Looking at prices of what houses actually sold for

I’d been looking in a hot market (DE Beaches) since last summer and have been dealing with all of the the typical frustrations. Bidding wars, houses selling in less than 24 hours, getting outbid by hundreds of thousands of dollars. It’s frustrating and I have noped out of quite a few nice houses where I felt the selling agent was drumming up a bidding war. My agent has gotten plenty of calls that the sellers were sitting on 30 other offers, or we needed to make an offer within hours of our showing. I’ve declined to even participate in those bidding wars, but I have also put in offers on quite a few houses. And always lost.

I’ve been in this process long enough to see these houses sell and the selling price. Yes, quite a few sold for hundreds of thousands over list, but I was shocked to see that quite a few sold for an amount less than I would have offered. Or, even more surprising, sold for at or below list price.

Maybe this is a sign of the market softening (which is a good thing). Inventory is still really tight in this area. Good houses are still selling quickly. There are only a dozen houses in the entire region that even meet my broad criteria, and half of those are duds that have been sitting on the market for months and months. And prices are still high. But I’m wondering if the days of frenzied bidding wars are gone. Or, another option, is that the illusion of these bidding wars created by the selling agents caused a lot of people (myself included) to opt out if even making offers.

submitted by /u/HeatherAnne1975
[link] [comments]

I’d been looking in a hot market (DE Beaches) since last summer and have been dealing with all of the the typical frustrations. Bidding wars, houses selling in less than 24 hours, getting outbid by hundreds of thousands of dollars. It’s frustrating and I have noped out of quite a few nice houses where I felt the selling agent was drumming up a bidding war. My agent has gotten plenty of calls that the sellers were sitting on 30 other offers, or we needed to make an offer within hours of our showing. I’ve declined to even participate in those bidding wars, but I have also put in offers on quite a few houses. And always lost. I’ve been in this process long enough to see these houses sell and the selling price. Yes, quite a few sold for hundreds of thousands over list, but I was shocked to see that quite a few sold for an amount less than I would have offered. Or, even more surprising, sold for at or below list price. Maybe this is a sign of the market softening (which is a good thing). Inventory is still really tight in this area. Good houses are still selling quickly. There are only a dozen houses in the entire region that even meet my broad criteria, and half of those are duds that have been sitting on the market for months and months. And prices are still high. But I’m wondering if the days of frenzied bidding wars are gone. Or, another option, is that the illusion of these bidding wars created by the selling agents caused a lot of people (myself included) to opt out if even making offers. submitted by /u/HeatherAnne1975 [link] [comments]

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