Similar story in the two markets that I watch. I just sold my home in AZ for more than double what I paid in late 2017. The market there was white hot in February and March with multiple offers and 6-12% over asking. We went to market with a high price for the comps in early April and immediately had two offers that were both over asking. We only received the two offers. We accepted the all cash no contingencies offer at 7% over, unfortunately those buyers walked the day of closing but we did keep their $10K earnest money. We went back to the second offer and they increased their number from their first bid, about 3% over. We accepted and waited to close. While we were waiting the inventory was increasing, houses were sitting, and interest rates were spiking. We made sure to nurse the deal across the finish line as going back to market would’ve cost us probably $30-50K. My neighbor listed his house 2 weeks after I did, he overshot on price by 10%. After a week he dropped back to where he should’ve started, a week later had a full price offer. That one fell through during the inspection period, he reduced it another $10K and is still on the market 3 weeks later. His house is 200 square feet bigger than mine with 5 bedrooms to my four. He also spent $60K on his yard that I didn’t. Right now his asking price is only $32K more than my sale price.
Similar story on Cape Cod, things are still going for over asking, but not the $150K-300K over asking they were going for in February. Some houses are sitting and some are doing significant price reductions after a couple weeks on market. I’ve got the cash from my AZ house to put down on something in MA, but I think I’m going to wait until the fall to see where things are headed. I have a place to live, so I can afford to wait for a market dip.
