Reply to Have prices the last month jumped the shark?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We've all seen the significant price jump from 2020 to 2021.  But it seems that, in some areas at least, the prices the last few weeks have been extra bananas.

As an example, we are looking in Fairfax/Burke area.  We have looked at a lot of houses and a lot of comps.  Houses were consistently going about 6% above ask.  But in the last month, some houses are going way above that.  A house we saw that was listed at 775k just went for 900k!  To be, these houses just can't hold that value, and it's made us decide to pause for a bit and wait until the desperation frenzy cools down a bit.  I have no doubt that higher prices are here to stay, but I also am very suspicious of some of these homes going for the 900s in these areas.

Is anyone else seeing extra crazy purchases this last month?  [/quote]

New houses in these areas sell in the $1.2M+ range. It's close enough to the city, middle of Fairfax County so reasonable access to the jobs corridor there, decent schools.[/quote]

Somewhat true but it doesn't explain why in the past year or so, prices have increased 200k+, there hasn't been a pay raise for majority of the working class in the past year actually so the jobs corridor doesn't make sense.

This is just a frenzy of buyers and fomo-ers driving up the price with historically low rates. Remember when toilet paper was impossible to find and they had to limit it? Just this past week gasoline was impossible to find too and people were hoarding that. There has been a huge increase in demand in housing and there hasn't been really anything to stop it and until the demand slows down (build more houses but unlikely as we are running out of land) or interest rates go back up, this craze won't stop. Unfortunately for me, I'm one of the people trying to buy in this mess  :oops: [/quote]

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