FYI REAL ESTATE MARKET BOOMING TOO!

[Jabber Jaw]

As a follow up to TJ's thread about RV resort lots; I might add that it seems the real estate market in some areas are also booming.

An example is when we signed the contract to build our new house in St. Augustine, about May 22nd; the developer had 11 lots left to sell. Yesterday he had 1 lot left, and the model. When we started looking at them in February, there were either 18 or 19. So a pretty rapid turnover, in my opinion.

Likewise, when putting our house on the market here in Virginia, less than 12 hours after posting to MLS, we had 6 appointments for the next day, and two contract offers, well in excess of asking price. I was shocked! Well, the buyers had a pretty unfortunate family issue come up, & asked to be released from the contract. And we agreed to the release.
The house was again listed & had 3 appointments the next day, and another contract in excess of the asking price!

My point, there are lots of buyers in certain areas, and it is inflating the market prices.
And my Realtor's Company sold 59 properties in the Richmond area in July, totaling $16,000,000! Pretty impressive to me, in any market!

 

[Neemer]

My neighbor across the road listed his home a couple of weeks ago at $1.3m. He had a contract the next day. I was shocked at both his asking price and swiftness of sale.

My home will not list for anywhere near that. I just happen to live amongst a few ballers.

 

[Tip&Tina]

We live in a subdivision with approximately 500 homes currently built; there are still 700 empty lots to be built on. There are 12 used homes for sale. I did a spreadsheet so I can track what’s for sale and what the price points are etc. and what they sell for. There are 50 spec homes/custom homes being built. 15 of those are sold. While none are selling in days, they are selling briskly. We are considered a “rural” county and 50 miles from Atlanta. People are coming here to get away from the more populated counties and specifically for the quiet lifestyle.

I am thrilled the prices are rising and homes are moving.

 

[NWIP]

Our son has been looking to purchase a home since late January in an area NW of Atlanta. They recently looked at a house of interest which turned out not what they wanted. It looked like the house next to it was for sale, with the help of his real estate agent, they found it had just been put on the market and not yet listed on MLS. They are now under contract for this house, closing Sep 14th.

I agree it is certainly a sellers market today.