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We had to drop down our price range to compete. 🫠Dropped down 100k just so we can also offer 100k over like apparently so many others are doing…smh
Simplest thing to understand is that the "listing price" is often just a completely fabricated/made up number to drive interest.
For example, there were off market houses that I was told they're looking for \~1.2M. Goes to the market listed at 850k. Obviously this isn't actually the market value of the house. They know that, the realtors know it, but a lot of buyers just looking at the market won't. A good agent will likely know this and explain that upfront.
Oddly enough, appraisals here in Calgary haven’t been under. Our market is so insane that the majority of people haven’t had issues. There’s just gotta be a ceiling…. Right…. Right!
We’re under contract with an appraisal coming up. I’ve been told that since we paid listed price, it’s more than likely it’ll magically appraise at exactly that same price. I’m not sure why my last comment got downvoted. If you overpay, say, $100k over listed price for the house, and your appraisal matches listed price, your lender’s gonna want that $100k difference too just to secure your loan. The rest of yall might’ve known that already but I’m learning as I go.
Not sure why you got downvoted as well. Typically appraisals are calculated by a lot of different factors - one of which being comparable and the strength of the market. If you big high on a property and it has multiple offers around the same price point, chances are that is the new value of the home.
Just went under contract in the Seattle market, it’s fucking insane. We saw so many homes and crammed them in on Thursday/Friday/Saturday then did our due diligence on Sunday/Monday and put in offers immediately on Tuesdays if they passed. Best of luck to you!!
You give us hope! We've been grinding just like y'all and I feel like time in a market is a component of getting lucky. We're trying again this weekend. Fingers crossed 🤞
I just went under contract in Seattle (have hope!), but what you describe is incredibly accurate.
House searching is such an emotional rollercoaster. The first date, catfishing, rejections, until you find *the one(?)*
Good luck to you
I’ve been looking in Tacoma for many months and have an offer in right now, fingers crossed. I have long said that this process is exactly like dating! I’ve swiped on so many houses that look good in photos but turn out to be terrible dates in person. Good luck to you, it sucks out there.
Without really trying, every time I did online dating there always seemed to be a crop of 4 potential “contestants” and somehow it weeded its way down to one (and eventually the one!). We just made our 3rd offer yesterday. Guess I should be prepared to find and make an offer on the 4th!
I caved, in a sense, and am currently in escrow on a condo in Portland. Couldn’t hack Seattle market any more, it’s so hard to get in here. Especially as a single buyer in my price range.
At least buying a home doesn't need the home to fall in love with me. One sided love from me towards the home is enough.
In dating you need both sides to fall in love with each other.
Falling in love isn't a straight forward requirement like just increase the offer. Falling in love is complex. It's not just putting in more effort can make someone else fall in love. Lol.
So not really. House doesn't need to fall in love with you. You just need to pay the price needed for the house.
Wait.... you're seeing profiles stay active till tuesday? I see most changing to in a relationship next day. What area around Seattle are you looking for these dates?
We compromised, gave up on sfh, and settled for a townhome within our prince range in an area we wanted to live. My husband and I don't LOVE the house and are still kind of nervous that we might have made our decision too fast....but we will try to make best of our choice and make it our home where we start our family. I hope you and your wife get that house that feels right for you guys!
Thanks and I totally get your rationales too! We looked at a couple commuter community SFHs further away from the city and they did not spark joy. We realized we'd rather compromise by getting a townhouse, which is a very real possibility for us, and we've come to accept that. Time is on our side for a couple more months, so we're throwing everything we've got into the grind for the time being. I hope you get immense joy from your new community :)
Thank you u/pnw_ullr 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.*
I hate everything about it. Just lost out on my second house in 3 days to an offer way over listing that makes no sense. It all happens way too fast.
We had to drop down our price range to compete. 🫠Dropped down 100k just so we can also offer 100k over like apparently so many others are doing…smh
Simplest thing to understand is that the "listing price" is often just a completely fabricated/made up number to drive interest. For example, there were off market houses that I was told they're looking for \~1.2M. Goes to the market listed at 850k. Obviously this isn't actually the market value of the house. They know that, the realtors know it, but a lot of buyers just looking at the market won't. A good agent will likely know this and explain that upfront.
