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You probably also got a hell of an interest rate. In another scenario the house may have been cheaper but the interest rate higher. Wouldn’t worry too much.
It’s either pay now or pay later
Subject Expert
Its only been two months since we closed on our house. Looking at the sold comps as they come up on redfin has been a huge sigh pf relief. I was like your spouse a little bit of a wreck at how much we paid in this crazy LA market but two months later and I'm convinced we got a steal seeing what other homes have gone for since.
With this market, your home will likely appreciate sufficiently by next year by the same percent or more over list price that you have to pay this year. Also, sitting it out for a year could cost you a year's rent and an equivalent home may have appreciated to the point where you can't afford the mortgage or the amount over list you may have to cover out of pocket.
This is 💯 me right now. I’ve spent the past 3 weeks going over comps nearby to validate whether our purchase price was reasonable or whether we overpaid. It’s torturing. Didn’t help that we had a pushy broker.
Have you talked to your broker or anyone to help reassure you that you made a great decision?
Yeah don’t worry about it.
What interest rate did you end up with?
+1
We are in a hot Denver market as well so prices are crazy. We paid full price, so not over asking. But we still feel like we overpaid. I wonder if this is a feeling you will always get when you purchase a home...
Ahhhh… Buyers Remorse
I felt same in March when we bought the house in Austin now it’s already 10% above based on Zillow and other houses coming in the market now
Wow that is crazy! Did you have the feeling back in March that there was no way your house could be valued more than what you paid for it, even well into the future?
I thought I was paying more but It was more than 8 months since we started looking and we know we won’t sell for 5 to 10 years so we went ahead with above asking just get our weekends back and plan other things
Unless you’re paying too much to live in that house lol
Everyone I know has felt this way, every time I have felt this way. If you hold you don’t lose if things go bad. Think about your purpose in buying, focus on it.
Remember, in a competitive market, the only people that get houses are the ones willing to pay more than anyone else for them. By definition you have to overpay to win.
You definitely overpaid, but it’s really not that big of a deal.
Look at your monthly payment and calculate how much house you could’ve gotten at 4% with the same payment. That’ll cheer you up
Did you overpay? Bc if you did then that explains the anxiety.
Coach
If you want to share the listing with me, I know Denver and surrounding city pretty well. I have a home in Denver and 2 in the springs
You already bought it. Now enjoy the house. Real estate goes in cycles and rates are very low. You will be fine long term.
It’s high but the interest rates are low. When the market changes interest rates may not be so low. You’ll end up paying more later. If it appraises just fine I wouldn’t worry too much
Redfin - do you still work at Redfin? I have a question since I’m using a Redfin broker and have some thoughts?
A real estate broker I knew, long since past, pointed out that God only made so much real estate and there is a growing number of people. It will always work out in the end.
You're bank will only fund what the house appraises for. Might be a little higher because of the market but it shouldn't be too bad.