Unless you’ve been living under a rock for the past half-decade or so, you’ve probably noticed that the real estate market is absolutely ridiculous.
Gone are the days when you could just get a factory job and afford a down payment within a year. Now, owning even a quaint home can cost well over a million dollars , depending on the market.
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If you’re frustrated by the market, you’re not alone. At least there are plenty of people to commiserate with.
At this point, most of us will consider *any* house.
There was a time when homebuyers could be selective, but it feels like that era is long gone. If you find a good deal, it’s time to jump on it — even if it turns out the previous occupant was in a murder cult.
The pain is real.
The typical template for buying a house is having a budget in place, with maybe a little extra money available for wiggle room. Nowadays, it feels like that “wiggle room” needs to be, like, a hundred grand.
The market changes fast.
Although 2013 really wasn’t that long ago, if you bought a house in 2013, the landscape certainly looks a lot different today.
Bids can get ridiculous.
Imagine setting a budget of, say, $400k and submitting what you think is a competitive offer…only to find that someone swooped in with a $600k offer.
Will it crash?
We can hope that prices will get more reasonable, but judging by past trends, it appears the best we can hope for is things remaining stagnant rather than actually going down.
Is our privilege showing?
This tweet raises a fair point: buying property is an immense privilege that shouldn’t be taken lightly.
That said, in a society where home buying has been the norm, it feels especially cruel to have that option yanked away.
“Investment properties” are the worst.
The world needs places available for rent, and landlords serve an important role in that. Still, it’s frustrating when houses are snapped up by investors who are able to outbid families.
Is this our future?
We all know that the gig economy has really taken off in recent years, and working from home allows us to live far away from our employers.
Bank rules can mess things up.
Even when the prospective buyer has enough money to submit a competitive bid, and even when the seller is prepared to accept that bid, it’s no guarantee that things will actually go through.
Demand an inspection at your peril.
Getting an independent home inspection used to be par for the course for buyers, but in this red-hot market, a lot of buyers aren’t bothering.
You can’t give up.
If you’re in a position to buy property, it’s important not to get discouraged. Keeping an eye on homes in your price range could yield dividends down the road.
Sometimes, something just pops up.
This is kind of a unique circumstance, but sometimes it takes a little bit of good luck for a buyer to get what they need.
Things are crazy everywhere.
Urban areas have had out-of-control prices for awhile now, but in the current market, even far-flung suburbs are commanding some wild prices.
One can hope.
Again, prices are unlikely to go down in any significant way. But if the market does eventually cool, it should put an end to these hyper-competitive bidding wars.
You’ve gotta believe.
While the process can be incredibly dispiriting, the fact remains that houses exist, houses go up for sale, and houses get sold.
Hopefully, someday, we’re all able to obtain the house of our dreams.
Share your home-buying stories in the comments section below!
