I’ve been going on and on about how this is a sellers market, but let me brutally clear. This market feels a little bit like another bubble. People are waiving all contingencies, going way above market value, and accommodating huge needs and requests of the seller in order to appear as the most appealing offer of the bunch. It’s awesome as a seller and a listing agent, but frankly, as a buyer…it is just plain exhausting. It can feel disheartening to know that you’ll be up against a handful (at least) of other offers on almost anything you see…or even before you see it. The price range between $600-$1.2mish is really, really brutal these days.
A $650k tear down? 19 offers.
A single family home priced at $1M? 18 offers.
A newer single family home priced at $1.2m? 3 offers.
It can get discouraging, heart breaking, and just not fun. House hunting is supposed to be fun, imagining your new life in this new home and new place. Decorating. Painting, New Furniture. Fresh start. But todays market just sort of takes the fun out of it. Then you find yourself adjusting your must-haves list, maybe you don’t really need that, or maybe you can do without this…etc. and you find yourself settling. Or overpaying. STOP. Just STOP. That’s how we ended up in the bubble of 2005/2006 in the first place. Don’t lose your head. There will be other homes to buy, you may just have to wait a while. Demand is greatly outpacing supply and that means a lot of unhappy buyers. The problem? Inventory is so low that the people who COULD sell and make room for 1st time buyers really have nowhere to go because they have nothing to buy. There’s certainly less competition in the higher price ranges, but that doesn’t mean the inventory selection is much higher.
Take a deep breath. Look at the bigger picture. If someone is willing to significantly overpay for something – let them have it! Don’t get me wrong – you will not find a “deal” in this market, but maybe you can find something you’re actually paying market value for instead of hundreds of thousands over market price.
I’m an Economist by education but a Realtor in practice. I see things from the bigger picture, although emotions certainly get involved when people are involved. You’ll find something eventually, don’t give up!