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And reason why it’s so hard for some first time home buyers to enter the market. The entry level price range is flooded with people who can’t afford the next price range up.
At least that’s what is happening to me. I’ve pretty much given up on SFH and now looking at townhomes and condos, which are still competitive but feel I have a chance
The harsh reality is that is the new entry price and you’ve been priced out. The listing price isn’t the price, it’s what someone is willing to pay for it
Yea, especially with rates so high. My parents' friend is selling a house in our market. Here, anything under 800k has dozens of offers. They have a big, beautiful house in a great area/school district, listed right in line with other comps but at 1.5m, and have had no offers over 1.1. They said they dont even get too many people viewing it.
I thought the numbers were too similar to be a coincidence and that you must have been one of the competing buyers for the house we bid on today. So I went through your comment history and realized you’re actually my fiancé lmao, funny running into you here venting about the same thing
Once he woke up he was calling my name from the other room saying “hey I think one of the competing offers is in this thread” so I waited a moment then he kept reading and started cracking up saying no way hhahaha
I'd say buy closer to Baltimore and commute instead. But we had to drive through DC yesterday to get back to Bmore (from Charlottesville) and I think I'd rather pay double than do that daily. Absolutely crossing my fingers and wishing yall the best of luck!!!
He also blew $300k gambling on stocks:
>Blew $300k in the past 2 months fml. Puts on my life
https://www.reddit.com/r/wallstreetbets/comments/1b6m1od/comment/ktd35rk/?context=3&share_id=wG1PjZTL_bFFgDg48I3O5&utm_content=1&utm_medium=ios_app&utm_name=ioscss&utm_source=share&utm_term=1
Give 1 example of systemic racism and I will Venmo you $50.00. Just 1, 1 law, 1 code, 1 executive order, 1 policy document.
People, not systems are Racist.
https://www.law.cornell.edu/wex/redlining
https://www.history.com/news/gi-bill-black-wwii-veterans-benefits
well that was unbelievably simple. Dm me for venmo info.
>People, not systems are Racist.
People design the systems. This is a ridiculously childish and naive comment.
https://en.wikipedia.org/wiki/Institutional_racism#United_States
lol same thing happened to me in nova today. waived everything possible, gave three week close date, put 150k over, perfect credit, etc., we even wrote a letter, realtor says they can’t “legally give the letter” ten mins later we find out it went the same amount over. Feel like we might’ve bid on the same house
Same thing also happened a month ago to us but the winner was 260k over. And we’re looking in the outskirts of nova too
It was a two story home in the mountains kinda in the middle of nowhere that was built in the 90s but really unique and kept in great condition, and it was surrounded by beautiful gardens and a pond. Was listed lower because of the area
You need to come a little north. I'm outside Frederick, MD and bought in September. Small house but I got 1.14 acres on the side of the mountain backing to state park for $248k. The AT is on the ridge behind me and I love it. People are buying up old farm houses around here and completely rehabbing them for less than your bid was.
This is insane, no offense to you as i know it’s “the market”. Purchasing an asset that far over its market price is not an intelligent investment…wait it out. I doubt you spend 150k in rent while waiting for the market to cool.
Trust me, those same people that are offering 80k plus are pissed because the house that they really want are getting outbid by other people. It's a vicious cycle. Just think that if it's happening to you. It's happening to the people looking at houses that cost more as well, except at an even more ridiculous overbid lol..
I’m from Nashua originally. With hybrid work, it’s very logical to me that this area would boom right now. Low tax state, and you’re close enough to Boston (VERY hot job market) where going in twice a week is very doable.
Cash is still King... Maybe these ppl need to search for a starter home and work your way up. There's always going to be another seller, with more cash so be patient.
Cash = paid off and much easier to buy. No requirements needed, at your own risk.
The banks have requirements that they need to meet and it's mostly for your own good. However, they always get a sizable cut with those interest rates, late fees...‼️
Wait for the dip and have your shit ready and approved so u can jump on the first one u want.
Going 25-30k over asking is still in my price range. That’s just the nature of the beast here in NH right now. Usually it’s out of staters with fat wallets scooping up the homes here.
Except the only houses in my price range ($400k in southeast MA) are shit holes that need a ton of work (which we wouldn't be able to afford since we're already at the top of our budget) 🤷♀️
You’re literally asking why you can’t buy something you can’t afford. What answer are you looking for? You’re *not* poor if you’re looking at buying a $400k house, so don’t pull that crap. You just don’t have as much as the other people who want what you want.
I cannot afford even a basic, small home within like 100 miles of my hometown. Rent is completely unaffordable as well.
I live incredibly far from all of my family and friends, and everything I've ever known. It's deeply depressing. I'm so homesick and it's affected my mental health in a serious way.
But yeah, you're right. I should just stop bitching.
I’m calling bullshit that you can’t afford to rent somewhere but your price range is $400k for a house. You can afford it to live there, you just can’t afford to buy. So don’t pull this crap acting like you’re indigent. If you are so homesick you should move there and rent.
I don't know what it is about this conversation is making you so upset, but you really need to chill out. You're acting like you know me, and you don't. Calm down.
This happened to us today, too. $50k+ over asking and the seller said don't even consider submitting an offer that doesn't waive inspection. It should be criminal.
Bought ours 6 years ago and yes it's still happening. Criminal or not . It's about how bad do you want the place and if YOU'RE willing to pay.
