Fast growing real estate market

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I read about the current real estate inventory shortage. Because of this, people are offering to pay more for homes than the ad says. Going through the listings of properties, I found a home for sale in 1400 North Parkside. The listing price was $ 125,000. From the photographs attached to the list, it was easy to see that the house required a minimum of US $ 50,000, and a maximum of US $ 100,000 for work. At a minimum, a complete interior fit-out will be required, as well as a new kitchen and bathroom. I assume that the heating and hot water system will need to be replaced. Front and rear porch repairs will also be needed. And a new roof.

The listing said the house was “hot” and would be sold quickly. As a skeptic, I wondered if this would be the case. So every couple of days I checked the list to see what was going on. In just two weeks, the listing went from being “available for sale”. And another quick check of the listing a couple of days ago showed it was now sold. The fact that it closed so quickly means that it was probably paid for in cash. And the closing price was $ 20,000 more than the bid price!

To be honest, I was amazed that the house was sold for such a price. But it was probably bought by an investor who will renovate the house in order to resell it. And the resale price will be interesting. This is a fair warning to people trying to sell their homes outside of the current real estate market. With the housing market and final sales prices skyrocketing, you could cheat yourself thousands of dollars if you accept a low cash supply. A rare Austin property that needs to be closed for less than $ 100,000 regardless of condition.

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