Can we talk offers and home prices for a moment?

[b1gr3dmachin3]

---

@ezdriver wrote:

The market here in Northeast Floria is a sellers' market. We have had two price increases in four months in my neighborhood [I'm a sales counselor for a national builder] and yet Realtors are coming into my office behaving like we are still in a down market. Their buyer clients are the ones who are losing out.

If you are in a rising market, then you may need to be more open to offering more ... but certainly not more than the properties are worth [supported by recent comps].

---

The problem with using recent comps in our area is it sems the homes are rising by the week! The house we are looking at, same model sold for 188 last nov, 200 in jan, and then 205 in feb! The one we are looking at for sale is at 210!

[BeingMaryJane]

Yup! Same house. I would post the Zillow history if I knew how from my iPad.

In one subdivision there are comps from 315K to 455K... The 455K had a fully finished basement and was 4200 sq feet. The midpoint of these was a house with 3786 sq feet and no basement for 348K. Now all of the listings in this subdivision are above 400K. I guess I should've just bought last year.

[mynameainttracy]

I see that here. Where a house is listed for say $450k that sold for $375k just a couple of years ago. The fact that they keep selling and appraising just blows my mind.

[BeingMaryJane]

I trust my realtor, but considering he gets paid more if I spend more... I trust my own gut more. Maybe trusting my gut won't get us into a house soon, but it will make me feel better that I at least asked the question of why such differences. His approach is let the appraisal shake it out... Make a full price offer. 

I dont really agree with that approach for several reasons. One being that my earnest money is at risk if I change my mind. I've been underwater before, it was not fun and I lost a ton of sleep worrying about something I couldn't change. I bought new.. A 2 bd room 2 bath condo for almost 300K which was ridiculous... It appraised for 301, but 2 years later it was worth 135K. I know that's probably less likely to happen now, but I want to be smart.

[BeingMaryJane]

Exactly!!! There is nothing that could've been done to that house in 2 years (other than decrease in inventory) that would cause it to naturally appreciate 20%. I'm leery of the whole appraisal system due to that.

[Anonymous]

You should check the Bay Area and NYC.  

[dhakaia]

We are having the same experience here in suburbs north of Dallas.  We just offered $210k w/ no conditions on a 2100 sqft house, that was listed for $195k... and still didn't get it.  Another one before this had 14 offers... lost again obviously.  Everytime we've gone to view a house recently, there have been multiple realtors with their clients coming in.  Houses are sometimes gone within hours!  I've nick-named these people looking to buy now, "hungry hyenas'... cause that's how you'll have to behave if you want the house you like, lol.

[b1gr3dmachin3]

---

@dhakaia wrote:

We are having the same experience here in suburbs north of Dallas.  We just offered $210k w/ no conditions on a 2100 sqft house, that was listed for $195k... and still didn't get it.  Another one before this had 14 offers... lost again obviously.  Everytime we've gone to view a house recently, there have been multiple realtors with their clients coming in.  Houses are sometimes gone within hours!  I've nick-named these people looking to buy now, "hungry hyenas'... cause that's how you'll have to behave if you want the house you like, lol.

---

Yup, that's exactly how I feel. Offered 212 on a 200 house and was completely rejected. Is it best to just rent and wait this thing out and buy when it settles down?