Millbrook Home teeming with potential buyers, sold within 24 hours

If you had any doubts about the seriousness of the housing crisisreal estate agent of Monique Edwards one minute video will put an end to it.

Edwards, the owner of NC Living Realty, arrived at a home on Tuesday afternoon — a home listed for sale the same day — to find cars stuck on the neighborhood street and dozens of people strolling on the lawn.

“(Someone) wanted to know what was going on in the neighborhood, and I just told them the truth,” Edwards said in the video. “We have a housing crisis. It’s a house that’s under $300,000 here in the Raleigh area, and as you can see…there’s a ton of people trying to see this house.”

Within hours, the three-bedroom home had become the target of a long line of aspiring homeowners, many of whom were likely delighted to find something within their budget.

The house, about 1,400 square feet and located on a family cul-de-sac, was listed for just $260,000, a bargain in a market where the average listing is $400,000 or more. After just one day, it had more than 6,000 views on real estate site Zillow, and after two days, more than 900 people had expressed interest by registering the listing.

“People are so desperately looking for a house at a given price because they’re not making that much money,” Edwards said in the video.

Within just 24 hours, the seller had already accepted an offer on the home, with a sale underway, according to the Zillow website. If history is any indication, the home is unlikely to sell for its listed price. Bidding wars inflate the price of an initially affordable home, and cash on hand is often a determining factor when it comes to who wins.

On the other hand, similar homes in the neighborhood sold for between $230-280,000 last year. The final auction? Guess what.

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