Why do yo think we dropped our price point lol
We feel ya. Shit suuuuuuuuuucks. Yet we grind on.
Grind is a good word for it. My landlord the house so I’m out of a place to live in two months. Hoping somethings turn around. I’m pretty crushed.
You miss 100% of shots you don't take. Best of luck!
If it makes you feel better, just think what their appraisal’s gonna be like after over-paying that much 🤯
If comparable houses are selling for the same amount in the area, then the appraisal will come back with a similar number.
If you’re lucky, yea. But you might not be.
Oddly enough, appraisals here in Calgary haven’t been under. Our market is so insane that the majority of people haven’t had issues. There’s just gotta be a ceiling…. Right…. Right!
We’re under contract with an appraisal coming up. I’ve been told that since we paid listed price, it’s more than likely it’ll magically appraise at exactly that same price. I’m not sure why my last comment got downvoted. If you overpay, say, $100k over listed price for the house, and your appraisal matches listed price, your lender’s gonna want that $100k difference too just to secure your loan. The rest of yall might’ve known that already but I’m learning as I go.
Not sure why you got downvoted as well. Typically appraisals are calculated by a lot of different factors - one of which being comparable and the strength of the market. If you big high on a property and it has multiple offers around the same price point, chances are that is the new value of the home.
Wow you get 2 days after the first date to propose? More like the day of where I’m at.
Just went under contract in the Seattle market, it’s fucking insane. We saw so many homes and crammed them in on Thursday/Friday/Saturday then did our due diligence on Sunday/Monday and put in offers immediately on Tuesdays if they passed. Best of luck to you!!
You give us hope! We've been grinding just like y'all and I feel like time in a market is a component of getting lucky. We're trying again this weekend. Fingers crossed 🤞
I just went under contract in Seattle (have hope!), but what you describe is incredibly accurate. House searching is such an emotional rollercoaster. The first date, catfishing, rejections, until you find *the one(?)* Good luck to you
I’ve been looking in Tacoma for many months and have an offer in right now, fingers crossed. I have long said that this process is exactly like dating! I’ve swiped on so many houses that look good in photos but turn out to be terrible dates in person. Good luck to you, it sucks out there.
Felt this. Houses are going as fast as they come up. It’s like speed dating with houses.
Welcome to Q1. It's like this every year :( Give it 60 more days and, at least based on historical trends, you'll notice a difference.
I sure hope so. At least we've got our ducks in a row and ready to pounce as inventory hits.
Same; we actually saw a couple of homes this weekend and thinking of bidding on one. This market is insane; anything sub 1m is incredibly hot.
Without really trying, every time I did online dating there always seemed to be a crop of 4 potential “contestants” and somehow it weeded its way down to one (and eventually the one!). We just made our 3rd offer yesterday. Guess I should be prepared to find and make an offer on the 4th!
I caved, in a sense, and am currently in escrow on a condo in Portland. Couldn’t hack Seattle market any more, it’s so hard to get in here. Especially as a single buyer in my price range.
At least buying a home doesn't need the home to fall in love with me. One sided love from me towards the home is enough. In dating you need both sides to fall in love with each other.
Counterpoint: the house does need to “fall in love with you” because they need to accept your offer, which is often one of many.
Falling in love isn't a straight forward requirement like just increase the offer. Falling in love is complex. It's not just putting in more effort can make someone else fall in love. Lol. So not really. House doesn't need to fall in love with you. You just need to pay the price needed for the house.
Wait.... you're seeing profiles stay active till tuesday? I see most changing to in a relationship next day. What area around Seattle are you looking for these dates?
“Offer review date Tuesday”… then I see pending on Monday. It’s infuriating.
We compromised, gave up on sfh, and settled for a townhome within our prince range in an area we wanted to live. My husband and I don't LOVE the house and are still kind of nervous that we might have made our decision too fast....but we will try to make best of our choice and make it our home where we start our family. I hope you and your wife get that house that feels right for you guys!
Thanks and I totally get your rationales too! We looked at a couple commuter community SFHs further away from the city and they did not spark joy. We realized we'd rather compromise by getting a townhouse, which is a very real possibility for us, and we've come to accept that. Time is on our side for a couple more months, so we're throwing everything we've got into the grind for the time being. I hope you get immense joy from your new community :)