Found out Zillow bought it. They really are snatching up all the homes for ridiculous prices. The closing attorney said they do a closing ever hour for Zillow. Just their office alone. That's wild.
They’re starting to cash out at levels not seen since since the 2007 housing bubble..... Americans cashing out as home equity hits record $9.1 trillion https://www.inman.com/2021/09/08/americans-cashing-out-as-home-equity-hits-record-9-1-trillion/?shr=SmltIEtsaW5nZQ
Stock market’s near all-time highs; makes sense that a premium market like San Diego would be there, too.
people just dont seem as excited this time around. the euphoria in 2005 was insane. I just done see that kind of excitement around my neck of the woods.
It is very humbling to be a solid well-qualified buyer, armed with ample market knowledge, to enter the fray and lose bidding war after bidding war to people who appear to be paying crazy prices – well over list.
On the seller’s side, there would be more euphoria if there was a big move-up market. I think the sellers are mostly coming from the Big 3 + 1:
Death, divorce, or job transfer, plus those who can’t/don’t want to afford it any more.
No joy in mudville for those folks.
Just checking in on the 92130 redfin plot of sales price per sq. ft. It has flatlined for the last 4 weeks.
I expected that to tick up this week because it seemed the frenzy started about 5 weeks ago.
Seems to me the occasional frenzies have resulted in multiple offers that are very close together which isn’t pushing prices up as fast as one might expect. Perhaps buyers are winning because of seller-friendly terms more than price right now ? Just a thought.
Oh. Never mind. They didn’t update today.
Data for Oct 22, 2012:
– Listed PPSF: 350
– Sold PPSF: 334
Data for this week (Feb 25, 2013):
– Listed PPSF: 399
– Sold PPSF: 333