Everyone knows the real estate market moves in cycles. Relative prices go up and they go back down, it’s happened for 100’s of years. The housing crisis of 2008-2010, just 10 years ago, was the most dramatic example of a market bottom in almost a century. Are we seeing a top in Spring 2021? It looks that way. Almost 40% of homes sold over asking so far this year. Here are 5 examples of outrageous overbids which indicate an overcooked market, at least from a historical perspective.
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$979,000 over asking for a modest looking 1980’s home?!? Well, it does have designer finishes so it’s got that going for it. What were these buyers thinking?
Review snippet from @carolinehayes: "This house in Mountain View, California sold for almost $1M over list price. I guess they removed the photos since it has gotten a bunch of attention. Craziness out in Cali."
The overall winner by percentage paid over list price. Listing pics looked nice, but check out the street view. Have you ever seen a house sell for double the asking price?
Review snippet from @riverctyariston: "The streets up there in the Berkeley hills are super tight so parking is definitely an issue especially if you have multiple people over to your house. But the view from there looking west over the whole bay to San Francisco is probably one of the best views youre ever going to get so it makes this house worth it."
Our top 3 are all in the Bay Area, CA. Not surprising to many of you, I'm sure.
Review snippet from @alex_: "This agent deserves an award for the best salesperson, partner and hype person! Dang, that's a juicy description!"
We had to go north of the border on this one. In case anyone thinks overbidding on property is a uniquely American idea, here's proof that it is not.
Review snippet from @brendastyle: "Shoot, would love to have seen the pictures. I had heard you can get a house really cheap there, wonder what made this one so special?"
Review snippet from @jamieb: "I think it's a nice house and the buyers shouldn't feel like they overpaid since it feels like an appropriate amount, even if it is 14% over list price."
Last on this list is “only” 14% over asking, but we had to include it for the example it sets. There were 122(!) offers on this home, and a few came in over $500,000. But the owners chose the offer with terms they liked and price was not the only factor. So, even outrageous offers sometimes don’t get accepted.
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