Buying A Home
CALEO
member
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
We made our first offer...
7,500 over asking price, 20% down, great terms and got outbid by at least 4 people who offered "substantially more" and ALL CASH.
Apparently this is a seller's market and no one told me. I feel like we are never going to find a home we love AND can afford.
Pity party of one.
Re: We made our first offer...
Pity party of two.
While other little girls were dreaming of their wedding days, I was busy dreaming of my first house, and these last few months have been crushing me, hard.
We made an offer on our first home about a week ago. Fortunately the sellers in our area aren't making MORE than asking price, however, they are all acting stupid. The house was in a good location and had good schools but other then that was a complete wreck.. and I mean COMPLETE WRECK. The seller had her head in the clouds regarding the listing price. We knew she may be offended, but we went in with a substantially lower offer. She countered at $400 less than asking. FOUR HUNDRED. I guess she figured, we insult her, she'll insult us back. She should visit her house she's been renting for the last 5 years and assess its condition. Have fun sitting on that for a year, lady.
We made an offer on our second house on Monday, for only 7 grand less then asking price. We got a counter back this morning, and the sellers only took $900 dollars off. We countered at 5 grand less then asking price, and they said no. Flat out, no. WHO lists their house at the price they actually WANT to get for it? COME ON PEOPLE. You'd think they'd list it AT LEAST 5 grand higher than what they'll actually settle for. It is totally a seller's market, and it sucks.
/end rant
This roller coaster of emotions and stress is driving me crazy. I know eventually we'll find something better (hopefully), something we love, can afford, what we want, blah blah blah, but it sure gets depressing. Hang in there, I feel your pain, and I'm sure there are many others who do too.
Thanks, ladies. You made me feel better.
This place was a short sale, was only listed for 3 days and they got 12 offers. All we know is that they countered the top 4 (which were described as "substantially higher" and "all cash") and we weren't one of them.
We will keep looking but inventory sucks right now. I hear it gets better after the superbowl. I hope so.
We are waiting to hear back from the 4th house we put an offer on. The first one rejected the offer and said not interested in talking to us at all. The 2nd house, we were outbid, third house our offer was their first offer since listing, the owner was emotional about it, had lots of exclusions, and did not want to budge on the price, and said she does not care about the comps, she thinks her house is worth a lot more than what everyone else's. And now we are waiting to hear back from the 4th house, the seller's agent was friendly the day recived the offer, yesterday he got nasty about our financing and called us and realtos a liar, but have not officially rejected or counter our offer yet. Our agent thinks he is trying to see if we up our offer and we said they can counter, and we get back with them.
I don't know. My agent just said she notices the trend every year. I think it has more to do with it being spring - more listed then than in winter!
We got outbid several times, mostly on short sale and foreclosures. I noticed on all and even the one we did get, the listing price is the price most sellers want or higher. We offered $5K more than listed price and that's the offer that was accepted and house we closed on in October.
Most short sales or foreclosures got offers accepted within a few days, we were outbid on those by $10-20K more than price listed, good luck to all of you. It might take a while but it will happen. (house searching is a stressful process that most people don't mention)
Lurking because we currently have a house on the market. This made me lol because we just accepted an offer on our house that is $2,000 less than asking with no contingencies. We would have never taken $5000-$7000 less. We feel it was priced correctly and competitively. Sorry you're having a frustrating experience though! Buying sucks, selling has been so much easier.
I work in real estate, and while I'm not an agent, I deal with them all day everyday. The average agent is stupid and closes two deals a year. This is a fact based on statistics. Most do not have a true sense of what the current market is like, don't pull comps and do not advise their clients properly. In addition to that, buyers are typically ignorant, and don't do their research before searching for a home.
It's a sellers market for sure. Lots of cash investors out there now which is driving up home prices because inventory is low.
Traditional and Short Sales make up most of what is on the market as the foreclosure listings have dwindled. There is still lots of bank owned assets that have not been released yet... Don't know why, but it could be that the banks are trying to build up this artifical inflation by not putting these properties on the market, and what is listed being sold to cash investors and people using forms of financing like Homepath where there is no appraisal required, and hard money loans. Their attempt to drive prices up and bank more money in the future. These homes being sold where an appraisal is not required doesnt allow us to see what true market value is, and is just an example of why a home that is WORTH 150k is SELLING for 200K.
Just my two cents.