Working at a huge tech company like Google or Facebook is attractive to me, but not enough to justify spending $2.5M on a smaller house, or 12x more per square foot. And this is just in Phoenix. I know there are other places with tech jobs and much lower cost of living, or better income-to-COL ratios.
$782k over asking for a house in Sunnyvale
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Re: $782k over asking for a house in Sunnyvale
#32I see this everyday in the Bay Area. In this case it seems to be a tech worker. Usually these are bought by some investors in China and the houses are never occupied.
Re: $782k over asking for a house in Sunnyvale
#33If they keep paying for it, you should just really rise prices.
It's the market, baby.
Re: $782k over asking for a house in Sunnyvale
#34In France, there's no such thing as paying over the ask price. You are forced to sell to the first buyer who offers to pay the ask price. I suspect that this is done to prevent prices from rising too quickly.
Can you just overprice it and let bidders fight on lower than asking? Essentially the same thing, but with different psychology. I wonder how it would play out differently.
Re: $782k over asking for a house in Sunnyvale
#35Aside: I don't think it should be legal to not accept the asking price for a home. With any other thing I want to buy, if I agree to pay the list price I get the item. Sometimes I can haggle the price down but the listed price is always accepted. This system of listing a price to 'get people in the door' and then igniting a bidding war makes it impossible for anyone to shop for a house except for realtors who are 'in…
it is clearly unfair for the buyers, but you can't regulate it that easily. simple hack - I ask for 50% more, with a note that 'price might be negotiable'
Re: $782k over asking for a house in Sunnyvale
#36In France, there's no such thing as paying over the ask price. You are forced to sell to the first buyer who offers to pay the ask price. I suspect that this is done to prevent prices from rising too quickly.
I've never heard that before. Do you have a reference?
Edit: It seems you're right! http://www.pap.fr/conseils/achat-vente/votre-annonce-a-quoi-...
Re: $782k over asking for a house in Sunnyvale
#37In France, there's no such thing as paying over the ask price. You are forced to sell to the first buyer who offers to pay the ask price. I suspect that this is done to prevent prices from rising too quickly.
Are houses ever sold in auctions in France? How long are typical houses on the market? It seems in this situation that you would start the house price high and then lower it over weeks/months until you get an offer. In the US, sometimes houses are priced "low" intentionally and the listing agent says something like "offers will be accepted until noon Monday" to encourage over asking, all cash offers, and waiving insp…
IMO, over the long-run, the market always wins. You cannot randomly change an unimportant technical detail and actually impact the long-run pricing. The type of mechanism that is described where you must take the price offered has so many drawbacks, like... how do you handle contingencies, etc.
Re: $782k over asking for a house in Sunnyvale
#38And I thought NYC RE was bad .... Northern California is out of control
Re: $782k over asking for a house in Sunnyvale
#39A colleague that was looking to buy a house last Spring said that the house he put a bid on in San Francisco sold for 100% above the listing price.
Re: $782k over asking for a house in Sunnyvale
#40I'm guessing it's bitcoin money !
Yeah, right after 10% drop in value is a fantastic time to cash out...