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

posted 5 months ago in Home
Post # 31
Member
562 posts
Busy bee
  • Wedding: April 2021 - City, State

We are in a tourist town in the Great Lakes area and when my parents were looking for their rental property and also place for me and my fiance to live, there were a lot of sellers that were asking for a lot and wouldn’t budge on the prices and this was common for a lot of homes we looked at in our range which was about 180,000. There was a cute home that was just built and we thought we put a reasonable offer, but it was rejected. Then, there was this house that looked like a steal and we acted on it fast and what my mother did was write a letter to the seller saying that the home would be used for their daughter and fiance who both have autism and since they always wanted a rental property it was kind of win-win for us and it turned out the seller had a daughter with autism herself so she took our offer out of the five offers she got on the first day and that is how we got lucky. It was crazy.

Post # 32
Member
1523 posts
Bumble bee

It’s actually the opposite situation at the moment in the UK, so we bought a house fairly easily for less than the asking price, I know a lot of people are really really struggling to sell though. The hardest part was saving up the deposit while renting since rents are so expensive and salaries are so low. 

Post # 33
Member
104 posts
Blushing bee

Yep. We both owned homes and sold because we loved too far away from each other and needed something in the middle. His house went under contract before he even listed!! We rented a dumpster to clear out a bunch of stuff and neighbors started knocking on the door asking if he was listing. Then it went under contract so fast that we basically had to pick a house over one weekend. I complied a long list and we spent two long days looking at homes. None were our dream house, but there was one that met all of our absolutely necessary requirements. We made a full asking price offer and there was still a ton of back and forth negotiating over contract terms and we thought we might not get the house. It was quite stressful knowing we were in a time crunch with just a few weeks before husband and his kids had no place to live.

 

It ended up working out fine with closing on his house sale and the new house on the same day. This is far from our dream home but it has the soace we need with three kids in the location we needed to get our kids to school in opposite parts of the city, and was in our price range. We will stay here until the kids are out of high school and then find our dream home.  

Post # 34
Member
383 posts
Helper bee
  • Wedding: January 2011

I am going through the same thing. Been living in the same tiny apartment for almost 10 years now. I’ve not started going to open houses just yet but the fact is there’s none! They’re all crappy houses that need a lot of work. Kind of look the way the worst houses on the show Hoarders looks when they clear out all the junk. Also, over priced by a lot! I used to own a home during my first marriage. The house is now worth double what I bought it for. So upset to have had the experience and now have to be stuck renting (but much happier in a new marriage). We will go to get pre approved this spring but honestly? No idea where we will go look. There’s nothing.

I feel so depressed some days. I’m sick of being here. I used to love our apartment. But we have outgrown it. I’m also sick of neighbor noise. There’s days I just am so depressed. A house would help what ails me for many reasons. I feel like I’m not living. And I’m not a material person. I just want closets, space to put things away like pantry items, cleaning supplies and laundry/towels/soaps. Such little space. I’m tidy and some stuff is hard to find a spot for it and gets balanced on eachother in cabinets. And an extra bedroom or two for home offices, and a kitchen that is even a tiny bit more updated (I’ll just say, the cabinets and countertop are not the best material for a kitchen), doesn’t have to be special. Feel like I can’t breathe. I want my own yard that doesn’t have other tenants dog poop on it. Want to go out and have coffee on a porch in the mornings. Little simple things I want so badly but can’t have. 🙁 no clue what the future holds in the housing market. I feel less alone reading the other responses. Sounds like it is similar around the country in the US!

Post # 35
Member
172 posts
Blushing bee
  • Wedding: April 2019 - City, State

We closed on our house in June and paid top dollar, even had to go over asking price due to other offers. It’s the perfect home though in the perfect neighborhood,  just sucks that it wouldve been a lot less if we had bought two years ago. Luckily we were able to go in with 20% down since we sold our townhome at the same time so that helped a lot. 

Post # 36
Member
2110 posts
Buzzing bee

I’m in the pacific nw and I think things are changing here.  We had no problem buying a house, paid under ask and interest rates are still very low.  

Post # 37
Member
387 posts
Helper bee

My husband and I live in NE Ohio.

We won’t buy a house for another year or so (and even then, I would like to build), but I am constantly looking at real estate for fun.

Over the past few months, I have noticed a HUGE shift in the market. It used to be that there were a lot of houses available, but that is no longer the case.

If I put in the filters I want (4 bedroom, 2 bathroom, .25+ acres, under $350K), there are ~25 houses for sale in a 10 mile radius. None of which seem great. 

