Is it my only option to wait??

[Cameron Phillips]

As everyone knows, the Austin market and surrounding is ridiculous, at the moment. I've been out bid five times on 20k over asking in the past three weeks. I've found a couple homes in the past two weeks I would have been willing to pay 60k over asking for. The issue for me is the appraisal... I can't come up with the down payment, closing costs as well as the difference from the offer and the appraisal. I'm looking to buy in San Marcos, TX, as that is where I work, enjoy the area and want to be. I'm looking to rent the spare rooms out while living there, it's not just an investment as it is I need a place to live and would love to own a house in one of my favorite areas in Texas. (Which is why I'm willing to pay more) I was told by my current agent that an appraisal contingency offer would not get accepted in this market. Is that true? Is there any real option other than building my savings even more to cover that difference between the appraisal if I want to buy. It's starting to seem that I should do just that and wait for it to cool down. Thanks in advance for any advice, constructive criticism or even just criticism.