Submitted by Estrada0618 t3_1226npt in newjersey
My husband and I are trying to buy our first home in Essex County. We’ve bid on 4 homes 20-25% over asking each time and have lost each one. We’re wondering if we should pause the home search for a few months and see if there will be more inventory and less competition. Any advice for couples who have recently had an offer accepted??
TYIA!
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In Essex county, bought our house 12ish yrs ago. Right now in our town homes are routinely going 2-400k over asking…. It’s insane. Our ex neighbors sold their home way above asking without it even being listed… I feel for you folks.
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Successfully closed in Essex earlier this month. We didn’t pay much attention to the list price and the amount over we should bid, we just looked at recent comps and decided on a bid amount based on that. All the houses we looked at were priced artificially low to trigger bidding wars, so the list price was basically meaningless. I know it’s really discouraging. Good luck!!
I had that same question about 1.5 years ago but here we are and it is the same. It probably won't get better in a few months. Took about 10 offers for one to finally stick for us last year after almost 2 years of looking
You’re not bidding high enough.
Spring market is coming which means more inventory.
I completely understand this. Last fall we were doing the same thing, owned a townhouse in Nutley and wanted to move to Livingston. Found a place but, during attorney review someone came and blew our offer away. We found another place in Verona, but the inspection came back with too many issues. Ended up going to Wayne, got outbid on one place, made an offer on another, but the buyer of the higher offer on the first place backed out and we ended up increasing our offer to get it.
It's a tough, weird market. Emotionally don't get attached to any one place, and keep looking and making offers even when you've currently made an offer or two.
Make sure you fully consider the property taxes. They are bonkers in essex county.
Lots of nice towns a little further south with taxes that are less terrible
Gonna follow this post because I'm a first time home buyer as well, but I'm getting a condo in the $250 or less range. My mom is helping me with 70k for the down payment while I'm in nursing school (she would be giving me the same amount of money or more for 3 years rent anyway, but if I rent she will never get that $ back), with the stipulation I will pay her back when I sell and she gets the tax writeoff. I've seen about 30 places so far, but half are extremely nice and half are not very desirable. We won all the offers we put in for the places that needed some work or updating but we've had to pull them all due to things like 1.) Lead paint so couldn't do the updates we wanted 2.) one had downright crazy HOA rules and 3.) another had an underground oil tank and the sewer line was leaking.
My mom wants to go with one of the really really nice ones (brand new renovated gorgeous units), but isn't willing to bid high enough based on whatever asking is. Hard to explain but for example she will make an offer for $235 on a place asking $225, or $250 on a place asking $240. But then if my realtor says a place will go for X amount over, she won't do it and we lose the place. One asked for $215, my realtor pretty much said we're wasting our time if we didn't offer at LEAST $235... but she went with 225. One place was a newly renovated 1250 sqft 2bed/2bath...they were asking $219, but offered to cancel their open house if we would do $225 because they just closed on their new home and were desperate to sell. She said no, we wouldn't go over $222, they can go ahead and have the open house and shes willing to gamble. It seems hard for her to realize that people are asking low to get people in and start wars, so we can't focus too much on asking price. If it was up to me I'd take the advice of the realtor, but it's not. Maybe I'll make my own post lol but if anyone giving OP advice has any for me as well, I would love to hear it!!
The low asking prices are very frustrating! But after a few failed offers, I think we’re starting to get a better idea of what a house will actually sell for and not getting caught up on the asking price. Wishing you and your mom the best of luck in your process! Hopefully we’ll both have some luck soon! 🤞🏽
Yes they really are!! We passed on the 2 bedroom because the HOA was sooo high, like $719. We saw another today that is asking $218 with no other offers yet... might try $210 just to see what they counter with, but we may end up insulting them with that since it's only been on the market for a day. It's so frustrating when the places are super competitive 😭 wishing you the best of luck as well!🙏🙏
Call him https://www.josephazizrealestate.net
Trust me when I say he WILL get you in a house
Dirtycoinpurse t1_jdp84l0 wrote
I’ve lived in the state my whole life and it’s definitely disheartening being young and wanting to buy a home in the state. I’m a new teacher and will struggle to live in the community I teach in. Most other young teachers I know all live with their parents still or are renting. I feel ya pal