Could you imagine listing your home for sale and having nearly 100 offers in just three days? You may think we’re talking about the Australian property market . . .but not this time.
The property frenzy is happening globally but America is experiencing one of the hottest markets on record – even though they’re in the midst of the worst economic downturn since the Great Depression of the 1930.
For example – Ellen Coleman has never received so many offers on a house in her 15 years of selling real estate. She listed a fixer-upper in suburban Washington, DC for $275,000 on a Thursday. By Sunday evening, she had 88 offers.
It eventually sold for $460,000, which was $185,000 above the listing price.
Isn’t that nuts?
The same thing is happening in lots of other parts of the nation too.
Down in the Austin, Texas area, one real estate agent says the market is hotter than ever before.
“Nearly every offer my clients make faces competition, and most homes are going for more than 20% over asking price,” said Austin-area Redfin agent April Miller.
She said she recently helped a client with an offer for a three-bedroom, two-bathroom home listed at $515,000 and pulled out all the stops. The offer was for $100,000 over the asking price, and they waived appraisal and financing contingencies, yet still came in third out of 38 offers.
The median price of a home has risen 16% when compared with the same time in 2020, according to the National Association of Realtors, and prices have increased even more in some regions of the country like the Northeast and West, which are both up 21% from last year.
Meanwhile, inventory has continued to linger at record lows. In February, the number of available homes for sale was down nearly 30% from a year ago.
Of course prices are not going up everywhere.
In fact, home prices are actually going down in certain core urban communities.
It isn’t just that people are looking to buy homes right now. Rather, millions of Americans have been choosing to relocate due to fear of the things that have been happening across America.
For example, the COVID pandemic has been one of the biggest reasons for the mass exodus, and it seems public officials continue to drum up more fear on a daily basis. In early April, the head of the Centre for Disease Control (CDC) actually used the term “impending doom” to describe what she believes is ahead.
“The U.S. is facing impending doom as daily Covid-19 cases begin to rebound once again, threatening to send more people to the hospital even as vaccinations accelerate nationwide”, said the head of the Centers for Disease Control and Prevention.
“When I first started at CDC about two months ago I made a promise to you: I would tell you the truth even if it was not the news we wanted to hear. Now is one of those times when I have to share the truth, and I have to hope and trust you will listen,” CDC Director Dr. Rochelle Walensky said during a press briefing.
And Joe Biden is begging for mask mandates to be reinstated all over the nation.
Joe Biden recently pleaded with Republican governors who ended mask mandates to reinstate the requirements in their states and pause reopenings as the administration goes ahead with expanding vaccine eligibility and inoculation sites.
“I’m reiterating my call for every governor, mayor and local leader to reinstate the mask mandate,” Biden said during remarks on the White House coronavirus response. “Please, this is not politics.”
As long as Americans are afraid of the COVID pandemic, people will continue to relocate from urban areas with a high population density to rural and suburban areas that are more spread out.
At the same time, multitudes of Americans are also relocating from core urban areas due to the civil unrest witnessed over the past year.
Many believed that the civil unrest would end once Joe Biden entered the White House, but that has not happened.
Instead, the violence continues on an almost daily basis and looks to get worse. So that means that even more people will be fleeing core urban areas in search of greener pastures.
About the author : This story was adapted after the initial publication in ZeroHedge.
