How I miss being a DINK...
It's really crazy. Locally it's basically 1 house that comes on the market within our budget a week, sometimes less. If there was more inventory I don't think it'd be as bad. We're extremely qualified, 780+ credit scores, 15%-20% down (depending on cost), no major debts. There's just people going way over asking because there's not much on offer. There's really not much we can do other than wait it out and hope for more houses to pop up.
It's nuts where I live in VA too. House across the street from mine (similar condition), one less bedroom, one less bath and 1,000 less sq ft was listed for $100k more than we paid for ours 6 years ago went to pending within 3 days of being listed and my realtor friend told me it went above asking. Our house 6 years ago had been on the market for a year. Inventory is minimal right now, particularly walking distance to our downtown.
yup. A day after our offer wasn't selected, our realtor wanted to show us another house that had just came on the market which was at asking for only $10k over the top of our budget. It's probably a better house than the one we submitted an offer for. Central AC (very rare up here), has a garage, much newer appliances and kitchen cabinets, newer flooring, doors and paint. But we're holding firm that we do not want to pay more for a house even if it ticks more boxes. If this new one is listed $10k over asking, and everything is going for well over asking, there's no way we'd be able to afford it. Also not even factoring that interest rates keep going up like crazy. It's a shame because if we were looking at this particular house last year 1) it'd be easily $50k cheaper and 2) with a 3%~ or less interest rate it'd be only a couple hundred bucks more than our rent per month. We do not want to pay an extra $900-$1200 more per month. I'm hopeful that increasing interest rates drive down listing prices otherwise I don't know who can afford these houses.
I anticipate that it will settle down, but only after all the supply chain choke points sort of play themselves out, which may be a few more years. It is important to stick to a budget for sure, because what people can get approved for and should actually borrow are two insanely different numbers sometimes.
houses in my town are regularly selling above market before they are even officially listed on major sites/MLS. not sure if people are automatically offering more so they won't list the houses or what...but it's pretty insane. we are on an express train to manhattan so lots of people moving out of NYC to the suburbs want to live around here. it also means that a lot of people who live around here don't want to move out. prior to the pandemic, the turnover here was very low.
We are almost a 300K increase and bought in 2018. And this isn't just made up numbers, it's backed by comps that sold in the neighborhood (we have a somewhat cookie-cutter aesthetic)
We had a similar experience. Our neighbor told us he was moving so I wished him luck on the sale and he said "oh it's already sold, currently in escrow." Never saw a sign go up. I'm convinced there's some insider info the realtors know about and can point sellers toward cash buyers if they want to sell quickly without fanfare (and assuming well above asking). This was an older couple and they didn't have time to wait around.
the people near us bought their house for 600k in 2014. sold it for 1.35 million in 2022.
Yeah, this. I’m watching stuff around me go for 1.5-1.75 what was paid even just a year ago, but the whole market is batshit so really laterals are the only option. Hell of a time to get married and have a house to get rid of though (this is not me, just sayin).
How many square meters?!
Semi-detached might be the best way to describe how I move through my work day though.
If you can't afford full disassociation, semi-detached is your next best bet.
A whopping 151 SQ Meters.
Telecommuting from a fugue state.
So you've got enough room for a flower pot for the dog to pee in as your yard.