{ "media_type": "text", "post_content": "My offer was accepted! Yay! But my offer was $45k over listed price. I’m feeling sick! My realtor and I agreed it was undervalued based on recent comps nearby and there’s a lot of development happening around the neighborhood so I’m hoping the house’s value will continue to go up. I love the house and after months of looking I’m so glad they accepted but I just hate how much over asking I’m paying for. Anyone else immediately feel this way? Make me feel better? Or call me an idiot, idk what…", "post_id": "60fe3ecdddac410020325a4f", "reply_count": 26, "vote_count": 5, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl" }

My offer was accepted! Yay! But my offer was $45k over listed price. I’m feeling sick! My realtor and I agreed it was undervalued based on recent comps nearby and there’s a lot of development happening around the neighborhood so I’m hoping the house’s value will continue to go up. I love the house and after months of looking I’m so glad they accepted but I just hate how much over asking I’m paying for. Anyone else immediately feel this way? Make me feel better? Or call me an idiot, idk what…

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Realtor’s gona agree.

likesmarthelpful

Who cares what the asking price is….market value is what really matters and there are a bunch of stupid pricing strategies these days anyways (Low pricing to encourage bidding wars, etc)

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Asking price doesn't mean much. I paid 150 over ask for my house. A previous offer i submitted for 400k over ask and it lost. It all depends on the seller agents listing strategy.

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This. Asking price is meaningless. What you paid is probably close enough to the market value. Congrats and enjoy your new home!

… exactly I’m looking for. Miserly loves its company I guess? I really couldn’t wait until this bubble popped as many “experts” have suggested, I gave up my lease and moved back home to save while looking and it’s been 8 months, I don’t think my mental health could’ve handled much more. I get along with my family okay but I needed my own space.

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If you’re staying for a long time, the low rate will more than offset the inflated price in terms of total loan cost…don’t feel too bad you just bought the last house you’ll ever need!

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Thanks everyone! This makes me feel better! I really do like this house and can see myself living here for at least 10 years so sounds like I’ll be okay 😌

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I thought I overbid for a house b/c all comps the houses were nicer and had 1 additional bathroom…appraisal came back for what I paid for it…system is corrupt

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You are not alone in this crazy market. I paid nearly 300k over ask with 3 month free lease back. Guess what was even crazier? The appraisal came back at 105k over purchase price. Last week another house on the same street closed at 5% higher per sqft than what I paid. The appraiser wasn't so crazy after all.

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You love the house and could afford it, that's what really matters here! Enjoy and congrats!

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I think in this market for residential real estate that’s par for the course. I’ve seen worse—my brother was looking at stuff that was going for $150k over ask. He stayed at his current house, even though he could likely have sold over ask as well. Commercial is a totally different ball game, but if you’re going to live there for a while, then I wouldn’t worry about it. At least you like it.

10-20% over asking is par for the course in this market

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It’s fine, bite the bullet and move on

I made an offer 42k over the ask price and was denied. I’m frustrated. This 40k mite not matter in the long run . As long as you are planning to spend few years in the house, it’s fine. Btw which market and how long have you been looking for

Atlanta! I’ve been looking on and off for about 10 months but more aggressively for the last four months.

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We paid around $30k over asking, so in the same boat! But ultimately it was within our budgeted range, and we absolutely love the house so it’s worth it to us to have paid what we did and get to relax and enjoy living here now

I always think in terms of if I can afford the payment and if I like the house. Would you do anything different if your house increased or decreased in value? The gain or loss is all on paper until you sell it and your monthly payment will stay the same for the most part with the exception of the insurance and taxes that will increase over time.

Spent $25K over asking for mine and was working off the same logic.. the seller listed it at a lower price - did my homework as I’m sure you did so I felt comfortable with adding the cash. Tried to take emotion out of the decision as much as possible

Don’t feel bad. Everyone is paying over these days. And some 3x more than you did!

I just got into contracts $233k above asking price in the Bay Area

Are we repeating 2008! Oh my God, we better not be.

we definitely are not For starters look where interest rates were in 06-07 vs today

Depends on the local market… sometimes agents price low get a bidding war going. More common to execute this on a sellers market which we are experiencing.

Well observed. I have seen several houses priced about 20k -30k lower than the market, just to drive traffic.

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