Example, 2501 Shannon in SSF was listed for $549,000. It was under priced in my opinion, I thought $599K or $619K would be a good start. It had 4 beds and 2 baths, 1800 sq ft. It needed a new kitchen and the baths were OK, but dated and needed a new roof in a couple of years. They got 60 offers. SIXTY!
Is there a bubble? I would say no when almost every home is getting multiple offers if it's priced correctly.
Food for thought. What's fueling this market? 1. Fear. No one wants to lose out on a great opportunity, rates and home values are down in the same time period. 2. If you understand the cost of money, it's almost free. 3. There is a ton of money coming from overseas. Why? Fear of a residential bubble.
Where is it safer to invest? In the U.S. where we are on an up cycle after we just saw the closest thing to the Great Depression or in China where they over buildt and the gap between the rich and poor is too great?
It's simple supply and demand. If you coul figure out why these cycles and bubbles happen you wouldn't have to work anymore.
Be grateful you were able to get into contract. If you have second thoughts, please contact me so you can assign the contract to one of my buyers.