We’ve all heard about it by now: houses are selling like crazy (and have been for some time now), interest rates are at all-time lows, and everywhere you turn you learn about another wild real estate story.
Here are 17 responses from viewers and readers who have been through or participated in the buying process that we think help paint the picture.
I am buying, it will be my third home, one had a purchase price of $545,000, and we have an asking price of $40,000 – and the house is in the basement with obvious water or foundation problems. We still won, offering over $600,000! Where do people get this money?! Because we can’t compete, we’re pulling back on the search for a while.
“We made an offer on a house and put it over $100,000. You still chose a better offer than that. We later learned it was sold for all cash, asking $115,000. But in the end we found our dream home and the little bungalow sold for $30,000 asking, so it all worked out!”
“I sold a house I owned for six years for $145,000. Now I’m going to rent and build locally until the market cools down.
“When we bought our first home, we were looking for three months before we finally got our offer. Homes were on the market in less than 24 hours and we were bidding up to $50,000, and we were always beaten by other offers that were cash, quick close or high bids. This was definitely what I expected. It wasn’t my first time buying a home. Everything felt rushed because of how hot the market was. The house we finally bought went on the market that day, and we had to put in an offer the same day and raise our offer. It was crazy, but we are very happy with our home purchase.
For our second home, we paid $70,000 over asking.
“We sold our home in Miami where we lived for 18 years. We rented for two years hoping the market would stabilize, so we weren’t in a rush, but our house sold in five days (and we received multiple offers). We got $25,000 asking, and maybe if we had waited a few weeks, we could have marketed it later and gotten more asking. We are the ones who put the renovated house on the market in our neighborhood.
“I bought my first house and paid $16,000 over the asking price.”
“We sold our house to a cash buyer for $250,000 with no inspection, no inspection, no contingency. We bought a house listed for $370,000, offered $410,000, offer was made on (specified) date, appraisal contingency waived. To be fair, original to deceased. Owners listed the property with a trustee, no sales history, no good comps in the area, and our mortgage inspectors finally appraised it at $440,000. Many realtors agree that the trustee undervalued it, and if they were willing to do a little cleaning and presentation, it should have been listed at least $425,000, and easily up to $460,000. It could have been offered. So, when we bid 11% of asking, we somehow managed to find what I call a good deal in this market. We sold our old house in February and closed on our new one in May.
“We sold our first home at the end of July 2020 for $20,000 more than I expected. We found our perfect new home and offered $5,500 over asking and it was accepted. Another buyer later asked and offered $10,000, but their request was rejected because they were in the process of selling and had not yet put their house on the market,” he said.
“We sold our house in Westland (Michigan) and bought a house in West Bloomfield. We sold our house privately and did not list it. We bid on six to seven houses in Livonia and overpaid $30,000 to $40,000, guaranteed $25,000 to $30,000, and were always overpaid. Finally, we had an offer of up to $40,000 on a house that was accepted, but because we had an increase clause and we didn’t do any inspections, we were asked to accept $25,000.
“Last year we bought a house in Doctors Lake. We moved to Florida after living in a house in New Jersey for 20 years. We wound up paying $54,000 more when we sold our house in NJ (2,000 sq. ft.) than we did in Florida (3,000 sq. ft.), but we saved some money and paid cash. Zillow lists our house for $105,000 more than we paid this time.
“We sold our house for more than we expected. In the year We bought in Warren in 2017 for $160,000, listed for $212,000 and in 2022 for $250,000 with a guaranteed appraisal gap of $40,000, a pass/fail inspection and 60 days of free occupancy. (It was) out of 20 offers, our realtor had to make people come back if they didn’t come in at least $10,000 in asking price. Wild! The only downside is that we are now buyers in this market. Good luck!”
“We are trying to buy north. We were relieved four times. The last condo went for over $100,000 asking. We are making financial offers, but so is everyone else. It’s just crazy!”
“We were in the market to build our container home, but it was very difficult to find a good sized lot at a reasonable price, plus the company we hired turned around and didn’t really value the construction, so we gave up on our dream of building and looked for a house that we could live in. Every time we met with our realtor to schedule a home viewing, There will be lots of offers and offers. The listing was probably only online for an hour. Cash buyers dominate the market, so people with FHA or conventional loans don’t even have a chance. The average buyer doesn’t have $400,000 to buy a house. If they did, everyone would have a house. The rate has gone up, we can’t afford it anymore, so we decided to stop looking and save our money and maybe we can build our dream house later.
“I bought my first home, new construction in September 2020 and just closed on December 1, 2021. We waited several months to wait and participated until we got several ‘releases’. In the time it took to build, the value of the house increased by more than 20%. It was supposed to happen in October 2021, but it got delayed — and our lease ended, so I spent three months in an Airbnb waiting to move in.
“My fiance and I have been house hunting for six months. We looked at over 30 homes and wrote over 18 offers, most asking as low as $25,000 — a few asking as high as $40,000, only to be turned down each time. We even wrote personal letters to the vendors telling us our stories. I am a Div and at one time using a VA loan was an amazing opportunity. Now as far as deals go it finally comes to a dead end. … It’s terrible right now, and it doesn’t seem like it’s getting any better. So now people in their 20’s and mid 30’s who were working hard to find a home are being beaten by investors and hedge funds.
“First time home buyer — 17 offers on the home. My offer: $30,000 asking, add-on clause (I beat any offer by $2,500) and $55,000 asking, appraisal guarantee (I had to cover the gap because the house didn’t appraise), waived inspection (the house is only five years old, so I was fine there). , I paid transfer tax, and 5% EMD. Oh, also, this was a blind offer. There were no showings before offers were made. The schedule is tight. I haven’t seen the house yet Later My proposal was accepted. I had to give everything less than my first born. But after losing several offers and getting a rent increase, I realized I had to move in. I’m successful and I love my home, but the experience in this market has been crazy.
Responses were anonymous for privacy reasons. People had the option to leave their name and location, but most answers were anonymous, so we chose to leave identifying details. Some responses have been edited for clarity or length.
Want to share your home buying or selling story? It’s not too late! Here is a link. For that. This story was first published in It’s in 2021. It has since been updated with new responses (April 2022).