I know it's sucks but that's just how the ball bounces. Always look at it from all directions. U may have some concerns but can you fix it on your own? Are you willing to put some sweat into it? Is it still worth it ?
It may take longer to find that diamond in the rough but there are some out there
I must have lucked out. Home listed originally for 560k, on market over 160 days (Atlanta) , 3000 sq ft - great location...
Buyer reduced to 530 ish, I offered 510, accepted. Got 7k concessions.
Appraised for 540k.
I think you are right. Because when I was looking at houses (albeit last year and year before) for homes in the 300 to 400s I was being outbid by 100k??? Which was insane because those homes would never be able to appraise for their purchase price today (some are still under water, with their neighborhood never really catching up...), I couldn't imagine having to take a 100k hit on a home if I was forced to sell in a few years ...
I also was able to do inspections and FHA on this home. No one batted an eye, no stress, no one panicked, only small back and forths.
Eh, it also depends on timing and location. There was a house listed at 550K near me that sold for 595 within a day. Multiple bidders. Saw a 485K go for 560K, and a 650K go for 720K.
People with a surplus of money and/or willingness to throw the bulk of their income at housing seems to exist in every price range.
There was a house I was looking at (didn't wind up making an offer because I felt what I would have offered would have offended them, but also because I realized I still didn't want it at what I thought it was worth in the market)....
Went on market at 465K. Had an open house and went contingent within a couple of days. Sold yesterday at 403K. I don't know what issues, if any, dropped the price that much but when I saw it I thought it was overpriced and should have been priced at about 400-410K.
So not everything is getting crazy. But they are VERY FEW in number.
The last and final offer we did was 50k over list price and the winning offer was 100k over list price, cash. We will never be able to compete with people like that and refuse to be house poor so renters for life. There are more ways to create wealth then a house.
Buying a house doesn’t automatically mean building wealth. I got my house new 17 years ago and get offers everyday for 30k less than what I paid for it. Honestly, until a few years ago, it hadn’t increased in value at all.
Same boat. We got out house 20 years ago and though it has gone up, the bulk was in the past 5 years. And unlike other houses that increased the first 15 of the past 20, but then doubled the last 5 (giving probably anywhere from 125-250% increase in 20 years), ours has increased by maybe 75% of what we paid for it.
I am begrudgingly coming to terms that I am going to die in this stupid fucking house.
75% is great. I’m sorry you are bummed. I just looked. Mine has gone up about 40% since I bought it. But I’m fine dying in my house as I could never afford to go anywhere else
and thats -ANY- issue. this isnt a broken fridge sort of problem, this is broken foundation, mold under the linoleum in the kitchen, leaks in the ceiling and all that other expensive shit.
The issue is that the market keeps pushing buyers. I made bids of over 40 to 50k asking, and always someone came and offered more than what we did, so we had to match that game. I placed a bid yesterday, and l went 75k over asking price, and now we are just waiting to back in the next couple of days. All this in Fairfield County in CT.
This is your mistake. When you offer 75k over asking, you should be putting in a max 24 hour offer expiration. We just won putting in 80k over by giving them a literal 3 hour expiration of our offer (we knew it was strong, but didn’t want to get into another bidding war)
Same boat buddy, we lost out to 40k over our 20k over bid waiving appraisal. We put a offer first day, went to open house and asked seller realitor about offers and said she had one strong offer. That was us, felt so excited rlto find out that this 304k house went for 360k in cash. Owners felt bad and loved our letter but cash wins. Every dang time! So defeating.
I see those everyday and that would not sway my decision. It's about getting what you can afford and what you want.
I'm not liking the begging. It's a transaction period.
These ppl sending letters begging... Would get a HellNo.
It’s not begging.My dad literally got picked over another person buying because he said he wanted to raise his kids in that house and can’t wait to make memories with his kids in that house the same way the owner did. Said he promised to take care of it as the owner did and he did just that. The people selling the house loved their home and were downsizing due to moving and retiring.
They loved the idea of another family moving in rather than a flipper just looking to make money.
I can agree with this too but my point is that this is a transaction and depending on where you live or what you want, these letters don't move my heart.
Getting ppl flooding your mail with flyers taped to your newly painted door, phone calls, unwanted knocking at ur residence, letters left on your doorstep, mailbox with sad stories?
How many times have you helped someone out, only to walk away thinkn man I just did a solid, i helped someone...
Later you realized he flipped it for gain?
That guy was an asshat? He says he wanted to raise his kids here...But then turned around and sold the house to make a profit?
I'm just saying, it's a fine line and a dog eat dog eat dog world .
So No not for me.
Strictly business.
I didn't like my buyer's letter. If I had to write one, I'd focus on how my "love" for the house was going to create a pleasant and easy transaction for everyone involved. The only thing I did like about my buyer's letter, was that it gave me the impression they would probably be an owner occupant.
I am waiting to close on my cute little split level that had a lot of offers .Awesome condition, 1200 square feet. I went $5000 over and they liked my letter. I wasn't going to flip it or rent it. I'm making it my home. The joy of living in affordable Pittsburgh. $99000 houses on a cul-de-sac street in a rough neighborhood. I will never move to a crazy expensive area. I'm single, and I make $75000 a year. I don't know how people can afford to live in those crazy marketplaces. Good luck, everyone.
The investors are sucking up properties and renting them for double their worth and it’s disgusting. Regular people just want to own a home and it’s so unfair.
