I’m told in our NC city houses are being purchased sight unseen within minutes of hitting the market. Buyers are from out of state, wanting to move away from bluer states.
Sometimes offering more than the list price.
Yepp. Read about a 1 BR, 1 BA condo at NC coast, 725 ft2 and not even beachfront, about 1/4 mile away. ... sold $300K. Its previous sale - one year ago at $175K. Owner put zero into the unit. ZERO. Its prior value was 140 - 175 for a period of 10 years. In addition, nearly 1/3 (!) of the RE residential housing sales in Charlotte are by institutional investors ... driving up prices and rents as things aren’t on the market long enough.
Like a gambler who keeps winning at the table, he never sees lady luck leaving the table. The RE market will adjust, and it may be very significant. Some of the pricing though is b/c of the real inflation going on. There is a big lumber shortage b/c of Canada too. In the meantime, the 81 million ballots for Xiden don’t see a problem.