Post # 1
So let me try this again in the home board:
I thought house shopping was supposed to be fun and exciting. Instead I sit in the car driving around every single Saturday and Sunday and if and when Fiance find a house that is anything decent there is a bidding war over the house.
We have the down payment, are preapproved, and have been offering full price or more and we still can’t buy a house. I feel like my hands are tied and it’s becoming so frustrating. Everyone keeps saying its a buyers market, but how? When the sellers get up to $50k more than their asking price and people are fighting over houses. There are no houses on the market, we actually increased out budget by 75K in hopes of being able to find more houses.
Sorry just frustrated. Another house came on the market last night and our agent called to get us in the house and they said that they have 10 showings tommorow and gave us a time slot. So I know even if I like the house and I offer more than what they are asking I have a slim to none chance of getting the house!
Thanks for letting me vent, I feel like Weddingbee has become my therapy!
Post # 3
I’m sorry you’re so frustrated. I felt like crying most of the time we were looking for a house, but for different reasons. I kept getting excited about homes that ended up being a total disappointment. We finally ended up going with a new build.
Just keep on going, it’s definitely worth it in the end! I’ll keep my fingers crossed you find something you love and “win” very soon 🙂
Post # 4
i totally understand what you’re going through! it really is a stressful time (even in this “buyer’s market”)
where are you located?? we are in MICHIGAN! one of the worst real estate markets and last summer (between april-july) we looked at over 75+ houses in person, and went through at least 5 or 6 lost deals before we found our home 🙂
honestly, it does wear on you, giving up your free time on weekends, but keep the hunt going! you WILL find the PERFECT house!
we found ours on the day that we woke up saying “if we don’t find one today, let’s scrap the tax credit, and look next year”…!!!
Post # 5
Give it time. House-buying is a pain in the rear. More stressful and disappointing than anything in my life!
Can you expand your area so you aren’t in SUCH a desirable neighborhood?
Post # 6
@Ottawabride- Congrats on building your home! We are trying to stay under $400k and land around here is going for $250k. I am marrying a contractor so I already told him we are building our next house. Thanks for the well wishes.
@missjyc- We are in the north shore area of Boston. There is just nothing on the market and anything that is an expensive teardown. There are so many cash buyers out there too that we just can’t complete with. I know we will eventually find something.
@eys4y8- We expanded our search to cover 25 cities. Now my only criteria is that it’s not on a main road, I am not even targeting certain neighborhoods anymore. I’m hoping houses will come on tha mrket as the spring nears.
Post # 7
Have you been viewing online MLS listings? My husband and I found both of our houses through the local MLS listings, not through a realtor. One good thing about it is that you can view 100+ houses in one weekend without having to drive out to all of them in person. Once you find a couple you like, you can go see them in person, but it gives you a huge selection to pick from.
Also, I totally understand expensive areas. 🙁 A new three bedroom, two bath house around here is still well over 400k, which is out of our budget. We looked for foreclosures and short sales, and ended up with a real deal. Our house is a three bedroom, three bath, and while it needs work (and a garage built) we only paid half of what it’s worth thanks to it being a foreclosure. Good luck! I know it can be frustrating at times, but you’ll find something if you just stick with it! 🙂
Post # 8
@Mrs.Spring- My mom is a real estate attorney so we have full access, I don’t know how people shop for house without the MLS LOL. It’s crazy how much $400k does not get you and at 24 that is a lot of money for me. I put together relocation packages for new hire and based on the comps I know CA is very expensive too. So happy you found something. Congrats!
Post # 9
It’s nice to have an inside connection! And I totally feel ya about ridiculously high home prices. I wish you luck in your search, too. 🙂 Keep looking; you’ll find something!
Post # 10
I know, Girl. It’s ok. When finances, emotions and huge lifechanging decisions come up…it’s a good time for a cry.
We could have been like that. Here are some options you could try:
~find a good website to spot the MLS listings before your realtor. We had a good realtor but we found things on our own too. Usually better or more fitted for us.
~take a break for a few weeks and only go a few hours at a time
~scour one neighborhood or two close ones in a systematic way at a time
~make lists of what you like and don’t like after each house so you can remember and narrow things down when you analyze objectively at home or on the go.
Be open. We ended up buying a place completely different than the first house we bid on and are totally happy. Darling Husband and i took turns planning weekends (only one day per weekend for a few hours) and the house we bought was supposed to just be a ‘warm up’ to look at for the day and was pretty ugly from the curb and farther from the main city (but not our works) than we thought. All these surprise plusses were found in this house (big yard, mangos, huge oceanviewing room) that we never thought about.
We started looking at the bottom of our price range and then went up to 60K more in our budget but bargained back down 15k from the price. And yes, we had to snatch our house up right off of the opening weekend so it helps to know what we want and discuss it during the day.
We went back to the same house twice in one day (at the beginning of our looking and after) so that we could put a bid in two days later and show the sellers we were serious.
~Pray for timing..be patient…don’t get stuck on one house just b/c you think it’s supposed to be the one. It’s out there! I was very discouraged after our first bid for the house that I thought was ‘the one’ didn’t get a response but it turns out, it never really went up for (short) sale. Our house we got is waaaaay better.
Post # 11
Sometimes you can get a jump on the foreclosures by following the newspaper postings. You can tell if they are in your desired neighborhood – and watch for them to come up months later if the bank is willing to put it back on the market. I don’t know if that will help an April deadline for the homebuyer credit, if that is what you are going for, but I thought I would throw it out there. When making an offer, do you have access to the county records so you know when and for how much the house was foreclosed on so you have an idea of what the minimum the bank wants? I did this formula: Foreclosed price (what was owed to the bank, NOT what the bank took and paid itself at the Sherrifs sale), plus 6-8% of realtor fees, plus 5-10% depending on how long it’s been on the market/how much lipstick the house looks like it’s had put on after the original owner trashed it.
For ex: Foreclosed price = $150k. Realtor fees on that would be $10.5k. Maybe it was totally trashed and they had to pull in a contractor and it hasn’t been on the market a long time so they are super hopeful, that would be another $20k. So total that is 180.5k. But the bank will list it at 160k in hopes of starting a bidding war, right? Go 3k above a true estimate (but never above what you really think it will be appraised for) and you might have some luck.
Also, what about short sales? That is what we ended up doing and it really worked out well. If you get a trusted realtor you can put an “any reason” clause in your offer and you can pull out at any time, for any reason.
Post # 12
OMg that’s crazy the housing prices up north. I’m down South and we just got our bid accepted on the first day showing for 7k less than asking price. We are not even paying all the closing. For 400k we’d be living in a mansion. As is we got a 1800 sf in a super nice area for less than 140k. Maybe you guys should move down here since there are TONS of houses/land for good deals.
Post # 13
Have you been doing all of your house hunting in a time machine? Our area has so much excess inventory that i cannot empathize with you. I’ll sell you our house, if you want to live in FL 😉
Post # 14
Holy cow! I cant believe you are having this kind of luck. Houses in this area are nothing like that, sellers are willing to take like 30k under there asking price. Man I really hope things turn around very soon for you. Not saying you will but be careful if you do get a house, make sure its one you want and your not over paying. You dont wanna pay tons for a house that you really dont even like.
Post # 15
I think I need to move! LOL
I’m just hoping this is a good sign for the economy. Home values may begin to increase since they are based on houses sold in the past six months within a mile radius. So if the house down the street sells for more than asking price then someone’s home value has a chance of increasing.
Post # 16
I want to cry because it’s just so overwhelming!! I am so busy at work and househunting just seems like such a huge commitment right now! Sigh…