My husband and I (28F & 29M) are pretty new to the home buying process, and we’re discovering how much worse it has truly gotten in the last few years. We’ve been priced out in our area until recently, but about 6 months ago we started window shopping as our savings and income has risen. Similar to everywhere, the housing market has certainly cooled here, but we also see more delistings than anything, as most of the owners aren’t willing to actually admit that the demand isn’t matching what everyone in real estate is telling them their houses are worth. So it very much just feels like a stalemate.
That being said, every once in a blue moon, a decent property will pop up that (seems) reasonable on price. (By reasonable, I mean it’s still doubled in value in the last 6 years, but it’s not a complete dump) These properties are not insane deals by any means, but not impossible for first time home buyers. And without fail, within 72 hours, it’s gone to an all cash offer, while the rest of the houses on the market are sitting for an average of 2 months.
We recently just put in our first offer (a day before the property was even listed) and without even getting notice from the buyers agent, the house went under contract for an undisclosed cash amount. This is happening to everyone we know, and I’m of the mindset at this point that I don’t want to be spending what feels like an obscene amount of money on something that’s honestly… bad. But when anything remotely decent pops up, it’s impossible to compete with all the investors or other equity rich buyers.
Is it even worth the stress to try and enter right now? I won’t buy something just to buy it, especially when it’s feeling like our only viable options are not anything I’d actually want in the long term.