There are buyer’s markets, and there are seller’s markets. Then there’s what’s happening in real estate right now, which is crazy.
My neighbor put a “for sale” sign in front of his house and was asking top dollar for it. After following what was going on in home buying sector, I told him he would sell it in a week. He sold it the same day.
From the moment he put the sign in the front yard, there was an unbelievable amount of people stopping to look the house over. They were even lined up at one point. For the open house, which I guess was really unnecessary since they had a tentative offer, you would have thought it was a free crawfish boil. Cars parked up and down both sides of the street and people wandering all over.
But it didn’t end there.
After the house was sold people continued to stop and look, sometimes getting out of their cars to peer into the windows. I met my new neighbors yesterday, and they seem like very nice people. They were ecstatic about their new home.
It’s not just here. Its nationwide. CBS had a report about real estate in Boise, Idaho. People there are paying $65,000 OVER THE ASKING PRICE and letting the owners continue to live there for up to 6 months.
It’s a seller’s market to say the least, but how long can it go on? I’m no physicist; but you’d have to believe that when something is stretched way out of the norm, there will eventually be a rebound.
That’s what Mark Rosa, President and CEO of Jefferson Financial Credit Union, and I spoke about on today’s “Monday Morning Markets with Mark.” How long can it go on and what happens when it stops?