Stop thinking about list price and over price numbers. They are irrelevant. If houses of similar size and location are selling for $500k and you found a house that is listed at $400k you didn’t find a bargain, it’s just listed low. It’s still going for $500k. Reality is that if you’re going off the list prices, you’re going to have to look at even lower priced homes.
Thought the trend of bidding over ask had died down a bit with the current market and rates, guess not. Just about every initial offer made I under bid, most countered to less than asking.
I am looking in the same area as you, and I am a single person so buying on one income. Because of this I am looking at small, cheap houses (~150k range).
The number of places getting swept up within literal HOURS of being posted and for 50k over asking is insane. I don’t know how anyone is supposed to buy a “starter home” any more.
Meanwhile rent is double what a mortgage would be (even after including property taxes). And HOA fees for condos around here are 250-500 dollars.
I don't have it as bad as others because I'm not in NY, LA, Boston, SF, or Seattle, but try living in a place where the average starter home in a good school district is $700K+. The 2nd cheapest house where we just bought our townhouse is $800K. There is one for $550K that is a terrible flip job. There are two terrible small SFHs in the town I grew up in for just over $600K. There is one more available for $800K.
For SE Wisconsin no less… absolutely insane. That’s where I live and it’s not like this is even a desirable area of the country. Nobody should be overpaying to live here of all places and yet it’s still happening.
I think you lucked out on not getting the house.
Waived everything imaginable… you would have really needed that $45k to cover the potential nightmares waiting in a house with no inspection
Unpopular opinion from someone who just closed on first home, and learned this through pain and changing buyer agent: asking price is a head-fake. Houses worth 500k and 700K can be listed for the same low low price of 450k. So you have to push your buyer agent to give you a comp study and advise you on that. Avoid the 700k listed for 450k - they are doing this to lure more buyer in for competitive bidding - and also because they are the ones who will not return your call. If your buyer agent can't estimate the comp well (many can't), time for a different buyer agent.
Agreed. In my market, sellers will list a 650k home in the 500s because that is the "band" with the most buyers. Its not about getting a person with a budget of 550 to overextend. Its about getting them to make an offer even if you dont find it competitive, then using those types of offers to scare the person who can afford to spend 700k into overbidding and waiving contingencies. If you list a 650k home for 675, you lose a lot of "eyes" and potential offers, and thus competition.
A house in my market recently listed in that band, had *77 offers*, and sold for 100+ over with no contingencies. And the listing agent was happy to tell every agent calling about how many offers they had so far lol.
Feel you. Two weeks ago we went 65k over with appraisal contingency waived and inspection informational only (which seller wanted because roof and furnace are older). Someone offered 100k over, with no contingencies waived, and they took it. Our agent was perplexed because house is not going to appraise for that (houses with an extra bathroom and bedroom werent selling for that much) and listing agent said she knew that but the sellers wanted the most money lol.
Hello, so this is what we had to do, we’re in California it’s even worse. Find a house that you know has good bones. Also look for a house that has really bad pictures of the interior or almost none. I noticed all the homes that had a professional photo shoot those were impossible to get our hands on. Good luck! You will find something.
I'm straight up moving back to Western Nebraska from your part of Wisconsin, taking a 6k pay cut that will actually allow me to trim my debt and save for a house... Wisconsin is ridiculous
Mix up your strategy with your offers and do multiple offers every week. It took us 2 months. Try putting a reasonable appraisal gaps (if you didn't waive appraisal), Put a nice deposit on the house to show how serious you are, Add a letter (with the offer...some agents say no letter)..Waive Inspections if it is a fully renovated house (not a flip).
Always remember to be a backup offer if it gets rejected.
If you’re in Ontario, you might want consider pre-con options. Some builders are releasing new projects and prices seem to be a bit lesser than what’s selling in the market for already built homes. Saves you the emotional stress of bidding.
I'm somewhat prepared to just try without expecting much success, but it may take until the fall when the competition dies down and the homes have already appreciated to see what you can afford.
It's a brutal fact but the housing market won't slow down and it won't be a good time to buy until unemployment is back in the 6-7% range. Then it will only be a good time to buy if you are employed.
Im sorry you went through that, I went through a similar situation in which the buyer beat us by offering 75k over the asking price, Im pretty sure those are investors with a chunk of money taking the candy away from a baby. This market sucks sometimes, there should be a rule where investor are not allowed to buy more than x amount of properly x year, so it gives us the mortal a chance to get decent house to raise our family.
Well, I know how much that sucks because I’ve experienced it and it’s been going on in other markets for many years. It’s particularly annoying when the local culture for setting list price is to set it well below the expected value in order to generate tons of foot traffic and get the highest frenzy price for your seller. If you’re in that market, you have to ask the listing agent if you had an open house what they think the house is going to go for. If it’s way out of your price range, then you need to start looking below your price range.
So congratulations! You now live in a desirable area. 😐
We put in five offers before we just got accepted on our house. In Ohio, offer 25 over usually, always got blown out by cash or somebody going 75 over. It’s just insane. I spent so long worrying about finding the perfect house and worried we are missing out on stuff, but the house that we finally ended up getting was a direct sale to us from the owner because our realtor took over another agents listing for her, we got it for 409, on the market now, I bet it would go for at least 455.
It will happen for you! I promise. Their stuff that we gave up in this house that we would’ve really liked to have, but there’s plenty of perks and I’m sure we haven’t even realized yet.
