Reply to Have prices the last month jumped the shark?

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[quote=Anonymous][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]

[b]I'm sorry but avg. homes in Burke don't go for 925, [/b]and these would have happily sold for 7-725 a year ago.  over 200K appreciation in a year?  And that is being generous for one of them.  [/quote]

They do now! Sorry your sorry. Will be &gt; 1M next year.[/quote]

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