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Interesting Real Estate Activity Here

May 22nd, 2013 at 03:04 pm

Housing in our area has been trending upward. But, the past month or so it has been getting a bit crazy. For example, the Zillow value on our house has risen $13k in the last 30 days.

Today, one of our clients came in with his dog and was telling us about their up-coming move. He and his wife are retired and are moving to So. Oregon closer to some of the wife's family and downsizing their living space. They put their current home on the market and seven days later they had five offers.
$5k below asking.
Asking price.
$5k above asking.
$15k above asking.
$50k above asking.

No, not a typo, really $50k ABOVE asking price. Obviously they chose that offer. He said these buyers had been outbid on several other homes and they were determined not to lose another house!

Um, Wow!!
It's going to be an interesting summer for house values.

5 Responses to “Interesting Real Estate Activity Here”

  1. Petunia 100 Says:

    Wow, those were some determined buyers. Smile

  2. creditcardfree Says:

    Wow! Nice that they had so many offers to chose from. Clearly a different market than we have had in some time. I'm seeing houses sell relatively fast here, but no crazy prices.

  3. PatientSaver Says:

    Wow, that is impressive. Did they have a super nice house or would you say average/typical?

  4. monkeymama Says:

    I'd doubt the house needs to be impressive. Pretty typical for California. even for crappy unimpressive homes. My sis in law had 50 plus offers on 2 bedroom condo. Nothing special.

    Real estate had Been so red hot here too this spring. Our house value is up 80% over 12 months. Summer will indeed be interesting!

  5. monkeymama Says:

    p.s. Bubble 2.0 - around here is all 0% down loans. Completely ridiculous - no one has learned anything.

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