Lumber rally cools with transport snarls easing, buyers balking
I’m not buying this, at least not for desirable areas. In the last 48 hours I’ve seen 6 houses close. Every single one in under 30 days (signifying significant, if not entirely cash offers), and each roughly 110-185% of asking price. Yes. One house I tracked on Redfin listed at $722k and sold for $1.31m.Most houses in the average zones are going for well over asking price. It’s not even a matter of competitive offers. It’s almost as if the asking price doesn’t even matter. The market is essentially converging on what can only be described as silent auctions. You come in with the highest amount you can pay or whatever you’ve been prequalified for and hope it’s high enough. But when 20-50 people are bidding on a single house it’s unlikely you’ll ever be near the top.It’s really hard to explain to people that aren’t following the market just how bad it is.