By Michael Snyder
Could you imagine listing your home for sale and having nearly 100 offers in just three days? This sort of thing is actually happening in hot real estate markets all over America right now. Even though we are in the midst of the worst economic downturn since the Great Depression of the 1930s, we are witnessing a frenzy of home buying that is unlike anything that we have ever seen before. Of course one of the biggest reasons why this is happening is because of the utterly insane economic policies of our leaders. They have been creating, borrowing and spending money like there is no tomorrow, and that pushed M1 from 4 trillion dollars to 18 trillion dollars in just 12 months. All of that money had to go somewhere, and one place where it is showing up is in home prices in desirable rural and suburban locations around the country.
For example, a “fixer-upper” in a desirable suburban community outside of Washington D.C. was listed for sale on a recent Thursday for $275,000. On Sunday evening, 88 different offers had already been made on that property…
Ellen Coleman had 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 that “most homes are going for more than 20% over asking price”…
“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.
In my entire lifetime, I have never seen anything like this.
Overall, the median price of a home in the United States is up a whopping 16 percent compared to this time last year…
The median price of a home has risen 16% from last year, according to the National Association of Realtors, and they 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 in our world.
At the same time, multitudes of Americans are also relocating from core urban areas due to all of the civil unrest that we have witnessed over the past year.
Sadly, the civil unrest in our land is only going to get worse.
So that means that even more people will be fleeing our core urban areas in search of greener pastures.
But now that hyperinflation is hitting housing prices, a lot of middle class and poor people will be priced out of the market.
The wealthy and the ultra-wealthy will have no problem making offers on homes that are way over market price because they have lots of money.
But the vast majority of Americans that are living paycheck to paycheck will find that their options are now greatly limited.
This is why I have always encouraged my readers to do long-term planning well in advance. When I was growing up, I often heard the phrase “you snooze, you lose”, and today that is more true than ever.
***Michael’s new book entitled “Lost Prophecies Of The Future Of America” is now available in paperback and for the Kindle on Amazon.***
About the Author: My name is Michael Snyder and my brand new book entitled “Lost Prophecies Of The Future Of America” is now available on Amazon.com. In addition to my new book, I have written four others that are available on Amazon.com including The Beginning Of The End, Get Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing the books you help to support the work that my wife and I are doing, and by giving it to others you help to multiply the impact that we are having on people all over the globe. I have published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I always freely and happily allow others to republish my articles on their own websites, but I also ask that they include this “About the Author” section with each article. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. I encourage you to follow me on social media on Facebook, Twitter and Parler, and any way that you can share these articles with others is a great help. During these very challenging times, people will need hope more than ever before, and it is our goal to share the gospel of Jesus Christ with as many people as we possibly can.