In my region of the country – Southern California – craziness in the housing market is not something new to us. A recent article in the LA Times proves the point.
A couple moved from the Bay area to the LA area and began writing a “love letter” to sellers describing how much they wanted their home. And then they bid over asking – way over asking.
In one case they bid $900,000 for a $798,000 list price home. The house sold to someone else for $985,000!
The couple bid on 11 homes before they finally purchased a three bedroom home listed at $799,900. They bid $100,000 over asking before an open house was held.
Read the article here: http://www.latimes.com/business/la-fi-spring-market-20170425-hfmistory.html