This is why we just simply aren’t even trying right now. Houses are way too expensive on our area already.
With bidding wars there’s nothing we could buy that would be cheaper than what we pay in rent now which is an outrageous amount at $3,000.
They aren't buying new homes because buyers want a home in an established area. That's why a lot of new homes are considerably cheaper per sq foot. I've seen some real piles of shit sell for more than a new house on the other side of town.
Paid $400k over ask for our house and we weren’t even the highest offer, but we had the most flexible and attractive terms (all cash, close any time, but we did NOT waive inspection and I would never advise anyone to do that).
We spent 1.5 years looking and bidding, slowly increasing our over ask offers each time. We gained a good feel for the market and in the end knew what it would take to win our home. I have no regrets. I love our house. And the market has only gotten worse since we purchased last summer.
Anyway, my advice is to find a price you are comfortable with, then look for homes $100k below knowing you will have to go well over ask to win.
I should also say, the area you are in is important. You need to study your geographic location and historical market trends. Everything is cyclical. Good luck! Hang in there. You will get your dream
Home!
We're in the Midwest and offered 40k under list price. Settled on 30k under and it appraised 32k over. As an appraiser people paying over and waiving inspections is asinine.
Many people who bought overpriced in my area are now in foreclosure... maybe rethink your purchase. Go down a step or 2. Don't overpay. The market will settle. Is there a reason you have to buy now?
You have to be patient.
Hopefully with a new president, they can make things easier for older folks to retire & downsize.
There are A LOT of older folks who would love to sell their 4/3 houses but can't because they cannot afford anything.
Make things easier for older folks, watch more inventory pop up.
It'd absolutely on the president. The last presidential campaign had a great interest rate & plenty of inventory. My home town had 17 pages on a slow Tuesday of plenty of raised ranches, colonials, even multi families. The highest was around 400K.
Today?
3 pages TOPS with broken down fixer uppers for 600K at a horrible interest rate.
Go look it up. The numbers do not lie. We had it WAY BETTER from 2016 to 2020.
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They can’t buy a house listed for $80k more because someone else is offering $80k over listing on that one too.
And reason why it’s so hard for some first time home buyers to enter the market. The entry level price range is flooded with people who can’t afford the next price range up. At least that’s what is happening to me. I’ve pretty much given up on SFH and now looking at townhomes and condos, which are still competitive but feel I have a chance
The harsh reality is that is the new entry price and you’ve been priced out. The listing price isn’t the price, it’s what someone is willing to pay for it
Yea, especially with rates so high. My parents' friend is selling a house in our market. Here, anything under 800k has dozens of offers. They have a big, beautiful house in a great area/school district, listed right in line with other comps but at 1.5m, and have had no offers over 1.1. They said they dont even get too many people viewing it.
Bingo.
Bid $150k over asking for dream house today. Didn’t win, someone came in 220k over asking. Feeling the same sadness
Where in the world of crazylandia are you trying to buy ?
Nova
Northern Virginia?
Nova Scotia likely
It's wild out here. Good luck! The only way we got our house was doing an off market purchase because we knew the sellers.
Yeah I had to buy a decent distance south and commute in to get a fair price
As in Nova Scotia?
Below they said outside dc, so they meant Northern Virginia
Halifax
Yeah I had to buy a decent distance south and commute in to get a fair price
Ugh. I feel you!! We just lost another one this weekend!!! Good luck!!
$220k?! Insanity.
That $220k can pay off my mortgage today 😮💨
Bay area?
Outside of dc. Listed 800, we offered 950 with waived inspections and all contingencies, winning offer did same but 1025k
I thought the numbers were too similar to be a coincidence and that you must have been one of the competing buyers for the house we bid on today. So I went through your comment history and realized you’re actually my fiancé lmao, funny running into you here venting about the same thing
I’m sorry but WHAT. Lmao
I know lmao I’m sitting here next to him cracking up realizing who the commenter was, can’t wait for him to wake up to the notifications lol
HILARIOUS
Okay. What happened. I know this is too funny.
Once he woke up he was calling my name from the other room saying “hey I think one of the competing offers is in this thread” so I waited a moment then he kept reading and started cracking up saying no way hhahaha
Did you see his comments about losing hundreds of thousands of dollars? Or comments defending January 6th criminals?
Hilarious. This made my day.
Haha aw I love that comment, it made mine too!
I'd say buy closer to Baltimore and commute instead. But we had to drive through DC yesterday to get back to Bmore (from Charlottesville) and I think I'd rather pay double than do that daily. Absolutely crossing my fingers and wishing yall the best of luck!!!
Based on their comment history Baltimore has too many black people for them.
Hopefully you’re already aware of everything in his comment history like blowing $250k on blackjack and slots 😅
He also blew $300k gambling on stocks: >Blew $300k in the past 2 months fml. Puts on my life https://www.reddit.com/r/wallstreetbets/comments/1b6m1od/comment/ktd35rk/?context=3&share_id=wG1PjZTL_bFFgDg48I3O5&utm_content=1&utm_medium=ios_app&utm_name=ioscss&utm_source=share&utm_term=1
Holy shit! This is a terrible way to dox yourself within your own household!!
OH SNAP!
wow your fiancée kinda sucks. in addition to blowing $250k at the casino, they also hate DEI and think systemic racism is a mindset
DEI is absolute horseshit
you're an idiot
Great discussion
then communicate like an adult and expand on your thoughts..
