08/16/2021
Alright, I decided to throw up a quick post to just use actual findings to back up what I've been saying for a while. That at our height a few months back we peaked at a 20% appreciation rate. So, is it going to come down? Hello? Yes, but not that much right? Even if it goes down to 10% per year, half what it has been we are in for a ride right now still. I just listed a home for $316,500. 35 calls so far for showings and it is only day 3. It is under contract all cash closing in 10 days for over list price and at the last minute I hiked it up 16.5K higher than what we were originally thinking as some last-minute real comps showed themselves. Things coming down? Right! Well in these lower price ranges you'll get these multiples like that.
But it has slowed some from two months ago. Because my niche lately has been a LOT of Vacation/Night/Weekly buyers and a couple months ago I'm guessing we had over 40% appreciation going on! At least that! Where else did you have property going up 100K in a MONTH? OK, so the agent who sold out The Vue at Green Valley WILL tell you that of the 30 or so units they sold out, on the last 3 they had backup offers for 100K MORE than the main offer under contract. Boom! You didn't believe me, did you? It was not an anomaly, the rest of the Vacation Rental market was doing the same thing because I was in on several of the multiple offers scenarios and helped an investor purchase two.
We all know even though our "multiple" offers... as in over 10 offers, ...has gone away, that we are still potentially in a "multiple offers" kind of market. Don't believe it if you thought the bottom was to fall out anytime soon. This is your real estate update and see the graph attached for our 20% appreciation confirmation.