Ugh.

I am actually hoping it doesn’t change too much though, as the less there is available, the more I can convince my husband building is a good idea. Haha

Post # 38
Member
5402 posts
Bee Keeper
  • Wedding: January 2017

We are in the GTA in Ontario,Canada (near Toronto). Bought last year, for more than asking price and a big down payment. Pre-approved for our mortgage in the early spring, looked at about 6 houses. Our agent was great and showed us homes before they were listed. House needed some work right away (new windows and doors) but the market here is insane and we were so lucky to find a home in the area we always wanted. Find a great agent, go for someone experienced and who will work to get you the best deal. So many agents are just a pretty/handsome face looking to make a quick buck.

Post # 39
Member
1066 posts
Bumble bee
  • Wedding: August 2017

Starter homes are low in stock pretty much everywhere. We bought in 2018 and put in 7 offers (all above asking) before we finally got one accepted. And the house we got had 16 other offers on it!! The market is also appreciating fast because our house is already worth 10% more than when we bought it. I figure there will probably be a recession soon to balance everything out. 

Post # 40
Member
658 posts
Busy bee
  • Wedding: June 2018

We sold in August and will be waiting it out renting. If I bought the house I’m renting now I’d pay twice as much a month on a mortgage. This can’t be sustainable. People just do not make enough to afford $500k for a starter home that needs $50k+ work something will eventually have to give and when it does then I’ll buy something.

Post # 41
Member
587 posts
Busy bee
  • Wedding: September 2020 - Summer Camp!

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LilliV :  A lot are downsizing though, at least around here. This means both families and boomers are fighting for the 3 bedroom townhouses, and the millions+ mini mansions are sitting because no one can afford them nor wants to. DMV area, for reference. Starter homes start at around 600-700k in not-that-desirable parts of the city, but you can do better in some ‘burbs. I hate sounding gift-grabby, but we’re thinking of doing a small registry/down-payment fund for the wedding. 

Post # 42
Member
1037 posts
Bumble bee
  • Wedding: December 2014

Any of you want to move to Australia and buy my house 😂 housing market is dead in my state and everything has dropped in value and takes awhile to sell. We’ve been up for sale for 8months with only one offer which was about 70,000 less than our asking price. Unfortunately we purchased it 6 yrs ago in the boom when prices were crazy and there was no stock thinking we’d sell when we had kids but now it looks like we will either have to stay here  or lose all our deposit for our next house. 

Post # 43
Member
8743 posts
Bumble Beekeeper

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moissamight :  we don’t really have that many mini-mansion style homes in my area so the boomers are just staying in their 3 bedroom homes which is the problem. The only new construction happening is condos and no one wants them but first time buyers desperate for a good school system are taking them since it’s better than nothing. And they are so expensive! The market has changed so much in the 6.5 years since I bought that even the condos are much more than I paid for a 5 bedroom house. And my mortgage will be paid off before I’m 60 so then I’ll probably just sit on my paid off house until I’m dead too lol

Post # 44
Member
186 posts
Blushing bee

I’m in Louisville, Ky. and our housing market is insane here, too.  We’re looking for a 3 bedroom, 1.5+ bathroom house under 200k and there’s NOTHING.  Everything is already pending, under contract, or contingent by the time it even gets posted.  Showings of houses are double, triple+ booked and some sellers are giving people less than an hour to decide to make a bid and are STILL getting multiple offers over asking! I’m going mad just trying to find something available to look at!

Post # 45
Member
237 posts
Helper bee
  • Wedding: City, State

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AnnieInWonderland :  Haven’t read the entire thread yet so not sure if anyone answered you, but when I was looking we had the same thing happen. Multiple offers within hours. The kicker was that people were writing offers site unseen! So it’s not like they don’t work or take off work to see a home at 10 AM, they write an offer without seeing it and then hope if it is bad inside they can escape with an inspection contingency. Crazy because some of these site unseen offers were 100% cash. It is amazing and terrifying how many people not only have than kind of cash but are willing to put down on something they haven’t even been inside! 

OP, as others have said you may need to expand your radius, up your budget or lower your expectations. We are in So Cal and I am sure zero properties would come up in safe areas under 200K here too. We ended up with a 4 bedroom for almost 600K but we had to beg the sellers to win the bid (wrote a heart felt letter explaining why we wanted to raise kids in their home). One piece of advice from my years of home searching in CA is don’t fall in love! Easier said than done, but do not see any homes as your family home or form an emotional connection until you know it’s yours, it helps with the let down.  

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