My next door neighbors just sold last week. Incredible amounts of walk throughs followed by a bidding war. I’m amazed anyone would be dumb enough to pay what they did for the house.
The problem now is there is almost no inventory to buy in MANY markets in the country.
Up here in New England(NH) there are almost no homes for sale. The market topped out last year but the price correction has been minimal. You do not want to put your house on the market unless you have some place to move to.
The biggest change is houses are staying on the market for more than a couple days now.
A year or two ago a house would go up for sale. They would have an open house on the next Saturday and they would have multiple offers to pick from. All at ask. Most over the asking price. Some as much as $100K over ask. It was stupid.
The people that did that bought the top.
There other thing you have to consider is the type of property your neighbor had. There are a lot of baby boomers looking for a smaller house to downsize. Plus they want a single story house. Plus they are selling a house that they most likely do not have a mortgage on. So, they can come in with an all cash, quick close offer.
Most of the houses in the areas people want to live in around here(not in the cities) are multi story and over 2400’ square feet. So, detached condos or patio homes sell real quick around here. Sometimes for more than a non condo of the same size.
These are single family detached homes where everything is on the main floor. They may have one or two small bedrooms on the second floor. They do not have to maintain the outside of the structure. No snow shoveling. No mowing. No cleaning gutters. If you want to go south in the winter you just lock the door and turn the heat down to 55.