Buyer frenzy during pandemic

[Luis Perez]

I've been noticing buyers are willing to pay close to retail value for distressed properties just to lock in the historic low interest rate. Just today, a property that would have been sold to investor at $160k - $180k is pending at $259k (I'm in CA). The ARV in the area is $300k fixed up and brand new.

I was wondering if anyone else noticed this in their market? And have you found it harder locking in good off market deals during this sellers market?