Noted a few more noteworthy sales, some defying my math skills. For most of these sales you’d like to meet the buyer and learn from their assumptions. Past experience suggest some of these deals will prove disastrous. Past experience can be wrong too. This buyer may be a real estate Nostradamus and in a year we will be commending him on his real estate wisdom. Offering 140 k over the list price (which seemed realistic) couldn’t have been the easiest thing to do without a matching confidence in market outlook and builder capacity. I lack both characteristics relative to these buyers. What do they know that I don’t? The current mantra is ‘out of town buyers from Ontario’, ‘market will rise 20%’, ‘oil is going to $200’, ‘interest rates will never go up’. All of this cannot be true because these prophesies will shift market conditions but result in a feedback reaction to revert to the long term trend. Anyway it is interesting to watch.
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