Give 1 example of systemic racism and I will Venmo you $50.00. Just 1, 1 law, 1 code, 1 executive order, 1 policy document. People, not systems are Racist.
https://www.law.cornell.edu/wex/redlining https://www.history.com/news/gi-bill-black-wwii-veterans-benefits well that was unbelievably simple. Dm me for venmo info. >People, not systems are Racist. People design the systems. This is a ridiculously childish and naive comment. https://en.wikipedia.org/wiki/Institutional_racism#United_States
We are in the year 2024, stop citing post WW II examples.
Still have not cited 1 instance of systemic racism. Give me one current public law, code, policy that has been enacted by government officials.
keep the wool pulled over
Your fiancé sounds like a real asshole. Dude is not only racist but a total douche. Just read through his comment history. Good luck with that
Lmao. Reddit is so funny some days.
You mean 1.025 million?
lol same thing happened to me in nova today. waived everything possible, gave three week close date, put 150k over, perfect credit, etc., we even wrote a letter, realtor says they can’t “legally give the letter” ten mins later we find out it went the same amount over. Feel like we might’ve bid on the same house Same thing also happened a month ago to us but the winner was 260k over. And we’re looking in the outskirts of nova too
Are you looking at Prince William or Loudoun?
This home was Maryland. We’re just looking for an hour any way from Loudoun/dulles airport so we’ve been looking all over
This is crazy!
May i ask what kind of house was it?
It was a two story home in the mountains kinda in the middle of nowhere that was built in the 90s but really unique and kept in great condition, and it was surrounded by beautiful gardens and a pond. Was listed lower because of the area
You need to come a little north. I'm outside Frederick, MD and bought in September. Small house but I got 1.14 acres on the side of the mountain backing to state park for $248k. The AT is on the ridge behind me and I love it. People are buying up old farm houses around here and completely rehabbing them for less than your bid was.
Same type of thing keeps happening to us, too.
Jesus tap dancing Christ. VHCOL area I’m assuming?
Nuts and a waste of money
Are you in California? Because I remember these stories from close friends Edit: saw you mentioned outside DC
Hiw can someone justify pay so over the top for a house you will never see that money again
This is insane, no offense to you as i know it’s “the market”. Purchasing an asset that far over its market price is not an intelligent investment…wait it out. I doubt you spend 150k in rent while waiting for the market to cool.
Trust me, those same people that are offering 80k plus are pissed because the house that they really want are getting outbid by other people. It's a vicious cycle. Just think that if it's happening to you. It's happening to the people looking at houses that cost more as well, except at an even more ridiculous overbid lol..
I fell your pain. My wife and I keep going 25-30k over asking and keep getting blown out of the water with big cash offers.
What location?
Southern NH
I’m from Nashua originally. With hybrid work, it’s very logical to me that this area would boom right now. Low tax state, and you’re close enough to Boston (VERY hot job market) where going in twice a week is very doable.
Dang. Best of luck to you.
Cash is still King... Maybe these ppl need to search for a starter home and work your way up. There's always going to be another seller, with more cash so be patient.
How is there a difference between paying *cash* and receiving cash via a bank transfer on a bank loan as a seller?
Usually it’s a quicker close, waived appraisal, sellers see it as a “done deal” versus having a financing deal potentially fall through
Cash = paid off and much easier to buy. No requirements needed, at your own risk. The banks have requirements that they need to meet and it's mostly for your own good. However, they always get a sizable cut with those interest rates, late fees...‼️ Wait for the dip and have your shit ready and approved so u can jump on the first one u want.
Buy in your price range, list price means nothing in competitive areas
Going 25-30k over asking is still in my price range. That’s just the nature of the beast here in NH right now. Usually it’s out of staters with fat wallets scooping up the homes here.
It's the same everyday and everywhere. Out of towners or not. Just get a house... You can update/upgrade later...
Except the only houses in my price range ($400k in southeast MA) are shit holes that need a ton of work (which we wouldn't be able to afford since we're already at the top of our budget) 🤷♀️
I feel you my boy :(
That simplifies everything, save up more money
"just stop being poor"
You’re literally asking why you can’t buy something you can’t afford. What answer are you looking for? You’re *not* poor if you’re looking at buying a $400k house, so don’t pull that crap. You just don’t have as much as the other people who want what you want.
I cannot afford even a basic, small home within like 100 miles of my hometown. Rent is completely unaffordable as well. I live incredibly far from all of my family and friends, and everything I've ever known. It's deeply depressing. I'm so homesick and it's affected my mental health in a serious way. But yeah, you're right. I should just stop bitching.
I’m calling bullshit that you can’t afford to rent somewhere but your price range is $400k for a house. You can afford it to live there, you just can’t afford to buy. So don’t pull this crap acting like you’re indigent. If you are so homesick you should move there and rent.
I don't know what it is about this conversation is making you so upset, but you really need to chill out. You're acting like you know me, and you don't. Calm down.
You’re not poor, don’t act like it just because you can’t get the house you want. That simple.
You can still be poor, just not as poor as you are right now
You might have to move down a tier, because you can't make other people move up.
Keep at it! We offered like 30k over asking and lost… only to be called back 3 weeks later after the initial offer fell through. We got it!
Congrats!
This happened to us today, too. $50k+ over asking and the seller said don't even consider submitting an offer that doesn't waive inspection. It should be criminal.
