We have received multiple offers to sell, from people we have never met.
We check them out and yes they are legit.
House has never been up for sale, and yet. . .
M.K. Borders wrote: “We have received multiple offers to sell, from people we have never met.”
We’ve received at least two cold calls from realtors asking if they could list our house.
We cancelled our plans for a modest renovation that would have expanded a bathroom and bedroom adding about 120 sq feet to our house. Housing prices in this area are running 150/sq. The two bids we received on the renovation were both over $1000 per square.
Same experience here in Northern Virginia.
However, it should be noted that the shortage of housing is not across the board. The shortage is in what are called “starter homes.” I guess the term comes from them being the size and price that lower and lower middle class families start out with (1500-2000 sq ft, 3+/2+). However, asking prices are now running $300k to $400k+. Still, they are being snapped up by local mid 30s to mid 40s families (Millenials) who are tired of being stuck in overpriced rental apartments and small homes. That doesn’t count the usual change over due to assignment/job rotations in DC, etc.
The last statistics I saw said there was less than two weeks of inventory on the market here in Prince William County. The optimal level is what? Three to six months?
Like you, we get flyers all the time from the “We buy your house in 7 days!” scammers. But we are also getting emails and flyers from legitimate real estate agents basically looking for homes, any homes to sell.
Funny thing is, we have gotten flyers from auto dealers want to by our late model SUV and van for “top dollar.” Part of it is,of course, trying to sell you a new (or newer) car but they seem sincere about needing good condition used Inventory to sell. So, same rationale as with homes: a market with eager buyers and too little inventory to sell.
While the article is a little light on details, I think the advice to wait is sound. The psychological state of buyers is not stable at the moment. And the irrational bidding wars, waiving appraisals, and the other buyer nonsense highlighted in the article are evidence of that. As the country and economy open back up, things (and thinking) should settle down and home buyer behavior return to “normal,” (whatever that means , these days).