Quote:
Originally Posted by MeredithMan
This is not really lake-related, but it is another data point on how crazy the RE market is right now. We have family friends who recently retired and they decided to sell their house, buy an RV, and tour the country. Their home is a late 1950's split-level in Framingham, MA. Listed the house for $589K. In the first weekend, they had 25, (yes, TWENTY FIVE), offers and accepted a cash offer $90K over asking price. They close in 3 weeks.
I've also heard from realtor acquaintances on the lake that many offers now contain "escalation clauses", whereby the buyer writes into the offer that they will go $___ over their offer, and it's usually 50-100K over.
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It's related enough, MM. There was a great article in the paper a few days ago that describes how the pandemic has led to some people not wanting to sell/move, and that has caused a ripple effect in the market leading to plummeting inventory, and hence skyrocketing prices, as we see on the lake.
https://www.nytimes.com/2021/02/26/u...uses-gone.html