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Originally Posted by The Yen Man
Yup, I'm in the burbs. So I guess it's location dependent. So overall, I'd say there might be cases where houses are selling above asking price, but I'm guessing for the majority, that's probably not happening. Not saying the housing market hasn't been hot, just saying it's probably not as crazy as the media or people hearing stories from realtors are making it out to be. From their stories, it sounds like the wild west right now.
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Neighborhood desirability is one aspect, but I think it depends also on the conditions and the fairness of the price. Some of the listings already have premiums built into them already. $775K sounds fair for a 2400 sq ft home, unless there's some major issue with it that needs immediate rectification. Additionally, I wonder if the property is move in ready or if possession is a few months down the road? Stuff like that?
I saw one that was 1800 sq ft of 80s/90s original un-reno'd for $640K. It's way over priced by around $100K is my guess. It was obviously a rental and in the pics, it seemed it wasn't even properly cleaned or patched up. This one I doubt moves for a few weeks and will sell for below asking, but I am also assuming it's set to be snapped up by someone looking to flip the house over the next few months (sell below market or behind the scenes partnering up for the house flip).