That's awful for that price.

Almost double the tax assessment but that area is expensive. Read today that some people are pricing things for outrageous amount just to see if they have any bids. Since there is currently one house on my block that was purchased with no repairs last year for $155K although probably lower than that. One of the sites shows it going to pending then back to active at $239. Now priced at $247K and again has changed from pending to active. Another shows a change in tax status so probably was sold each time. This is in an area of post WWII bungalows of the $120-$200 range.

I think the sellers market is slowing, but none too soon! Anyone who was hesitating to sell is rushing to list here. There are a lot of listings advertised saying to call for prices.

The market must be slowing down a bit because I haven't had a phone call or letter asking to buy my house in over a week. I was getting at least one a day for over a year. (Not that I'm complaining, mind you.)

"The market must be slowing down a bit because I haven't had a phone call or letter asking to buy my house in over a week. I was getting at least one a day for over a year."

You know, as hot as the market is around here, I haven't gotten any of those in a long while. I'm kind of disappointed -- if the price was right, I'd sell. Mostly because I'm sinking $$$$ into upgrades and repairs and not even close to done, if someone names my price I'd find something else in the area.

The last pesty woman who called all but demanded that I sell her my home. I asked her how ridiculous an offer she was willing to make. To which she said she couldn't/wouldn't offer more than Market Value. I said, "Therein lies the problem." She hung up on me. But then, she hasn't called back since. 😁

Someone in my area bought a house and 2 months later someone that was desperate to move to that neighborhood offered them $500K more than what they had paid. They took the offer and moved out 30 days later!

^^ I'd have been cleared out in 15 days LOL!

I'd take around $300K over what I paid. Not being greedy, just need enough to ensure I have enough to get another comparable property and house that doesn't need a lot of structural/systems upgrades. I don't know if I could get DH to move, though -- I'd have to find a comparable house and property in a less expensive area and pay for it free and clear so he can retire. Which he keeps bugging me about.

While owning your home free and clear can be a good idea carrying some type of debt into retirement is also a good idea. Hard to get a decent loan to fix anything when your last credit purchase was years ago when you do not want to dip into your savings. If you can get a loan with interest less than what any investments you have it is wiser to get the loan.

If you owned your home outright, regardless of how long ago it was paid off, why couldn’t you get a HELOC?

You could jrb but without current active credit history the interest rate would be higher if you could find someone to loan money to you. A person can enter retirement with a paid off house but they only have utility records to prove that they pay their debts good luck with the ease of obtaining a loan of any type to do anything. Those HELOC's are basically a home equity loan and when the equity is spent and repairs need to be done good luck.

C Marlin because you use those two credit cards you have an active credit history. It is the people who use no form of credit that have problems. When I was turned down for a car loan because I had not used my credit cards for several years it was a wakeup call. My oldest credit card that I keep just because in 1973 I needed no one to sign for it did not matter no matter how old it was. Only active credit usage mattered.

maifleur03, About 10 years ago DH and I went to see if we could get a loan on a new house vs just paying for it out-of-pocket. We were told that it didn't matter how much we had invested, all that matter was our "draw". Our "draw" plus SS wasn't enough to qualify us for any home loan. We bought this house outright with the proceeds from the house just sold.

I will say that there is something very 'right' about owning your abode; and, as long as you pay your taxes, no one can take it from you. At age 76 I'm glad I don't have a house payment anymore.

In my poky town, a new to town buyer lost out in a bidding war. He walked down the same street knocking on doors asking residents if they were willing to sell their homes. About four doors down he encountered a newish widow. She said she would be willing to consider it. She wanted to downsize. He told her to name her price. She did. He accepted. Lovely house. I think it's much nicer than the one he lost out on. Dreams do come true. Why didn't he knock on my door?

@CA Kate z9, in our area it was much crazier back in 2006-07 than it is now. Then we were getting knocks on the door, letters, handwritten notes in cards, etc. all asking if we were interested in selling. This time, not nearly as much.

The listed house couldn't be less appealing, less attractive. Prices and markets are local, if the seller finds a buyer and a price they like, good for them.

I'm not sure about all the misdirection in prior comments above but what concerns lenders is the security of loans (the loan to value ratio) and the prospective buyer's ability to cover monthly and periodic mortgage, tax, and other expenses. It's why loans with a lower down payment require an impound escrow in the monthly payments for taxes and insurance. It's why they review employment history and existing credit card and other payment obligations to get a sense of the borrower's cash flow to make payments. In the aftermath of the last mortgage and real estate value crash, the approach is more tightly controlled and, based on my recent experiences originating a purchase money mortgage and also a refi, it's very formulaic. The back office and compliance departments have much more involvement than the originating loan broker. Some of the speculation above is hooey.

I live in an area where the real estate market has been hot for decades. Unsolicited phone calls or knocks on the door are rare and would not be tolerated by anyone. An occasional marketing mailer is unimposing and I suspect find their way directly to recycle bins. When the time comes to buy or sell property, most people already know the realtor they want to use, or would ask friends/neighbors for recommendations. Random contacts with unknowns would be a last resort.

"Random contacts with unknowns would be a last resort."

Maybe, but it happens, and I don't think it's as uncommon as you think -- at least didn't used to be in these parts {shrug}.

OK how the heck do they fit 3 bedrooms in that little of a space.

"how the heck do they fit 3 bedrooms in that little of a space"

Not uncommon around here, unfortunately........800 sq ft condos with 3 bedrooms, for instance. Here's a tiny perfect 763 sq ft apartment with 2 bedrooms plus a "den" that could be a nursery https://www.realtor.ca/real-estate/23483680/220-28-douro-st-toronto-niagara