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[deleted] t1_ja7xord wrote



gowhatyourself t1_ja852dt wrote

If you're looking in the city limits you're going to keep running into this. Limited supply does that regardless of what the broader market is doing.


[deleted] t1_ja87p4t wrote



gowhatyourself t1_ja87xco wrote

You're either getting catfished if they're going for that much over or something about the way your offers are constructed is off. Are you covering the gap in sales price vs contract price in cash?

edit: Not sure why this is being downvoted when it's the reality of the market right now.


[deleted] t1_ja88ako wrote



gowhatyourself t1_ja88r0q wrote

If the listings are priced artificially low (Which is most definitely happening here if you are looking outside of the city and losing) then you're going to need to cover that whole spread. When I am reviewing contracts with my sellers an offer 50k over doesn't mean shit if the buyer can't make up the difference should an appraisal come in low.

It's often more advantageous to go with a lower offer that will cover the whole thing if that number comes in just a bit above comparable properties. You really don't want a seller going wild for the higher offer only to have the appraisal come in low and the seller making out with less money than they would have.

I'm guessing it's a combination of both things here. Artificially low price and not adequately covering the gap.

edit: I should expand on something that gets missed often. When listing agents list low they're doing two things: One making themselves look like fucking heroes because they got "over list", and two they're baiting out people who do have the cash to put into the deal and weed out people who will rely more on financing. This doesn't mean you or anyone else are losing to all cash buyers, just people who can put more skin in the game. Both of these things are incredibly common and dumb and really only serve the listing agent on the deal and not necessarily buyers or sellers.


[deleted] t1_ja8gyaz wrote



gowhatyourself t1_ja8i18c wrote

Hey I'm right there with you. I've worked with a lot of people in your situation the last few years and it fuckin blows.


jodyhighrola t1_ja93kv6 wrote

✋🏻 with a little luck and compromise we did it though. (finds haunted burial site in crawl space, sacrifices s/o)


Charlesinrichmond t1_ja89ucr wrote

THIS! Though I could argue it benefits sellers


gowhatyourself t1_ja8cic0 wrote

You could argue a lot of things Charles that's your hidden talent.


Charlesinrichmond t1_ja8k6ry wrote

I mean it's literally part of the law school curriculum... you get graded on it

but it's a gentle way of saying I disagree with you in some circumstances, and it can be good for sellers


Beccaroni7 t1_ja957x7 wrote

Commenter isn’t wrong. I recently purchased and went through the same process. List price was not getting you a house-we had to put at least 10-20k over to even stand a chance.

On the few that returned comments to us (they did this after we started including offer letters), they all said we were beat out by cash offers they just couldn’t refuse.


Charlesinrichmond t1_ja84vpo wrote

market as a whole is flat. Market for done properties in desirable areas is still pretty good


Beccaroni7 t1_ja94myc wrote

That hasn’t stopped after 3+ years. Put offers on 7 different houses in late 2020 before finally getting accepted. We got feedback from several sellers that we were beat out by cash offers.


Tayl44 t1_ja8q89z wrote

I have to agree with you. I have not bid since last summer, but I’ve kept an eye on ones I’ve quasi liked the in three different counties (not the city), and they’ve all gone over. Now, they didn’t go 50k over, but it was definitely a significant amount over. I keep reading articles like this, and I’m like, where? I guess not in the 5 zips we are looking.

Have you considered building? Not for me, but might be an easier way in.

Could definitely be the realtors pricing it low to get people in as mentioned below.


corndoggeh t1_jaajld8 wrote

Yeah we gave up after the 7th offer went like this, interest rates ballooned even more now so it’s just back to waiting and stockpiling cash for us. And another year of rent….wooo….


EatinBirdSeed t1_ja8spmr wrote

  1. January is typically the slow season (Spring is right around the corner)
  2. Inventory is 1/3rd what is typically is in a pre-covid January
  3. People are still paying over asking price, waiving inspections, and breezing through closing in under 30 days.
  4. Interest rates are much higher (for whatever reason, people don't talk about the MASSIVE affect that interest rates have on mortgages versus the principal loan amount)

Homes are becoming slightly easier for wealthy individuals but we are still incredibly far-off from a normal market where young people can actually afford to purchase their first homes.

The average interest rate on a 30yr fixed loan is around 6.5% versus 3.9% a year ago meaning that your monthly payment on a $200k loan is over $320 more than it was a year ago! I hear so many new homebuyers getting excited about the prospect of lowering prices but the reason the prices are steadying is because of much higher interest rates.


PuffinDaisy t1_ja98n2e wrote

It all means you have to be rich to be a multiple homeowner, or have already owned prior to the class war frenzy


Realtorandy t1_ja86jtf wrote

Prices are trending upwards. Inventory is extremely limited and I am seeing multiple offers situations every weekend.


Gamegis t1_ja8em2t wrote

One of my family members is a realtor and said they’ve seen an uptick recently. Said inspection waiving had kinda disappeared after the initial Covid surge and is seeing it come back again now.


Realtorandy t1_ja8t2h9 wrote

Yeah it is definitely back and I think will be a feature of the whole spring season.


goodsam2 t1_ja8wn65 wrote

I think we might see a slow down again with the future raises in rates coming in.


tRillVA t1_jaa0pj9 wrote

Rates don’t matter if people are paying cash... A house just sold in my neighborhood for $403 per sq ft. We got our house for $287 a sq ft in August 2021 after going $50k over asking and thought that was high at the time.


LeicesterHoult t1_ja7trh0 wrote

Temporary reprieve. I know it's only one company, but I keep thinking about what CoStar hiring another *two thousand* employees here will do to the already strained housing supply. :/


GMUcovidta t1_ja8t88s wrote

They hire recent grads who are renting in SA and Manchester, not buying homes


rhaphido t1_ja9t0bg wrote

That is only one role in one department they are hiring for.


Ditovontease t1_ja7urmj wrote

Spring is the busy season so whatever


LeArquebusier t1_ja86tw0 wrote

I'm under contract (FTHB 🥳) and a tad stressed about the appraisal coming in low. I ran some comps in the Henrico RE database and it wasn't returning much as high as our price/SF (about $270). I also felt like the results were incomplete i.e. some other houses we looked at did not show up in the list.


resident16 t1_ja94hiz wrote

Appraisals almost always work out in the favor of the buyer. We ran into that same fear last summer when we bought our first home. In my opinion, the hardest part is done for you 🥹


BouncingWalrus t1_ja9thnr wrote

This - ours came in at our offer price which was $150k over ask.


rattylight t1_ja8q15r wrote

I don't have any advice to offer, but here to say that were in the same spot when we were under contract a couple years ago. I started having heart palpitations from the stress, until our appraisal came in right at our offer price. Congrats and good luck!


Lady-Meows-a-Lot t1_ja9r5ba wrote

Last year, my MD home came in at exactly my offer, which was (gulp) about forty grand over asking.


LeArquebusier t1_jacdd43 wrote

Thanks to all the reassuring stories here! The appraisal actually came in last night and it was at slightly above contract price. Feeling very relieved!


opienandm t1_ja9f2j6 wrote

They really shouldn’t use the word, “correction” in reference to this market. That’s not what it is at all.


Gamegis t1_ja7u3ym wrote

Interestingly, open door offered me 10k more for my home this month after their offer being stagnant and/or slightly down for the past several months.


1975hh3 t1_jab24bp wrote

Hmmm. The house across the street that was appraised at $370,000 just sold for $680,000.


sevenbee t1_jaee3st wrote

Curious what people have seen in the Fan... I have no seen now evidence of things slowing - actually quite the opposite with zero inventory