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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I just think this has to slow. I’ve been a RE agent since 2008.  In all of those years, my buyers found houses.  Even in red hot markets, we’d compete against 1-2 offers, with the contract price being full price, and maybe 20k above in a bidding war.  I’ve NEVER heard of 20+ offers on marginally livable homes, escalating 100-400k over asking and blatantly accepting that they will be 100k plus under appraisal.  How can this continue? [/quote]

Exactly. You've been a real estate agent since 2008. This was all very common, even worse in the early 2000s. And prior high appreciation periods before that.[/quote]

Actually before that I was a homebuyer and investor. And it was not like this.  I bought my first home in 2002.  It wasn’t like this because there was at least some gentrification underpinning the frenzy. Jim Abdo had started building up Logan Circle and they secured the Whole Foods lease.  14th Street, U Street etc all started gentrifying.  Was it insane? Sure.  I was offered a Cleveland Park condo for $120k in 1998.  By 2003 it was worth triple.  But at least there was some construction and investment driving the boom coupled with loose lending standards and low rates (which are actually only slightly lower than rates today interestingly)   This is just… desperate people borrowing from retirement and trust funds.  [/quote]

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