And in completely unrelated news the CDC declared an eviction moratorium, again...
A dump of a house a few doors down from my mothers sold for over 200k above asking price sight unseen. Every single house in that neighborhood is going within an hour way above asking. That neighborhood is definitely being targeted. There is no way the people I see walking that neighborhood can afford to buy at those prices.
What area of the country if you don’t mind saying?
In SoCal we probably have experienced this longer than most of the country.
When prices began climbing again after the crash of 2008 my realtor friends told me that they were getting above market, full cash offers from Chinese buyers. Chinese nationals, there’s no restriction on selling to foreign buyers that I’ve heard of.
That seemed to be driving the market for several years. Now someone or some group is sending out mass mailings offering to buy your house sight unseen. Two friends of mine have sold their houses this year, both taking bids $50,000 above their listing prices, which already were at the top end for comparable sales. They plan to rent for up to two years, waiting for the SoCal bubble to pop. But if prices are being driven by the likes of BlackRock and JPM they may be out of luck.