If you had any doubt about the seriousness of the housing crisis, realtor Monique Edwards’s 1-minute video will put a stop to it.
Edwards, the owner of NC Living Realty, arrived at a home Tuesday afternoon—a home listed for sale that same day—to find cars backed up on the neighborhood street and dozens of people milling around on the front lawn.
“(Someone) wanted to know what was going on in the neighborhood, and I just told them the truth,” Edwards said in the video. “We’re having a housing crisis. This is a home that is priced under $300,000 here in the Raleigh area, and as you can see … there are a ton of people that are trying to see this home.”
In just a few hours, the three-bedroom house had become the target of a long line of aspiring homeowners, many likely elated to find something within their budget.
The house, about 1,400-square-feet and sitting in a family-friendly cul-de-sac, was listed for just $260,000, a steal in a market where the average listing is $400k or higher. After a single day, it had more than 6,000 views on the realty website Zillow, and after two days, more than 900 people had shown interest by saving the listing.
“People are so desperate for a home under a particular price point because they don’t make as much money,” Edwards said in the video.
In just 24 hours, the seller had already accepted an offer on the house, with a sale pending, according to the Zillow website. If history is any indication, the house is unlikely to sell for its listed price. Bidding wars inflate the price of an initially-affordable home, and cash on hand is often a determining factor when it comes to who wins.
On the other hand, similar homes in the neighborhood sold last year for between $230-280,000. The final bid? It’s anyone’s guess.
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