Decision On The Condo

Well, Kendra just called me. We offered $7,500 over the asking price. But the guy went with an all cash offer.

So that’s what I’m up against.

I certainly don’t have $125,000 in cash. Just thought I’d let you know because lots of you have been wondering.

This is the second condo where I’ve bid over asking price, and there are so many bids and so much cash offered that I just can’t get anywhere. Kind of discouraged at this point.

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32 Comments

  1. Brenda, I’m so sorry for your disappointment. It’s just a terrible time to buy a home. There are fewer homes available and the market is also spurred by the low interest rates, so much so that many people who have payed these inflated prices could find themselves in trouble if for some reason they have to sell after the market adjusts and their homes won’t bring what they owe. Just look at the beautiful home you’ve made for yourself, enjoy it while you can, and wait for the right place at the right price. And what if you get a new neighbor that turns out to be a good friend? That could happen too. Patience will pay off, I just know it.

  2. Sometimes people in the area where I live are paying 40,000 over the asking price. The houses sell in one or two days.
    Keep cleaning things out of your present place so that you will be ready to move when the right place comes available.
    I read that the Tulsa market is one that will drop.

  3. How disappointing. So sorry. Thats awful that eventhough you are pre-approved..you are competing with that.. You will get there. Will say a prayer for you and all other who need to buy. Take care.

  4. Just to let you know the insane housing market on the west coast of Canada which had bidding wars for the last year, and houses skyrocketed in price from $500,000.00 to $1 million in our town of 100,000 people has now slowed. In Vancouver, 60 miles away, and one of the most expensive places to live in Canada, had 80 year old homes selling in the high multi millions. The homes, townhomes, condos were selling in 3 days at least 1 and a half times over asking price and now homes aren’t selling and are remaining on the market for weeks and weeks. So I am surmising that this trend will flow east across Canada and even into the States.

  5. The real estate market is insane right now! Try to stay positive. The right condo just for you will come along when the time is right.

  6. Brenda, keep your chin up friend. The right house is there for you. We had the same problems and it finally worked out for you and it will for you to my friend. I will keep you in my prayers!

  7. The real estate market will revert to something resembling sanity at some point in time. In a cray cray sellers’ market, all you can do is keep up on new listings for units in the condo developments you like. It’s frustrating as all get out but on the other hand, you can consider this bonus time to build a cash reserve for a hefty down-payment.

  8. It means that there’s something better down the road Brenda, even though you might not see it now.
    Probably with a much better price too!
    Hang in there and think positive!
    Stay safe and be well!

  9. Very, very sorry to hear this news but I’m a firm believer that things happen for a reason. Do not despair, I went through the same thing, there is a ‘home sweet home’ out there for you. When you least expect it, it will happen. Hugs!

  10. I am so sorry to hear that you didn’t get the condo, but maybe it is meant to be! Maybe Kendra could buy a home to renovate and you could buy it from her?

  11. Hang in there. If it’s where you are meant to be, it will fall into place. I really believe that. So don’t get discouraged. You will find your place!

  12. Of course you feel discouraged, but it’s just too crazy now so hold tight. Sending best wishes.

    Mary

  13. Brenda, maybe it’s time to wait. I know when you decide on something you want to act on it but this may just not be the time. The prices are crazy. I think things just need to simmer down. Unless you HAVE to move these are crazy times. Things will settle out. I read an article how we Boomers are the problem in that we are deciding to age at home longer and Covid convinced many that it was safer to do so. So Boomers are not selling there homes and the realty market for others is upset by this. Not sure if this is true but I think it’s part of the problem.

    1. Whatever elements of this might be true, where are “Boomers” supposed to go if they sell their home? There is so little available as so many posters have noted, and a downsized home might very well cost more than the home they have just sold with the extreme inflation of prices. On top of all the expense of a home sale.

    1. Real estate can be so frustrating, even in the best of times. Right now, it’s even more so.
      Have you given any thought to taking care of the problem with your hands? It seems to be a good time to concentrate on yourself.

      1. I’m trying to wait until I get on Medicare next February. They want too much cash in hand before surgery right now on my current insurance.

  14. this is the absolute worst time to purchase real estate of any kind. wait till this bubble bursts and buy any of the properties you like for lightly about half price. don’t let let ANY realtor talk you into buying anything Now. I’ve been in this business for over 30 years. Listen to me or live to regret it with every payment you make.

      1. Unfortunately, even if you own your own home, the house next to yours or across the street or down the block can be sold at any time and you have zero control over who that new neighbor would be, no different than living in an apartment complex. You never know, all you can do is hope for the best and continue to stick to a plan to relocate when you can to a home you can afford.

        1. Absolutely! Same with living in a single family home. You never know what your neighbors are going to be like. Doesn’t matter the neighborhood; nasty people are everywhere!