“We are now seeing the comparable sales in certain neighborhoods are becoming irrelevant,” Thomas Anderson, co-founder and president of Washington Fine Properties, wrote in an email. “Ultimately, a home IS worth what someone is willing to pay for it, and right now, in certain hot neighborhoods with a scarcity of homes, that price is often significantly over asking price. [Year-to-date], just within our firm, 44.2 percent of our sales sold for over the listing price. It’s a great time to be a seller and more challenging to be a buyer, although there are opportunities for buyers in this market as well.”

Source: Washington Post June 01, 2021 10:30 UTC