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I sold both of my houses in the past year (1 down the shore, 1 up north) Got over 100k over asking each for both. Doubled the price of the shore house i bought only 5 years earlier and also got double what i bought my main house for 10 years earlier. Sellers market.
I sold both of my houses in the past year (1 down the shore, 1 up north) Got over 100k over asking each for both. Doubled the price of the shore house i bought only 5 years earlier and also got double what i bought my main house for 10 years earlier. Sellers market.
How much over asking did you pay for the house you’re going to live in now?
Here is our story and you can read my posts across that timeline as we struggled to buy a house.
Most important lesson I want to share with those buyers who are in the market. Your realtor will _ _ _ _ you up no matter what their reputation, especially if you are looking in the Livingston, SH, Millburn, Chatham, Summit. Trust me I went through 6 - some of them top names in that area.
The way they shaft you is they play on your helplessness and insecurity to wrangle the best and highest bid out of you and the very next second use is to set up a bidding war with other buyers who are just as helpless and desperate. If anyone on City Data can educate buyers on how to avoid this trap and ensure transparency of bids you will be doing all sellers and buyers a tremendous service.
Realtors lie, each one said how a 'few bad apples' are spoiling the reputation of upright realtors. At the end each one turned out to be just as unethical to the core!! It happened on 4 bids we put and in each case it was 50k to 225k over asking!!
1. We started looking around 18/19...This was a time when prices had just started to slightly ease off from the high of 2017.
2. First mistake we did was we kept on debating whether we want to buy in NJ or move out of NJ.
3. Second mistake wife was being too picky around certain parameters like how far/close a house is to her choice of school in any town we zeroed in. The towns we were looking at were Livingston and SH (07078) (not into Millburn 07041).
4. Covid struck and we had an opportunity where we could see houses in our budget 1-1.1 being a stretch.
5. World got out of covid and there was the smallest window of opportunity where we could get a bigger/better house while we again failed to make a decision.
6. Since 2021 the prices have continued to take off almost vertically but rates were still low. We were once again stupid at not grasping the opportunity in terms of free money.
7. A lot of heartburn and frustration later we land in 2024 where rates are in the stratosphere, property prices are insane, our budget had to be raised to nonsensical level. Essentially saying we are badly screwed.
8. So our extended search now covers Mountain Lakes, Basking Ridge and Summit without much success.
Here is our story and you can read my posts across that timeline as we struggled to buy a house.
Most important lesson I want to share with those buyers who are in the market. Your realtor will _ _ _ _ you up no matter what their reputation, especially if you are looking in the Livingston, SH, Millburn, Chatham, Summit. Trust me I went through 6 - some of them top names in that area.
The way they shaft you is they play on your helplessness and insecurity to wrangle the best and highest bid out of you and the very next second use is to set up a bidding war with other buyers who are just as helpless and desperate. If anyone on City Data can educate buyers on how to avoid this trap and ensure transparency of bids you will be doing all sellers and buyers a tremendous service.
Realtors lie, each one said how a 'few bad apples' are spoiling the reputation of upright realtors. At the end each one turned out to be just as unethical to the core!! It happened on 4 bids we put and in each case it was 50k to 225k over asking!!
1. We started looking around 18/19...This was a time when prices had just started to slightly ease off from the high of 2017.
2. First mistake we did was we kept on debating whether we want to buy in NJ or move out of NJ.
3. Second mistake wife was being too picky around certain parameters like how far/close a house is to her choice of school in any town we zeroed in. The towns we were looking at were Livingston and SH (07078) (not into Millburn 07041).
4. Covid struck and we had an opportunity where we could see houses in our budget 1-1.1 being a stretch.
5. World got out of covid and there was the smallest window of opportunity where we could get a bigger/better house while we again failed to make a decision.
6. Since 2021 the prices have continued to take off almost vertically but rates were still low. We were once again stupid at not grasping the opportunity in terms of free money.
7. A lot of heartburn and frustration later we land in 2024 where rates are in the stratosphere, property prices are insane, our budget had to be raised to nonsensical level. Essentially saying we are badly screwed.
