Monday, May 07, 2007

House Number the Sixth: REVEALED! (Y2/M1/D7)

Yes. We are still house hunting. This house came on the market last week. We put in a full price offer today. And guess what? So did 12 other people! EFFING TWELVE. So within one hour of submitting, the agent calls us and says that the property is going for about $60k over list and we have until 10 a.m. tomorrow to resubmit with a new above-list price. I said: "No. Thank you very much."

Doesn't anybody know the housing market is crumbling? Who are these fools that are creating bidding wars for every damn house I want to buy? This is truly unbelievable.


tami said...

$60k+? Wow. Are the houses in the next price range selling for the same percentage over asking?

Kate said...

Hi Tami:

This home was a rare fixer in the neighborhood -- so I wasn't surprised that there were multiples. I expected it to go $10k over list with three or so bidders but this was insane.

The home two-doors down sold recent; it was not a fixer yet it also went into multiple offers within days of listing.

There are plenty of homes that sit and sit on the market in the Valley. But it's pretty obvious why they sit (on a busy street, apartment buildings looming over backyard, alley, no yard at all, North of the 101 etc.).

If your house is more than a 1,000 sq ft, doesn't have any of the obvious property drawbacks above, and is under $800k, there appears to be no shortage of buyers.

But this can't go on forever can it?

Kate said...

Sorry, Tami. I think I didn't exactly answer your question. I'll try again:

No, as far as I can tell, houses in the low seven-figures are not going into multiples. I haven't been following homes in he $900k range, so I don't know about them -- but they do seem to sit longer.

Zay said...

I am now in the process of trying to purchase a home. We're getting it inspected tomorrow.

I didn't realize how obsessed I would become.