Barret Jackson Scottsdale: Have we passed peak prices?

[70 Challenger Lover]

In my area I am still seeing $50-$100k over asking, no contingencies and 30 day escrow.  We put an offer on a house a couple weeks ago - buyer who won was $150K over asking and put a $60k non refundable deposit in escrow.... I can't compete and am waiting to win the lottery of house buying offers by pure chance

Everything I have seen and read in the past two years has indicated the housing market has cooled from where it was when interest rates were 2.5%. What you described was in my area too three years ago. Now homes sit for months before a single buyer comes along. Prices haven't dropped much they say because if you aren't in foreclosure and don't have to sell, it makes sense to stay put. So while people may want a million dollars for their home, buyers can no longer afford the mortgage on that house with interest rates nearly triple what they were just three years ago.

Not sure where you live but I'd say it's time to consider a move. I don't think you'll find wild bidding wars on homes in most places in the country with interest rates of 7-8%. Even our old neighborhood in Southern California has cooled since we moved away three years ago.

[JH27N0B]

A Challenger RT convertible hemi clone just sold for $89,100 and a 70 383 cuda convertible with added shaker garnered $104,500 at Mecum Glendale today.  Prices are not exactly crashing yet!
The housing market is in a odd place currently. Interest rates are high, but hardly anyone is moving in most areas of the country, in many cases because interest rates are high and they don't want to give up 3% mortages to buy another house that they will have to pay twice that rate, so owners stay put.  Therefore there is a dearth of houses on the market and the ones listed still get a lot of interest.  This situation is somewhat unique and you can't use history to try to predict what will happen going forward.  I've been getting calls and texts lately from brokers wanting to buy my house, something that has rarely happened over my years here, in an area that is slowly sinking towards becoming another Detroit.