Just sold our house...in 4 days...closing in 20 days...at list price (realtor raised the asking price when we signed the agreement). The market is crazy...wonder when the crash will come.
The market has low inventory, circumstances have made the market adjust.
We started looking at prices and properties in the area last/fall winter to get an idea of what we should be looking at. That was a mistake. By the time we got down to AL in April to start looking, the market had gone completely berserk. For anything under $250-275K, if you are not prepared to make an offer for well over list price on the day a house comes on the market you will most likely, not get the house.
To compound the issue, the appraiser was apparently using market data from last fall citing the "stable" market and supply/demand balance in his appraisal. He came in well below where we wanted/needed it to be for our loan. He was citing comparable sales/properties from last fall (when my wife and I started looking) and not current market conditions, which really seemed to start their radical upward spike in early to mid March. Fortunately, we, our agent and the listing agent appealed showing him current trends and sales data and he came way up on his appraisal where we needed it to be.