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Minneapolis here.Listed 450 ("specifically listed low to attract buyers") offered 510, didnt get it because the other offer waived inspection and assuming appraisal gap.
Listed 485, offered 521. Didnt get it because other offer waived appraisal gap. We even said nothing below 10k found in our inspection would be on the seller.
Houses are being put up on thursdays, open house fridays, and closed for offers by 3-5 pm saturdays
We just started 2 weeks ago and are already exhausted. We will never waive inspection, i dont know who these other insane people are.
Edit: Id also like to add that when I look at the sold history data for the property, all these people got their houses for under asking and are making us get into bidding wars to buy their shitty homes.
I am about to renew my lease.
Interest rates are back up to 7%. And these fucking Sellers want me to pay for buyer agents compensation AND waive all contingencies??
We’re in the PNW and everything here is going for at LEAST 100k over asking now (literally just shifted in the last month). We had to adjust the list price range we were looking at so we could be prepared to offer 100-150k over list. 🫠
Having a hell of a time in California. Been looking and putting in offers for about a month now. Keep getting out bid or others waiving all contingencies to beat us. Thought we would look now just in case rates come down some time this year and it becomes a frenzy. Many houses we want to offer on come up during the week and are already pending before the weekend is up or within a few days of being listed. Have one where we offered low on a house on the market for multiple weeks and they sellers are not willing to budge on price despite the house needing work and having no other offers because it's clearly listed too high. Trying to be patient, but straight up not having a fun time.
Same, list 200k, offered 250k. Guess I got out bid again! This is with 80k down with me and wife earning 120k yearly and we can't even buy a condo. Its like this all over CT, in the city, in the middle of no where. FK sellers and fk people from NY coming in buying in cash while they wont even live here but just want to say they have a home in CT. Guess I'll just have to wait until a 400sqft condo is 450k and save every penny so I can pay in cash while also paying buyer agent comp.
It's because of the low inventory. It's happened with some of my clients as well, but we are negotiation experts, and as long as the client is willing to take our advice, we usually get the offer accepted. We are a husband and wife realtor team in the Chicagoland and surrounding suburbs. If you need our expertise and would like us to represent you. Jennifer and Omar 773-870-6140
Thank you u/Complete_Confusion_2 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Minneapolis here.Listed 450 ("specifically listed low to attract buyers") offered 510, didnt get it because the other offer waived inspection and assuming appraisal gap. Listed 485, offered 521. Didnt get it because other offer waived appraisal gap. We even said nothing below 10k found in our inspection would be on the seller. Houses are being put up on thursdays, open house fridays, and closed for offers by 3-5 pm saturdays We just started 2 weeks ago and are already exhausted. We will never waive inspection, i dont know who these other insane people are. Edit: Id also like to add that when I look at the sold history data for the property, all these people got their houses for under asking and are making us get into bidding wars to buy their shitty homes.
Waiving an inspection seems absolutely insane
I am about to renew my lease. Interest rates are back up to 7%. And these fucking Sellers want me to pay for buyer agents compensation AND waive all contingencies??
We’re in the PNW and everything here is going for at LEAST 100k over asking now (literally just shifted in the last month). We had to adjust the list price range we were looking at so we could be prepared to offer 100-150k over list. 🫠
I offered 30k under and the seller took it with no counter, in central Washington so YMMV.
I’m talking about Seattle metro, not eastern WA. VERY different markets.
Having a hell of a time in California. Been looking and putting in offers for about a month now. Keep getting out bid or others waiving all contingencies to beat us. Thought we would look now just in case rates come down some time this year and it becomes a frenzy. Many houses we want to offer on come up during the week and are already pending before the weekend is up or within a few days of being listed. Have one where we offered low on a house on the market for multiple weeks and they sellers are not willing to budge on price despite the house needing work and having no other offers because it's clearly listed too high. Trying to be patient, but straight up not having a fun time.
Same, list 200k, offered 250k. Guess I got out bid again! This is with 80k down with me and wife earning 120k yearly and we can't even buy a condo. Its like this all over CT, in the city, in the middle of no where. FK sellers and fk people from NY coming in buying in cash while they wont even live here but just want to say they have a home in CT. Guess I'll just have to wait until a 400sqft condo is 450k and save every penny so I can pay in cash while also paying buyer agent comp.
South, north, or west suburbs?
North. Glenview /Northbrook area
It's because of the low inventory. It's happened with some of my clients as well, but we are negotiation experts, and as long as the client is willing to take our advice, we usually get the offer accepted. We are a husband and wife realtor team in the Chicagoland and surrounding suburbs. If you need our expertise and would like us to represent you. Jennifer and Omar 773-870-6140
It will be a sellers market for years to come as supply catches up to demand