In my area, there are virtually no signs of the market cooling. The ONLY one I’ve seen is a really run-down property a block from us not selling within a week of going in the market.
We tried to buy our neighbor’s property at a foreclosure sale a year ago. We would’ve tried to buy directly from her, but she no longer lived there, and we couldn’t reach her. The sale was canceled in the last moment, as a buyer had reached her well before (the property never even hit the market). It went for double what she had been asking a couple years earlier, when we were in no position to buy.
The hundred+ year old house was in some disrepair, and probably needed $50k of work, less if some was DIY. Instead, the new owners, who insisted they were going to live there but were heavily into the AirBnB business, immediately hired half the contractors in the area (not exaggerating - I got the scoop from our contractor, who had turned them down), and sank $150k+ into the property. Not content with leveling the foundation and repainting, they replaced all windows, tore out most of the interior (a crime, as the house had several relatively rare antique features), tore off the entire exterior, re-insulated, and replaced the lovely old siding with some modern sheet material. Every ounce of antique beauty on that house was gone.
They never moved in. I think there were a handful of AirBNB guests (kept on the down-low) before they flipped it. The Californians who bought it are nice people, but overpaid by some obscene sum. At least they’re staying.
But that’s the story all over our town. Just recently, the drug house that you couldn’t sell for $170k before, just went for $400k. The speculative buying is nuts, and we’re all just waiting for the bubble to burst.
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