Yes. We lost another offer. 3rd one in 2 months. Folks have just lost their minds. Comp analysis has been thrown out. Folks are putting in 20% higher offers than the most recent comp. Seller agents treat buyers / buyers agent like we are beggars. Our TC is above $500K and have same amount for down payment and looking at the current market, looks like we have been priced out of the good areas which we were targeting. And no, we did not even dream of cupertino/ sunnyvale / los gatos and other similarly priced areas.
Put down 40% higher and you’ll be fine
Yeah. 40% higher on a 2M home. Right. Lol
50% to be safe
Haha. Sorry bro! Move that money into the markets instead.
We have been thinking of doing that. Fuck all the chasers, current ongoing insanity will not last forever.
You must have missed a pretty big run too.
Home in my neighborhood just sold for ~2M (Sunnyvale/cusd). You can find houses for 2M here. I don't know where you are looking for? https://www.redfin.com/CA/Sunnyvale/819-Fife-Way-94087/home/1140106
Interesting. I guess we are tired of bidding wars.
250K under ask!! Is something wrong with this house
You can choose not to buy
Fock Bay Area. There are dozens of places you can go, have the same career and better lifestyle.
Like?
Texas
I’m looking in SF and been noticing that too. Saw a house listed for 995K (didn’t think it was gonna go that low so was sure there would be a bidding war). Ended up at 1.4M. Like wtf
Too much free money
The selling agents are being assholes too. They’re way underpricing so they can trigger a bidding war
What’s your NW and budget?
Clearly a lot
You’d be surprised… I’ve seen people on here with high NW and TC and they come out saying they want to spend 1.1M…
And those selling agent are crooks! Agent: Hey everyone today offer is due. Please put down your FINAL offer and we will select the top offer Me: Put down offer Agent: We got 30 offers. All the price is very similar. All of them have perfect terms. You are top 2 though. Can you up your bid one more time? Me: Add another 50k. Agent: All the updated offer looked so close. Can you up another 50k? Then it can be your No! Fuck this! I already bid 250k more than similar house sold a month ago! I don’t fucking believe you ALL the offer are so close.
Exactly! They do all this while laughing at the buyers. Fuck them !
That’s why your first offer should be your final. If they don’t accept then it sucks but why blow past your budget? It’s good to always be ready to walk away. You will miss out on a few places that seemed great, but with the manipulated bidding war you were going to miss out on them anyway.
This and I really hate the 6% commission in between. We need to get rid of that. When I sell, I will auction it on blind lol
Exactly! Why on earth they make so much money out of each transaction!? And why is my own agent incentives for me to bid Higher? Instead of saving me money? My agent kept sending me listings higher than my desire range.
They make more money if the price of the home is higher so they’re incentivized to max your budget…
It’s worse than 20% it’s closer to 40% over asking right now. If your agent isn’t preparing you for that then you need to rethink that relationship. If you find an agent with a good professional network you might have better luck with off market or pre-market listings
Looking at asking price is foolish. You should always look at comps. Anyone can list a 2000 sq ft SFH in Cupertino for $1m and then sell it for $3M and claim 200% overbid.
Yes, therefore if you take a listing price and compare it to similar homes in a similar area to find closing cost and listing price. Once you find a general average you will have a good basis for where sellers are expecting a place to close.