Often I hear these bidding war stories and think that the house was just under priced to promote a big war. As such, I found it surprising to read, "In previous sales nearby, bungalows have sold short of $900,000."
Could any Realtors out there run some comparables and see if this is true?
There is no doubt that there is big demand in the city, with many pockets having little supply. Couple that with cheap money, and you are able to get some big bids.
What happens to these purchasers when / if rates go up? Yikes.