Housing market is the wild wild west. Any real-estate fellas on here?

[GC Josh]

My wife and I have been house hunting for around 4 months with the hopes of moving to the Roswell area. As I'm sure you all know, the market is bat sh** crazy right now. We've put in several offers and had a buyer come in and offer WAY above listing value/comps on most of them. We're doing everything our agent suggests to make our offers as competitive as possible, but keep striking out.

Curious to see if there are any real estate brokers on here and what sort of advice you could give us (aside from, "DON'T BUY RIGHT NOW! ). We are first time home buyers.

Thank you!



Edit: All of our offers have been $5K-$10K above listing price, we pay all closing costs, reduced inspection period contingency (3-5 days), buying as-is, offering way higher than standard earnest money, offering 30-60 days free lease back to seller, etc. and still getting creamed.

 

[rumrunner55]

Sounds corny but submit a letter along with your bid, worked for us after searching for months and having out of state people outbid every time. The house we ended up getting only came about cause of the letter and the owner passed up a higher offer cause it felt right to them

 

[Molon Labe]

@Realtor may can help. My friend OttoMan spoke highly of him.

 

[rbstern]

Sorry, in your situation, unless you are somehow in an unsafe housing situation, DON'T BUY RIGHT NOW is ideal advice. Existing homeowners selling to buy another home can get a great price for their existing home, which helps justify overpaying for their next home. You, as only a buyer and not a seller, are limited to experience the penalty of an inflated price.

Wait it out. Guard/build your credit. Save more cash.

Very strongly suspect, in a year, you'll have pick of the litter, at firesale prices. Saw this movie in 2007, and honestly having trouble believing it's back already for a re-run, but it sure seems like it is. Was just talking with a friend who has been in the title search business for 30 years. He's lived this cycle a number of times and confirmed my own view: Housing will crash within a year.

 

[Bulldog Man]

I bought another house in Nov as a investment right now you can't hesitate a second When a house pops up you better be on it with in the hour or you will lose Get a contact on hand ready to fill out There are alot of cash buyers ready to hop on a house

 

[OttoMan]

@Realtor may can help. My friend OttoMan spoke highly of him.

That's right Brother Molon Labe . Joe @Realtor is working tirelessly to help my Son!! Really a great Man with a lot of knowledge and big heart to help!! - Although housing price is really high. May be not a good time to buy a house!!

 

[Droz76]

Sounds corny but submit a letter along with your bid, worked for us after searching for months and having out of state people outbid every time. The house we ended up getting only came about cause of the letter and the owner passed up a higher offer cause it felt right to them

This is good advice. When my father took a job up north in PA back in 1990, he couldn't find a place that was good enough (i.e. not a piece of crap). There was a place that was within 2 blocks of my dad's new job (central PA) and the owner had gone into a assisted living home. The kids put the house up for sale and my dad wrote to the owner & not the kids (big issues in that family). The kids wanted to accept an offer from the person living across the street and the owner HATED them. The owner accepted my dad's offer at 20k less than asking price on 2 conditions, 1) take the offer of 20k less than asking & 2) never sell to any of the neighbors living there at the time. Long story short, A little humanity combined with some honesty tends to go along ways with the right people these days. Good luck in the house hunt.
P.S. to those that might ask, both my parents are thrilled to be back in South GA (as am I).

 

[sparked1]

If you don’t have a house to sell, you’re in the best possible position. Just wait it out. Interest rates may be a bit higher if you wait, but you will still come out ahead when housing busts again. Never buy a house, especially your primary residence, and especially your first home, as-is. That’s probably the dumbest thing you could do IMO.

 

[Cadcom]

I'm looking to sell soon. In Canton (easy access to Roswell by Hwy 140). I'm looking to do a "for sale by owner". House needs the interior "updated" but I'm pricing it based on that. I can send details if interested.

 

[Kman]

The crash is within a couple years..... buckle up!