Anyone else having a hard time finding a home in this housing market?

posted 7 months ago in Home
Post # 2
Member
195 posts
Blushing bee
  • Wedding: September 2017 - River Museum & Aquarium

Where do you live? I’m in the midwest US, and anything in the “first time home buyer” price range went like wildfire where we are. We put an offer on our house the day it came on the market, and it still had 4 competing offers. IDK how people have time to see homes at all times, don’t they work?!

Good luck, bee, I hope it’s a fast process for you!

Post # 3
Member
8973 posts
Buzzing Beekeeper

Not myself but several of my friends have struggled for the past couple years. It took several over-asking offers for them to finally secure homes. I’m in the Boston area and our market is hot. 

Post # 4
Member
444 posts
Helper bee
  • Wedding: September 2017

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practicalbee123 :  ugh, yes!! I’m in upstate ny, and lots of city people are moving up here or buying second homes, or people converting to Airbnb. Stock is very low, but everyone thinks they can make a killing off the city folks, so they’re pricing way too high. A lot of poorly maintained, small homes that aren’t moving, and nothing new is coming on right now. Even land prices are ridiculous. We looked at a lot owned by an actress (she owns the adjoining lot for herself), and the price she was asking was just insulting! I’m guessing she doesn’t actually want to sell it, lol.

Post # 5
Member
719 posts
Busy bee
  • Wedding: January 2021 - Dracut, Massachusetts

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LilliV :  Ugh! Our market is ridiculous!! All the towns I want to live in are literally untouchable (Middleton, Lynnfiled, Wakefield, Danvers) and it makes me so sad!!! Even with me and my Fiance having a combined income of around 180K , we can’t buy shit! I keep hoping Warren will help fix this mess but that’s wishful thinking isn’t it?

Post # 6
Member
1345 posts
Bumble bee
  • Wedding: July 2019

I’m in the Midwest and unfortunately, it’s not a buyer’s market right now. The houses in our neighborhood have been selling within 2 days of listing, usually for more than asking price. It was great when I sold my house last year (sold it the day after listing), but I certainly wouldn’t be buying right now.

Post # 7
Member
2836 posts
Sugar bee
  • Wedding: November 2018

I’m in the midwest and we looked for about 3 months before making an offer on our home but I know of people who have been looking for years. We placed our offer the day after it was put on the market and got lucky with sellers who wanted to persue us before moving on to the next offer. Decent homes in our price range were very few and far between. 

Post # 8
Member
1116 posts
Bumble bee
  • Wedding: January 2019

I’m in Colorado and we gave up and went new construction. We couldn’t afford the bidding wars. Homes go for DOUBLE what they did 10-15 years ago here. We paid more for our modest starter home than my in-laws did 10 years ago for their upgraded custom build that’s double the size. 

Post # 9
Member
8973 posts
Buzzing Beekeeper

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blondie603 :  yea there is just no inventory and with more and more boomers deciding to age in place rather than downsize I don’t see it getting much better. And it’s not like there is that much space left to build! We bought a house with room to grow before the market exploded and I see my friends paying $150k plus more than we did for smaller houses in worse condition. As much as living in constant renovation is getting on my nerves it’s more affordable than trying to move! And at least I get everything exactly as I want it lol, 

Post # 10
Member
17 posts
Newbee

We were, but thankfully our search is finally over. It took a year and a half (two if we count the months I was casually looking) and the market where I live is stupidly expensive yet apparently “affordable” just not really for people living here lol. There’s almost no inventory in the lowest tier, the numbers in that $150-$300k range went from something like 60 listings a month to maybe 25? And the quality of houses are generally awful.

I can’t tell you how many houses I’ve seen, maybe 50 total, and we might have made offers on roughly a third of that. What I’ve learned from our experience:

• bidding wars are practically guaranteed

• crazy people will go $50k over asking

• everybody does cash offers (because you will have no time to bring in an inspector anyways)

• the longer you procrastinate the harder it gets; inventory decreases, prices increase. And I mean in a matter of months not years.

• you are not alone… because there are thousands of you fighting tooth and nail for the same houses.

I have a pessimistic viewpoint of the housing market in Canada. Pre election there was a lot of discussion going around about the housing crisis, but since then there hasn’t been a word of it. I’m not surprised. So many of the proposed solutions were downright idiotic and would only serve to worsen the market. Unless we build inventory it’s not going to get better. Demand will keep getting pent up with each passing year and it will continue to outpace supply.

I feel for you, house buying is no fun. Hopefully you’re not in a situation where you have to buy and you can take time to study the subject thoroughly. I strongly advise looking at a house twice over before you offer, obviously if time permits… Most housing markets are so hot that they lack that convenience. And try not to think of what a house used to be worth, it will only frustrate you more. 

Post # 11
Member
1277 posts
Bumble bee
  • Wedding: January 2021 - City, State

Yup same where I live in Scotland. We’ve been renting because I’m a student and don’t have the income to save the required deposit.

the starter homes in our area are $90,000 (£70k plus), for that you’re expected to have $19,000 (£14/15k) deposit saved up.

the houses in our area are all going for 20-30k over ask as well and our area is just okay, people aren’t even viewing things before buying them either it’s grim.

100% a sellers market just now 

Post # 12
Member
1127 posts
Bumble bee
  • Wedding: June 2019 - City, State

Our housing market is flooded with a ton of low prices. It’s a buyers market where I live. 

Post # 13
Member
558 posts
Busy bee

We’re in the midwest and we looked for TWO YEARS before we found what we wanted, made an offer and it was accepted. 7 offers in 12 hours. We had made a few other offers, but inventory is basically non-existent. For our offer to be accepted, we offered above asking AND went without any inspections, at all. Not a perfect situation for most, ok for us for a couple of reasons. But, girl, I get it. It was the most frustrating experience. And we had both sold our homes as it was a super great seller’s market… Then we had to rent, which neither of us had ever done… 

Post # 14
Bee
5093 posts
Bee Keeper

Actually I’m having trouble selling a house. But the market here is dreadful.

Post # 15
Member
3629 posts
Sugar bee

We started looking and I also felt like what was out there was way overpriced or something that I felt was reasonably priced wasn’t much more than we have now.

We’ve decided to stay put in our small condo and invest in some much needed upgrades.  

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