While you mostly hear about homes selling for hundreds of thousands of dollars over asking price and homes selling in a week - it is far from rosy out there. In reality, this market sucks. It is so one sided that buyers are understandably having a challenging time. There are stories of some buyers submitting 31 offers before getting one accepted! Imagine that roller coaster. Ugh. Lenders are doing their best to let buyers know it's all but impossible to make guarantees prior to an accepted offer - yet buyers have to go subject free. Inspections are being waived and inspectors schedules are changing constantly. Comp'ing a property has become all but impossible with homes often selling for 10% above any reasonable market evaluation. Line ups down the street for open houses and double digit multiple offers are still the norm. Fatigue set in some time ago and the market is running on pure adrenalin - it feels stretched to the absolute limit right now, and for most people, this market sucks.
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Ryan Dash PREC
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