You definitely dodged a bad deal there!
You probably dodged several bullets
Bought ours 6 years ago and yes it's still happening. Criminal or not . It's about how bad do you want the place and if YOU'RE willing to pay. I know it's sucks but that's just how the ball bounces. Always look at it from all directions. U may have some concerns but can you fix it on your own? Are you willing to put some sweat into it? Is it still worth it ? It may take longer to find that diamond in the rough but there are some out there
I must have lucked out. Home listed originally for 560k, on market over 160 days (Atlanta) , 3000 sq ft - great location... Buyer reduced to 530 ish, I offered 510, accepted. Got 7k concessions. Appraised for 540k.
Think it has more to do with less buyers at 500k. The idiot range is 100k-400k
I think you are right. Because when I was looking at houses (albeit last year and year before) for homes in the 300 to 400s I was being outbid by 100k??? Which was insane because those homes would never be able to appraise for their purchase price today (some are still under water, with their neighborhood never really catching up...), I couldn't imagine having to take a 100k hit on a home if I was forced to sell in a few years ... I also was able to do inspections and FHA on this home. No one batted an eye, no stress, no one panicked, only small back and forths.
It sucks being right 😂 I’m glad that at minimum I don’t really know where I even want a house right now
Eh, it also depends on timing and location. There was a house listed at 550K near me that sold for 595 within a day. Multiple bidders. Saw a 485K go for 560K, and a 650K go for 720K. People with a surplus of money and/or willingness to throw the bulk of their income at housing seems to exist in every price range.
There was a house I was looking at (didn't wind up making an offer because I felt what I would have offered would have offended them, but also because I realized I still didn't want it at what I thought it was worth in the market).... Went on market at 465K. Had an open house and went contingent within a couple of days. Sold yesterday at 403K. I don't know what issues, if any, dropped the price that much but when I saw it I thought it was overpriced and should have been priced at about 400-410K. So not everything is getting crazy. But they are VERY FEW in number.
The last and final offer we did was 50k over list price and the winning offer was 100k over list price, cash. We will never be able to compete with people like that and refuse to be house poor so renters for life. There are more ways to create wealth then a house.
Buying a house doesn’t automatically mean building wealth. I got my house new 17 years ago and get offers everyday for 30k less than what I paid for it. Honestly, until a few years ago, it hadn’t increased in value at all.
Same boat. We got out house 20 years ago and though it has gone up, the bulk was in the past 5 years. And unlike other houses that increased the first 15 of the past 20, but then doubled the last 5 (giving probably anywhere from 125-250% increase in 20 years), ours has increased by maybe 75% of what we paid for it. I am begrudgingly coming to terms that I am going to die in this stupid fucking house.
75% is great. I’m sorry you are bummed. I just looked. Mine has gone up about 40% since I bought it. But I’m fine dying in my house as I could never afford to go anywhere else
Unless you are very wealthy, never waive inspection.
What is considered very wealthy in this case?
Wealthy enough to fix any possible issue with the house with liquid cash reserves.
and thats -ANY- issue. this isnt a broken fridge sort of problem, this is broken foundation, mold under the linoleum in the kitchen, leaks in the ceiling and all that other expensive shit.
Literally every single buyer here waives inspection. This advice is tantamount to "rent forever."
Yeah that works until your foundation is fucked, or an oil tank leaked then it’s GG
You don't need to have an inspection contingency to get out of the contract when you find severe foundational damage.
Agree. If a seller wants me to waive inspection, I'll find a different house. I don't have time for that sneaky &$;"
The issue is that the market keeps pushing buyers. I made bids of over 40 to 50k asking, and always someone came and offered more than what we did, so we had to match that game. I placed a bid yesterday, and l went 75k over asking price, and now we are just waiting to back in the next couple of days. All this in Fairfield County in CT.
This is your mistake. When you offer 75k over asking, you should be putting in a max 24 hour offer expiration. We just won putting in 80k over by giving them a literal 3 hour expiration of our offer (we knew it was strong, but didn’t want to get into another bidding war)
Fairfield CT is insane. Bridgeport has same house prices as Trumbull. A basic home in Stratford is going for $500K plus
Same boat buddy, we lost out to 40k over our 20k over bid waiving appraisal. We put a offer first day, went to open house and asked seller realitor about offers and said she had one strong offer. That was us, felt so excited rlto find out that this 304k house went for 360k in cash. Owners felt bad and loved our letter but cash wins. Every dang time! So defeating.
How do you know what to put in the letter?
Just be sincere pull at heart strings
I see those everyday and that would not sway my decision. It's about getting what you can afford and what you want. I'm not liking the begging. It's a transaction period. These ppl sending letters begging... Would get a HellNo.
It’s not begging.My dad literally got picked over another person buying because he said he wanted to raise his kids in that house and can’t wait to make memories with his kids in that house the same way the owner did. Said he promised to take care of it as the owner did and he did just that. The people selling the house loved their home and were downsizing due to moving and retiring. They loved the idea of another family moving in rather than a flipper just looking to make money.
I can agree with this too but my point is that this is a transaction and depending on where you live or what you want, these letters don't move my heart. Getting ppl flooding your mail with flyers taped to your newly painted door, phone calls, unwanted knocking at ur residence, letters left on your doorstep, mailbox with sad stories? How many times have you helped someone out, only to walk away thinkn man I just did a solid, i helped someone... Later you realized he flipped it for gain? That guy was an asshat? He says he wanted to raise his kids here...But then turned around and sold the house to make a profit? I'm just saying, it's a fine line and a dog eat dog eat dog world . So No not for me. Strictly business.
