Thursday, May 25, 2017

Blood in the Water

So here's how it works. This morning, I saw a new listing for a small, remodeled house a few blocks from Katharine's. Although it doesn't have everything I want, the remodel is well done, and I like it. List price is $250K, which seems a steal for this 1400 square foot remodeled home. But there's no Open House scheduled, and I'm pretty sure that low price is only listed to generate interest. Starting this afternoon, there will be a bidding war, and the house is likely to sell for up to 30% over list. The rub is that it probably won't appraise for that, in which case the buyers have to come up with the difference in cash, but in this market, it's likely they will.

This is not my idea of how to do business. I know I'm old fashioned, but it's so not my style to wheel and deal, to barter. Frankly, I find it offensive. In this market, that's a losing attitude, and I know that I won't find a place to buy in this market with that attitude. 

So for now, I'm out of it. In the interim, Kath has graciously allowed me to stay with her. I'm paying her rent, of course. I'll resume looking for a new place later this summer, when/if the market begins to return to normal.

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