10-21-2011 10:09 PM
Is this really a sudden development in the lower-end home market, or is this merely a change in the information Redfin is providing ?
If it's really a change in the market, is it short-term ? ie. an influx of money buying up rental properties, or did some lender suddenly break free with loans ?
10-24-2011 11:01 AM
I observed the same. I have offered and have lost a few but gotten two. They end up having issues on inspection and hence I backed away. But there seems to be virtual competition setup and price gouging happenning. Here is one example - I offered on a decent looking low 100k home. I got a mutiple offer document to be signed. I backed away. The property is still on market. Another property that was on corner of 3 street came on market and I wanted to buy but the seller agent let my agent know that its a multiple offer situation and they wanted my high and best price. I looked at the location and other information and let them know I will stay in the same price. Guess what?? They still are looking for a buyer.
So, if you are not in a hurry, do not rush - there are ton of homes that will come. There seems to be price gouging and also, homes that come on market are offered the first day and swooped away. Wait and then go forward - thats my thought.
Every person has thier own way of looking at this. So, be careful in not contributing to any of the price gouging.
11-20-2011 07:27 PM