I live in a nice townhome community and there have been bidding wars here. The last townhome that sold went for $272k and the asking price was $259k. Another unit with the same layout as mine went on the market Friday asking $290k and they'll probably get it. The pictures of the inside were beautiful. It was re-done over the past few years from top to bottom just like I did to mine.
I cannot believe the prices on existing homes anywhere around me. I've given up trying to find a small ranch single family home (they're over $350/sf) and am staying here until this bubble is over.
It’s not just new houses that have skyrocketed in price, good existing
homes have gone up big time as well.
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Yep, We relocated about 8 yrs ago. My daughter who is in real estate
sales says the home would be at least double what we paid for it.
That’s not money in the bank because if we sold we’d have to pay
the inflated price on the new purchase. Crazy world out there.
I live in an old post-WW II home, which is how my neighborhood was built - very quickly after the war . Not large, 1,600 sq. ft.
Homes in my neighborhood in California have hit $1.15 million recently - an old broken down home was sold for $770,000 (in one day) - flippers came in and got over a million dollars for it about six weeks later (after repairs) - it’s back on the market now for $1.5 million and I noticed the “for sale” sign was down yesterday.
My neighbor across the street had to fight off 14 buyers for her home and the home next door was bid up tens of thousands of dollars more than the asking price - the new owners spent six weeks gutting and re-doing the inside of the home.