Reply to Are home prices really rising?

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Reply to "Are home prices really rising?"

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[quote=Anonymous]Duh.

Interest rates and low supply are pushing up prices. People who have been sidelined and/or squeezed for space are willing and eager to stretch for a home, especially if they’ve been hoarding cash and have stable employment. Their pent-up buying power is leading them to fiercely compete for the limited amount of homes, leading to bidding wars. Places in the region that have had flat to modest appreciation over the past 5-10 years (pockets of MoCo, for example) now regularly have sales of homes at 5-30% over list price (see: Kensington and Takoma Park). Not that RE website property estimates are accurate, but many of them show that recent sale prices have a huge gap with estimated values. People are waiving contingencies left and right and I’m sure some buyers are having to come up with thousands when houses don’t appraise for the inflated prices they’re being bought for.

It’s a serious issue here. I’m concerned about post-Covid inflation. I’m also pissed I didn’t buy last year.[/quote]

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