How Crazy the Real Estate is?
I understand fool.com is mainly for stocks. But, I would to inform you the craziness of real estate market at my area. This is san jose bay area location.
I wanted to move out of my current home to take advantage of primary home $500k tax deduction. Hence, I pre-qualified and bid for a home listed at $698k. Knowing the craziness in my area, I quoted $750k with two months free rent to the seller to move out. They expected free rent and we gave them.
There were six offers and the topper quoted $830k with 2 months free rent and no contingencies, including loan contingency! No further negotiation and seller decides to accept the highest offer on the spot and signed it.
The current price hikes exceed 2007 peak level. Same kind of overbidding happens everywhere in san jose bay area.
Just want to share the real estate price details across the country.
For the new homes, just for 10 homes, there are 700+ people on queue in this location.
Hence, I own 100 shares of KBH and DHI. Thinking about RYL. However, they are moving up very slowly.