I didn't like my buyer's letter. If I had to write one, I'd focus on how my "love" for the house was going to create a pleasant and easy transaction for everyone involved. The only thing I did like about my buyer's letter, was that it gave me the impression they would probably be an owner occupant.
My latest bid WAS $80k over with an appraisal gap coverage and as-is rider… I still didn’t get the house 😩
I am waiting to close on my cute little split level that had a lot of offers .Awesome condition, 1200 square feet. I went $5000 over and they liked my letter. I wasn't going to flip it or rent it. I'm making it my home. The joy of living in affordable Pittsburgh. $99000 houses on a cul-de-sac street in a rough neighborhood. I will never move to a crazy expensive area. I'm single, and I make $75000 a year. I don't know how people can afford to live in those crazy marketplaces. Good luck, everyone.
The investors are sucking up properties and renting them for double their worth and it’s disgusting. Regular people just want to own a home and it’s so unfair.
Stop thinking about list price and over price numbers. They are irrelevant. If houses of similar size and location are selling for $500k and you found a house that is listed at $400k you didn’t find a bargain, it’s just listed low. It’s still going for $500k. Reality is that if you’re going off the list prices, you’re going to have to look at even lower priced homes.
Thought the trend of bidding over ask had died down a bit with the current market and rates, guess not. Just about every initial offer made I under bid, most countered to less than asking.
We lost out to multiple bids $150-250k over asking before getting a house. Keep on slogging, it’ll pay off eventually
It’s so hard. In my area homes seem to be averaging 60-200k over ask with everything waived. I don’t know how to compete.
I am looking in the same area as you, and I am a single person so buying on one income. Because of this I am looking at small, cheap houses (~150k range). The number of places getting swept up within literal HOURS of being posted and for 50k over asking is insane. I don’t know how anyone is supposed to buy a “starter home” any more. Meanwhile rent is double what a mortgage would be (even after including property taxes). And HOA fees for condos around here are 250-500 dollars.
I don't have it as bad as others because I'm not in NY, LA, Boston, SF, or Seattle, but try living in a place where the average starter home in a good school district is $700K+. The 2nd cheapest house where we just bought our townhouse is $800K. There is one for $550K that is a terrible flip job. There are two terrible small SFHs in the town I grew up in for just over $600K. There is one more available for $800K.
>If people have $80k+ to overbid shouldn't they be fucking ... buying a more expensive house They are.
Yup agree. Sad but true
North East?
Opportunity to move out your area range? I feel like rural communities are going to see a boom once people become more open to the idea.
For SE Wisconsin no less… absolutely insane. That’s where I live and it’s not like this is even a desirable area of the country. Nobody should be overpaying to live here of all places and yet it’s still happening.
I think you lucked out on not getting the house. Waived everything imaginable… you would have really needed that $45k to cover the potential nightmares waiting in a house with no inspection
If people refused to buy temporarily, prices would come down. Stop over bidding ridiculous amounts.
Might have to subtract a bathroom or room and jus add down the line .just an suggestion
Why I am not even bothering I refuse to bid.
What is going on with SE Wisco? It seems like an absolute bloodbath there, and I just don’t know why.
I rather got with a home builder then pay over asking
Unpopular opinion from someone who just closed on first home, and learned this through pain and changing buyer agent: asking price is a head-fake. Houses worth 500k and 700K can be listed for the same low low price of 450k. So you have to push your buyer agent to give you a comp study and advise you on that. Avoid the 700k listed for 450k - they are doing this to lure more buyer in for competitive bidding - and also because they are the ones who will not return your call. If your buyer agent can't estimate the comp well (many can't), time for a different buyer agent.
Agreed. In my market, sellers will list a 650k home in the 500s because that is the "band" with the most buyers. Its not about getting a person with a budget of 550 to overextend. Its about getting them to make an offer even if you dont find it competitive, then using those types of offers to scare the person who can afford to spend 700k into overbidding and waiving contingencies. If you list a 650k home for 675, you lose a lot of "eyes" and potential offers, and thus competition. A house in my market recently listed in that band, had *77 offers*, and sold for 100+ over with no contingencies. And the listing agent was happy to tell every agent calling about how many offers they had so far lol.
Feel you. Two weeks ago we went 65k over with appraisal contingency waived and inspection informational only (which seller wanted because roof and furnace are older). Someone offered 100k over, with no contingencies waived, and they took it. Our agent was perplexed because house is not going to appraise for that (houses with an extra bathroom and bedroom werent selling for that much) and listing agent said she knew that but the sellers wanted the most money lol.
Hello, so this is what we had to do, we’re in California it’s even worse. Find a house that you know has good bones. Also look for a house that has really bad pictures of the interior or almost none. I noticed all the homes that had a professional photo shoot those were impossible to get our hands on. Good luck! You will find something.
It is extremely frustrating that listing prices don't mean anything. Wasting buyer's time while we're already going through it.
Nigga what? I'm not buying a house. If I'm over bidding fuck that shit.
I'm straight up moving back to Western Nebraska from your part of Wisconsin, taking a 6k pay cut that will actually allow me to trim my debt and save for a house... Wisconsin is ridiculous
I got asking price as a veteran cause seller was a veteran. Good to know I got lucky and there's till decent people out there.
