Ever get that uncomfortable feeling that house prices are spiraling out of control? In Durham we are getting multiple offers with anywhere from 3 to 14 Buyers, all bidding for the same property. Only 1 can win and the other 13 Buyers continue their search for another property.
It feels like April 2017 all over again. Didn't we learn from the past, or are these crazy low mortgage rates fueling the demand?
It can't just be first-time Buyers anxious to jump into the market. Everyone has a right to own a property, but should they?
Sellers need to be sure their sale will close. Banks and mortgage companies evaluate properties based on closed sales (historical data), not the price a Buyer is willing to pay for a future closing.
