Is anyone else house hunting right now?
It's absolutely insane. My lease runs out next month, and after almost a full year of two people living in a 1 bedroom, often not leaving for 6 days at a time, and with me generally sitting in a seat at 9:15am and only getting up two or three times between then and 6pm, I'm dying for room.
But man. First house we wanted actually was under contract in September and finally closed in January. It went back up a week later, with a story for why. It went back up $70k over what it sold for last time (though it did have a new septic and a generator installed just prior to the previous closing, with it being unclear who paid for it.) We big another $50k over that, and won, but backed out during attorney review. The open house was 15 minutes, and we felt we could do the major renovations needed, and put in a pool for one number, but after seeing it longer than 15 minutes it was clear it would take 2x that.
The next week, another house went up. Literally the house next door. This one was move-in ready, outside of lacking a pool. We bid $70k over asking. We were the 4th highest bid.
Last weekend, another one went up. This time, another move-in ready house, but significantly smaller, on a third the land, in a less nice town. We figured we would make it a five year house. We bid $60k over asking. Once again, we were the 4th highest. This would now be the most expensive home in that town, despite not being the nicest, or the largest, or the best located.
In 2 of these 3, we were asked to waive the appraisal contingency, because the agents priced it as high as they felt an appraisal would come in. We went as high as we felt was even remotely sensible, but still knowing it was a major overpay. One home that we'd considered, but not bid on, ended up going for $200k over asking.
Essentially, everything decent goes up on Thursday, has an open house on Sunday, and the decision is made on Tuesday. The open houses have lines out the door and hour waits. Huge percentages of the property was last renovated in the 80s or 90s and needs major updating, but isn't priced taking this into account. If the bones of the house are good, the house will sell only marginally less than a move-in ready home (of which there are few.) Only the absolute junkers aren't under contract in a week, the ones that no amount of money can fix.
This is lunacy.