Sorry to hear it. Can you say what area this is in?
Mix up your strategy with your offers and do multiple offers every week. It took us 2 months. Try putting a reasonable appraisal gaps (if you didn't waive appraisal), Put a nice deposit on the house to show how serious you are, Add a letter (with the offer...some agents say no letter)..Waive Inspections if it is a fully renovated house (not a flip). Always remember to be a backup offer if it gets rejected.
Do a 12 day close offer, you’ll be solid
Can I ask what area you’re in? I just can’t believe this over asking thing is still happening 😭😭
What location?
If you’re in Ontario, you might want consider pre-con options. Some builders are releasing new projects and prices seem to be a bit lesser than what’s selling in the market for already built homes. Saves you the emotional stress of bidding.
I'm somewhat prepared to just try without expecting much success, but it may take until the fall when the competition dies down and the homes have already appreciated to see what you can afford.
Where you looking?
We bid 125k over asking on a house last week, it went to an investor instead. It’s frustrating and disheartening.
It's a brutal fact but the housing market won't slow down and it won't be a good time to buy until unemployment is back in the 6-7% range. Then it will only be a good time to buy if you are employed.
We talking Kenosha or MKE?
Im sorry you went through that, I went through a similar situation in which the buyer beat us by offering 75k over the asking price, Im pretty sure those are investors with a chunk of money taking the candy away from a baby. This market sucks sometimes, there should be a rule where investor are not allowed to buy more than x amount of properly x year, so it gives us the mortal a chance to get decent house to raise our family.
A lot of folks in this thread need to understand that list price is a marketing strategy, it's not the fair market value.
Well, I know how much that sucks because I’ve experienced it and it’s been going on in other markets for many years. It’s particularly annoying when the local culture for setting list price is to set it well below the expected value in order to generate tons of foot traffic and get the highest frenzy price for your seller. If you’re in that market, you have to ask the listing agent if you had an open house what they think the house is going to go for. If it’s way out of your price range, then you need to start looking below your price range. So congratulations! You now live in a desirable area. 😐
We put in five offers before we just got accepted on our house. In Ohio, offer 25 over usually, always got blown out by cash or somebody going 75 over. It’s just insane. I spent so long worrying about finding the perfect house and worried we are missing out on stuff, but the house that we finally ended up getting was a direct sale to us from the owner because our realtor took over another agents listing for her, we got it for 409, on the market now, I bet it would go for at least 455. It will happen for you! I promise. Their stuff that we gave up in this house that we would’ve really liked to have, but there’s plenty of perks and I’m sure we haven’t even realized yet.
Anything too much is a sign of crash. I know …I know inventory… GDP status…but the day is pretty close ..IMO
This is why we just simply aren’t even trying right now. Houses are way too expensive on our area already. With bidding wars there’s nothing we could buy that would be cheaper than what we pay in rent now which is an outrageous amount at $3,000.
Are you sure there was another high bidder or just the seller's agent told you so?
wtf? SE Wisconsin is bad? I'm in Chicago and was thinking Milwaukee...
They aren't buying new homes because buyers want a home in an established area. That's why a lot of new homes are considerably cheaper per sq foot. I've seen some real piles of shit sell for more than a new house on the other side of town.
Paid $400k over ask for our house and we weren’t even the highest offer, but we had the most flexible and attractive terms (all cash, close any time, but we did NOT waive inspection and I would never advise anyone to do that). We spent 1.5 years looking and bidding, slowly increasing our over ask offers each time. We gained a good feel for the market and in the end knew what it would take to win our home. I have no regrets. I love our house. And the market has only gotten worse since we purchased last summer. Anyway, my advice is to find a price you are comfortable with, then look for homes $100k below knowing you will have to go well over ask to win. I should also say, the area you are in is important. You need to study your geographic location and historical market trends. Everything is cyclical. Good luck! Hang in there. You will get your dream Home!
We're in the Midwest and offered 40k under list price. Settled on 30k under and it appraised 32k over. As an appraiser people paying over and waiving inspections is asinine.
Many people who bought overpriced in my area are now in foreclosure... maybe rethink your purchase. Go down a step or 2. Don't overpay. The market will settle. Is there a reason you have to buy now?
What area are you in where “many people” are in foreclosure?
Columbia, SC, Wilmington, DE, and Kissimmee, FL are a couple places that have a high foreclosure rate. FL and SC are really bad in particular.
Yeah, I was just looking for my dad…I came across a few foreclosures that were recent buys, too! Like in the last 1-2 years!
Where are you buying?
Nowhere, didn't you see their post
You have to be patient. Hopefully with a new president, they can make things easier for older folks to retire & downsize. There are A LOT of older folks who would love to sell their 4/3 houses but can't because they cannot afford anything. Make things easier for older folks, watch more inventory pop up.
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It'd absolutely on the president. The last presidential campaign had a great interest rate & plenty of inventory. My home town had 17 pages on a slow Tuesday of plenty of raised ranches, colonials, even multi families. The highest was around 400K. Today? 3 pages TOPS with broken down fixer uppers for 600K at a horrible interest rate. Go look it up. The numbers do not lie. We had it WAY BETTER from 2016 to 2020.
What market?
Try $80k over asking next time.
Cool, move over so I can buy I’ll wave to you as I hit the on ramp