Todays home buying.....

So, we're getting out of VA and looking at other areas of the South (Franklin,Nolensville TN area) and with new builds being in such high demand and used homes being just as high, its getting crazy with some used homes coming on the market and getting 30 offers in 24 hrs and going for $25-$75K over asking price.

That being said, as of the past few days these New Home Builders are now putting lots up for bid offers plus premium of said premium $10,15 or 20K or whatever it is in these developments.

 

This market is not 2006, 2007 or 2008 you have to actually qualify for the loan. This market is being driven by people bailing high tax States and socially disrupted areas. We looked at a house that was 18 months old (ex model) went on the market (March 11) and within 4 hrs had 11 offers and 8 sight unseen offers and was in escrow by the end of the day for $61K over asking and waving appraisal and home inspections.... Crazy

 

It's definitely a crazy time. My wife and I bought our house in Dec 2019, and the first two houses we put offers on, there were 12-15 competing offers, and we didn't get either one after offering $10k-$15k over asking. What really helped was we started to include a nice letter with our offers with our photo and some language around why the house would be perfect for us and our growing family, etc, etc. Adds a bit of human element to an offer.

 

Thats spectacular

 

The housing market is due for a down turn. Cyclical like everything else. These bidding wars and housing frenzy will end soon. The south eastern Pa housing market will drop 22-25%. I'm not sure when 'soon' will be... 3 months -18 months, who knows. It will happen as it has in the past.
I've been contemplating selling our house now then renting until the decline and repurchase.
We could get 400k (at least) now and rebuy after decline for 310k

 

Like mentioned, it's going to slow down just give it a bit.

With that being said, we were seeing houses less than 10 years old being contracted within 4-6 hours of posting.

We just contracted on a new development last month so we will have our new home at the end of the year.

Just check out a new home, as someone that has lived and owns an older home at the moment.