Sale of Homes Jumped Last February, good or bad news?

U.S. sales of existing homes rebounded in February after declining for the previous two months, a sign that many Americans are still looking to buy despite rising prices and a shrinking number of homes available on the market.

The National Association of Realtors said Wednesday that sales rose 3 percent last month to a seasonally adjusted annual rate of 5.54 million. This increase after declining sales in January and December suggests that competition will be heated during the traditional spring home-buying season.
The shortage of properties for sale is creating a challenge for would-be homebuyers. As sales listings have steadily declined, prices have been climbing at the same time as a stronger job market has elevated demand — and, also, competition — for purchasing homes. Higher mortgage rates this year might also cause even fewer people to list their homes for sale, which would make the current supply squeeze worse.

In Bay Area, it is crazy out there.

Yesterday, I submitted a quote for San Jose home with 250k+ over list price around 1150k, but it went to somewhere beyond $1500k. It is a tear down, but someone (looks like builder) is taking it with full cash offer.

Please do not ask the address or location, it is San Jose.


Lot size?

Interested in what lot values are elsewhere. Comps indicating 1.15 with a market price of 1.5 is staggering.

Better luck next time!

You don’t want competitors? :slight_smile:

Internet is open and MLS is open. As long as it’s on MLS every interested party knows what’s on market.

I posted information on lots on E San Jose. Look for my thread on looking for opportunities or so.

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You were beaten by your friend from Santa Cruz! :smile::smile::smile::smile::smile:

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There is a 94 unit building in South Lake Tahoe for sale $15 m. $155k/unit. The one bedrooms are going for $1400/m …great potential.
I believe 40 units are renovated. 54 more at $10k each would add a lot of potential rent increase.

Offer $13m…
We just need 4 investors with a million each. Great cash flow. It is on loopnet


My couch is too comfortable. I love being an armchair “investor” just like everyone else here. That includes you BH!

Just found me some money under the cushions with a man, a cane, and a monocle. Need moar to hoard!

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It is 8k+ lot

Not like that. I am still in the race, but mentally I am walking out. On any case, as long as I win, I do not mind competition.

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Good luck. I’m wishing good news is around the corner for you.

Wait! You are a woman? :smile:

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Guys…from a no investor. Get out of your comfort zone. Drive around, get lost in those streets you never wanted to drive in, surprises are around. Basically go away from the downtown areas.

In my hood, I know of 3 homes that eventually are going to be sold. 2 of them, owner never painted the units since 1982 when they were brand new!

No, it’s not an investor, a tight arse like…well…never mind. I am talking about individual home owners. :smile::smile::smile:

Now, more headaches with the increase in mortgage interests.