[entangledqubit]

How do things look without using the questionable guidance of "asking price"? "Asking price" (and the notion of above asking) often seems like real estate agent reality distortion to me.

Mortgage rates are super low, so some may see this as getting an asset they can leverage in an improved environment later.

[tinza123]

I mean listing price is the most direct measure of the market temporature, not saying it's 100% accurate but it does represent the sentiment. Mortgage rate is indeed low, but not that significant compared to before (< 1% compared to 6 month ago I think).

I'm hesitating to bid because 1) price is still high 2) unemployment benefits will run out in 2 months, and I do think teh COVID effects have a long tail, that takes time to pan out. Thus the curiosity about the thought behind the "hot" market right now.

[brutus1213]

Two obvious theories ... pent up demand/renters with savings and jobs are pulling the trigger (to reduce uncertainty in renting/city slickers moving back to cheaper areas). Alternative is people know QE is debasing the currency and people are going for hard assets (stock market is going in the same direction).

[bbarn]

It's also very location specific. Some areas listing too high will hurt you in the long run, so sometimes people definitely do what you're saying - price it low to get lots of offers hoping to get a bidding war. Other areas are much less tolerant of games like that - it's quite regional.