Buying frenzy sends prices on self-perpetuating climb

As the residential real estate market remains ablaze, a ritual for showing and selling homes has been established. The properties are listed and made active on a Friday, then are open for showings with 15-minute windows Saturday and Sunday, some with open houses Sunday so that shopper can view the frenzy firsthand.

Offers are to be submitted Sunday afternoon, and the results announced Monday.

With most homes receiving between 15 and 30 offers for tens of thousands of dollars more than list price, there are concerns with the listing agents and sellers as to whether the homes will appraise for the contract price.

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