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No luck yet. I've looked at so many houses in many subdivisions. I saw some beautiful homes but as soon as my agent mentioned there are others interested or there are already bids in, we walk. Not into playing the bidding wars game nor am I interested in over paying.
Realistically the market could turn at the drop of a dime. Tennessee/Nashville might be hot right now but if interests rates start climbing home sales will slow.
We have great credit but they are definitely more strict with what they will lend versus your debt/risk.
I'm frustrated. This is the third time this has happened to me. One house I procrastinated because there was an obvious existing problem in the home. The home owner did not disclose nor were they forthright. BUT we finally decided to take the plunge and make an offer. Of course just that same day they accepted an offer.
Another one, went to see same day listed (this was listed, sold in two days, contract fell threw and put back on the market). Got to house 4:00 p.m. And before we walk in the door realtor tells us if we like it we need to act fast as there is already a bid on it. They were only accepting bids until 6:00 p.m. That same day. Needless to say we walked but it did sell with three bids in.
Yesterday, I see a new house come on market. Me and hub drive by neighborhood to check out. Text my agent in evening to say I want to see house. It's pending in one day. Now is that considered a pocket listing?
I am so frustrated.
I actually put in a bid on new construction. Offered $10,000 less and asked for backyard fencing and a covered patio (patio would be there anyway). To me this was a starting point for negotiations. Mind you, they did not have a model to show us since this was only the second one they built. The first one closed three months ago. Those owners paid $7000 less than asking and received full irrigation and backyard completely fenced. Yes, we rang their doorbell and spoke with them. Sweet people. Would have loved to be neighbors with them.
The builders countered with full asking and a $5000 allowance on upgrades. I was insulted. I was shown comps for last year. Average price per sq ft was $114 and change. We offered $115. And their rep said there is little room for negotiations because they don't want the present owners to be mad. I just find this whole process down here crazy. Now that I submitted a bid I am locked into my agent until end of May. I don't feel as a "buyers Agent" he's working for us. I am very upset. It's always "we should offer more". Maybe we will but negotiations have to start somewhere.
The agent keeps telling me the market is hot and yes, some are selling within first couple of days but I am also seeing houses, beautiful ones, sitting on the market for months with no reductions.
I actually saw one house we were interested in that went pending the same day we wanted to have a second showing. A month later it's back on the market for a $150,000 increase in asking price. Are there really people that would purchase a house like that viewing the history? This house sold for $475,000 (asking $499,000) and was resisted one month later for $649,000. Crazy!
I'm baffled, annoyed, and angry. I don't like playing the agent game. This is why I have sold and purchased FSBO in the past. But unfortunately we do not have a year to sit until the right one comes around. Living in a two bedroom apartment is Har, especially having everything we own in storage.
Sorry you are having such issues. Yes, this market is unusual. My sister listed her house in Mt Juliet on a Friday afternoon and had a contract the following Monday. She just bought a house right on the edge of Hendersonville/Gallatin. They started panicking once their house sold (so quickly) because all of the houses they were interested in were under contract. The one she really wanted needed some work but it has a lot of potential. It's the one they ended up buying...they closed on it yesterday. I live in Edgefield in East Nashville and the market here is even crazier. But, I think it's just crazy all over the metro area right now.
Good Luck...I have no words of advice....except, be ready to pounce as soon as you find one and don't expect a bargain. They are few and far between right now (at least that's my impression from helping my sister).
Last edited by Edgefield D; 04-16-2014 at 09:21 AM..
We are hoping to move to Nashville in 6-8 months. A realtor we are working with told us there are homes that are not listed online that are either "coming soon" or she finds them by driving through the neighborhoods she knows people are interested in. Is your realtor doing that sort of thing for you?
We are watching from afar and as soon as we see a house we like, even though we aren't to the point of buying yet, it is gone in a day or two.
Our realtor also said if houses are priced to sell, they are selling quickly. Those that remain on the market are the ones overpriced, which makes sense.
It is discouraging since when we do start looking, we will have a certain window to come visit and look.
We are also thinking about building for that reason but would rather not.
GOod luck, please keep us informed about your efforts.
I actually put in a bid on new construction. Offered $10,000 less and asked for backyard fencing and a covered patio (patio would be there anyway). To me this was a starting point for negotiations. Mind you, they did not have a model to show us since this was only the second one they built. The first one closed three months ago. Those owners paid $7000 less than asking and received full irrigation and backyard completely fenced. Yes, we rang their doorbell and spoke with them. Sweet people. Would have loved to be neighbors with them.
The builders countered with full asking and a $5000 allowance on upgrades. I was insulted. I was shown comps for last year. Average price per sq ft was $114 and change. We offered $115. And their rep said there is little room for negotiations because they don't want the present owners to be mad. I just find this whole process down here crazy. Now that I submitted a bid I am locked into my agent until end of May. I don't feel as a "buyers Agent" he's working for us. I am very upset. It's always "we should offer more". Maybe we will but negotiations have to start somewhere.
Why were you insulted? That seems like a pretty good counter offer in my opinion. You asked for about $13,000 in concessions (price plus fence), and they offered $5000. You probably could have settled around $8500 worth of concessions. You're both trying to get the best number possible. Neither side should be insulted.
