Yep this market is definitely a crazy one and a hard one to deal with, I should know better as I'm one of those lucky realtors out there dealing with this everyday. There's just not enough listings out there to cover the inventory which is driving the prices up like crazy. Try explaining to your buyers that after 1 day on the market, we have to compete with 8 other offers on the property, and we may have to bid 10,000-15,000 over list price. Like Troutman said I've seen houses sell for big money over list price, this one house in Vista Heights sold for 60,000 more, insane!
The thing about waiting right now to purchase real estate is every month it seems to go up thousands of dollars and you have to worried about being priced out of the market. MYK I'm sure you'll be able to find a condo close to downtown for around 200k you may have to drop down to a 1 bedroom with den or a older updated model but I'm sure you'll find something. There's a really nice foreclosure condo in cresent heights for 230k, 2 bedrooms, 933 sqf built in 2003 and really nice inside, good luck!
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