We found what we thought was our dream forever home today. It had been on the market a week, and this was the earliest the seller would show it. Within 4 hours they notified us that they accepted another offer for over ask. How is this still happening with rates so high?

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Inventory is still low.

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If it’s underpriced then it will go above ask.

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In my market houses are all going for way over and immediately.

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Where i am, 10-20% over ask is the standard. Not sure how they’re even coming up with the ask price but nobody expects to get just that.

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Despite the doom and gloom headlines, the economy is insanely strong. So strong that the fed is trying desperately to slow it down

People have money so people are spending money

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There is one house in my entire city that costs less than $1m

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Seems these days it’s very market specific. Where are you located?

I found myself asking the same question. A home listed for 800k, still got 100k over ask.

As mentioned above inventory is low and you're not the only one looking to pay for a forever home

Stupid move by the seller to accept an offer before seeing other offers from the weekend. I usually see sellers say that all offers will be opened at x time on Sunday afternoon.

$100k over asking is pretty normal. I bought a house in 2021 and made 3 offers all $100k+ over asking on houses under $1M and didn’t get 2 of them. I’m sure the buyer said that the offers were only good for 4 hours but the way around that is to say that you are opening all offers Sunday at 4pm.

Cuz good homes in good neighborhoods are still highly sought after, and lots of people have tons of cash / equity to buy the right houses in the right markets.

In the exact same boat. House was listed Friday. Toured it and loved it, immediately put in an offer with waived inspection etc. thought it was very competitive and it sold to an all cash offer. It’s very frustrating and discouraging when I feel like I’m doing well yet I can’t buy a house.

Hopefully one day….

There are lenders that can help out with all cash offers if you notice that is the main reason you are losing out on bids.

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