I've been looking to buy since 2020 and it's only gotten worse.
Our realtor has seen offers $40k and even $60k OVER the asking price turned down. There's a recent article on NPR mentioning a $100k over asking price offer turned down.
It's getting clear I'm one of the many who are now priced out of buying my first home.
The current expert opinions are things like:
- Don't buy in a frenzy. Wait it out for a couple years
- The selling over asking price will likely stop in 2022, but the prices won't go back down. The market will just return to its 5-10% yearly increase. Rather than 19% inflation-included increase of the last year.
- Just compromise (on your location, house size, house updates, buying a condo, etc)
Not much in the way of advice.
I'm racking my brain to think outside the box here. Things like a tiny house, RV, moving to WAY into the country, building a house with minimal lumber (like those Earthship houses in New Mexico -- wait, do they even use lumber?)
None of those really seem like they could work.
Any ideas on how to get around this market?
Submitted June 08, 2021 at 11:35PM by AncientBar1 https://ift.tt/3csTspz