8. So our extended search now covers Mountain Lakes, Basking Ridge and Summit without much success.
Trust no one, especially not realtors. I recently concluded an extraordinarily painful, emotionally-taxing home search. I dealt with some awful realtors until I asked my real estate attorney to give me his recommended realtor. He referred me to a team of two realtors and they were patient and professional with me. They will be getting my business again.
Most people don’t realize how brutal the market is right now, particularly for first-timers. If you’re looking for a place in ritzy NNJ suburbs (I was), then there is very little available and you are competing with others who have massive family and/or NYC financial firepower.
I ended up doing a new construction. Settled for a smaller home but dodged all the nonsense. Compromise is key right now if you have to move and don’t have a $2-3M budget.
It sounds like you were paralyzed with indecision like I was when prices were rocketing. I am
very risk-averse and could not commit to what I felt were uniustified home prices. I regret my indecision but you can’t go back in time. Prices are shockingly still going up almost 10% YoY. I think you’ll be safe even if you bite the bullet at a high price. You can take the mortgage interest deduction, as well.
It’s absolutely crazy to me that anyone would pay even 50k over ask, much more so 200+. I couldn’t imagine wanting to live in any particular place that badly.
My needs are low, I get that. I prefer a big cushion in the bank than “prestige” in other areas, but even acknowledging my quirks, I still don’t get it. Total waste of LOTS of money.
Here is our story and you can read my posts across that timeline as we struggled to buy a house.
Most important lesson I want to share with those buyers who are in the market. Your realtor will _ _ _ _ you up no matter what their reputation, especially if you are looking in the Livingston, SH, Millburn, Chatham, Summit. Trust me I went through 6 - some of them top names in that area.
The way they shaft you is they play on your helplessness and insecurity to wrangle the best and highest bid out of you and the very next second use is to set up a bidding war with other buyers who are just as helpless and desperate. If anyone on City Data can educate buyers on how to avoid this trap and ensure transparency of bids you will be doing all sellers and buyers a tremendous service.
Realtors lie, each one said how a 'few bad apples' are spoiling the reputation of upright realtors. At the end each one turned out to be just as unethical to the core!! It happened on 4 bids we put and in each case it was 50k to 225k over asking!!
1. We started looking around 18/19...This was a time when prices had just started to slightly ease off from the high of 2017.
2. First mistake we did was we kept on debating whether we want to buy in NJ or move out of NJ.
3. Second mistake wife was being too picky around certain parameters like how far/close a house is to her choice of school in any town we zeroed in. The towns we were looking at were Livingston and SH (07078) (not into Millburn 07041).
4. Covid struck and we had an opportunity where we could see houses in our budget 1-1.1 being a stretch.
5. World got out of covid and there was the smallest window of opportunity where we could get a bigger/better house while we again failed to make a decision.
6. Since 2021 the prices have continued to take off almost vertically but rates were still low. We were once again stupid at not grasping the opportunity in terms of free money.
7. A lot of heartburn and frustration later we land in 2024 where rates are in the stratosphere, property prices are insane, our budget had to be raised to nonsensical level. Essentially saying we are badly screwed.
8. So our extended search now covers Mountain Lakes, Basking Ridge and Summit without much success.
So it sounds like you weren’t a serious buyer and you’re somehow blaming your realtors for it. They don’t get paid unless the sale is made, so they should want you to make the strongest offer you’re comfortable making.
It’s absolutely crazy to me that anyone would pay even 50k over ask, much more so 200+. I couldn’t imagine wanting to live in any particular place that badly.
My needs are low, I get that. I prefer a big cushion in the bank than “prestige” in other areas, but even acknowledging my quirks, I still don’t get it. Total waste of LOTS of money.
The asking price is almost irrelevant these days. If you see something going for $200k over asking it’s because it was listed significantly below what comps were going for.
I got my house below ask. Sure it needed work, but so did the 3 houses we waited on lines for only to have people loudly offering cash amounts over ask before even making it to the front of the line. I told my realtor I’d rather put $100k into renovations we want than into a mortgage and still have to renovate and/or customize. It worked out perfectly.
People get wrapped up in many ways while home buying. I’m kinda good at not allowing anyone to influence me.
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