If you're using comps from last year then you need to realize that the market has appreciated at least 5%. So houses that sold for $114/ft last year are probably worth $117-120/ft right now.
Sellers were saying the same things you are 3 years ago. "Houses sold for $125/ft last year. How can my house be worth $115/month now?"
Keep looking. Know what you want, and when you find it put in a competitive bid. You'll get one eventually.
No luck yet. I've looked at so many houses in many subdivisions. I saw some beautiful homes but as soon as my agent mentioned there are others interested or there are already bids in, we walk. Not into playing the bidding wars game nor am I interested in over paying.
Realistically the market could turn at the drop of a dime. Tennessee/Nashville might be hot right now but if interests rates start climbing home sales will slow.
We have great credit but they are definitely more strict with what they will lend versus your debt/risk.
I'm frustrated. This is the third time this has happened to me. One house I procrastinated because there was an obvious existing problem in the home. The home owner did not disclose nor were they forthright. BUT we finally decided to take the plunge and make an offer. Of course just that same day they accepted an offer.
Another one, went to see same day listed (this was listed, sold in two days, contract fell threw and put back on the market). Got to house 4:00 p.m. And before we walk in the door realtor tells us if we like it we need to act fast as there is already a bid on it. They were only accepting bids until 6:00 p.m. That same day. Needless to say we walked but it did sell with three bids in.
Yesterday, I see a new house come on market. Me and hub drive by neighborhood to check out. Text my agent in evening to say I want to see house. It's pending in one day. Now is that considered a pocket listing?
I am so frustrated.
I actually put in a bid on new construction. Offered $10,000 less and asked for backyard fencing and a covered patio (patio would be there anyway). To me this was a starting point for negotiations. Mind you, they did not have a model to show us since this was only the second one they built. The first one closed three months ago. Those owners paid $7000 less than asking and received full irrigation and backyard completely fenced. Yes, we rang their doorbell and spoke with them. Sweet people. Would have loved to be neighbors with them.
The builders countered with full asking and a $5000 allowance on upgrades. I was insulted. I was shown comps for last year. Average price per sq ft was $114 and change. We offered $115. And their rep said there is little room for negotiations because they don't want the present owners to be mad. I just find this whole process down here crazy. Now that I submitted a bid I am locked into my agent until end of May. I don't feel as a "buyers Agent" he's working for us. I am very upset. It's always "we should offer more". Maybe we will but negotiations have to start somewhere.
The agent keeps telling me the market is hot and yes, some are selling within first couple of days but I am also seeing houses, beautiful ones, sitting on the market for months with no reductions.
I actually saw one house we were interested in that went pending the same day we wanted to have a second showing. A month later it's back on the market for a $150,000 increase in asking price. Are there really people that would purchase a house like that viewing the history? This house sold for $475,000 (asking $499,000) and was resisted one month later for $649,000. Crazy!
I'm baffled, annoyed, and angry. I don't like playing the agent game. This is why I have sold and purchased FSBO in the past. But unfortunately we do not have a year to sit until the right one comes around. Living in a two bedroom apartment is Har, especially having everything we own in storage.
I just pray we find a home soon.
Is anyone else out there having these issues?
We were transferred once during a sellers market like you describe. I understand your frustration. Houses in our new town were selling before they could be entered into the MLS and before we could look at them. You either jump in, play the game by the current rule$ and bid high/fast and buy now because you want to get settled or you live in limbo and wait out the sellers market.
I feel for you! We were in the same situation in 2003, bid 40,000 over asking because we fell into the whole bidding war, crazy seller market fiasco. I highly recommend waiting it out a bit. Things will settle down in the Fall/winter where your emotions don't have as great a chance to be affected by agents and market trends. Keep making your bids and overpay!
I don't know how much time you have to wait it out but we were in the same situation last year. Everything I saw online was pending a contract before I could call the realtor. We were able to get a good deal on a house at the end of last year and closed at the end of January this year. The sellers told us later that they had accepted an offer from another buyer that fell through. That being said, I believe that the right house is out there for you and you will find it. Just keep believing and don't give up looking for it! Good Luck!
I feel for you! We were in the same situation in 2003, bid 40,000 over asking because we fell into the whole bidding war, crazy seller market fiasco. I highly recommend waiting it out a bit. Things will settle down in the Fall/winter where your emotions don't have as great a chance to be affected by agents and market trends. Keep making your bids and overpay!
We have no choice but to sit and wait for new houses to come on the market but honestly, I don't know how long we can wait it out. I have two grown boys/young men with me and we have only what we need and that fit into three cars, which isn't much at all. I think we will kill each other in this apartment. We are all a little bitchy right now. There is no privacy and basically nothing to do. We have one television. Plus it's costing a small fortune to store 10+ rooms of furniture. I'm spending a small fortune just buying necessities, all of which I already own (in storage).
I will also admit that it terrifies me to be in this third floor apartment with tornado warnings. There's nowhere to hide
Where are you looking for the most part? I think you were looking in Hendersonville before, is that still the case?
Yes, Hendersonville and Gallatin, certain areas in particular.
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