Super-tight inventory and swarms of competitive buyers have spawned a new phenomenon: The “flash sale,†in which a home sells at its full list price — or above — the very day it hits the market. Often these are all-cash deals, which gives the seller peace of mind that they will close without any hitches. While sellers may make more money by holding out for open houses and a bidding war, the flash sale basically represents a bird in the hand.
http://blog.sfgate.com/ontheblock/2013/03/22/flash-sales-homes-snapped-up-in-24-hours/
Is this phenomenon a sign of a healthy market, Realtor manipulation or a bubble in the making?
patrick.net
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Flash Sales
By rigidmember
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2013 Mar 22, 4:37am
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zesta
2013 Mar 22, 9:52am
I'm surprised no one questions where all the cash is coming from.
SGV sales over the past 10 years have been rife with Asian mafia money.
Asian mafia money? really?
For the last few years people have been downplaying the affect of foreign money on RE. Now that we're seeing a 1/3 of sales being cash purchases you'll bring up 'Asian mafia money'? haha, I'm sure that's impacting cash sales in SGV.
I keep reading about median income : median home price ratios but
Income =/= Wealth
Fact is there's more money supply floating around now then anytime in history. Whether it's equity proceeds from a business, profit from investments, gift or inheritance the money is obviously there.
I'm surprised no one questions where all the cash is coming from.
SGV sales over the past 10 years have been rife with Asian mafia money.