Should I buy this house???

[Mike Williams]

So I am in a situation I have never been in before. Buying in Charlotte, NC and the market is very hot right now. I have made multiple offers on listings and have been outbid on all of them, even when offering the asking price. I saw a house that is exactly what I am looking for and offered the list price and they accepted. 188k. Now the appraisal has come back at 175k. I have been advised not to go over the appraisal price though it seems to be the Charlotte market is moving so fast that a house purchased 6 months ago could sell for 10 to 20k more today. I figured I would be willing to go 3k out of pocket at 178k but the seller is sticking with 179k, we haven't even done an inspection and I am already out appraisal cost and 500 due diligence if I walk. Paying above the appraised value makes me a little uneasy as it is so half of me says just walk but the other half says if I skip and wait the market will just continue to go up and I might as well get it while houses are still reasonably priced. Please let me know your thoughts on this. 

This is a home I will live in and I'll rent my current house out. Link to house... http://www.estately.com/listings/info/4700-easthaven-drive

[Account Closed]

@Mike Williams I love east charlotte. Certain pockets have awesome long term potential, and we're getting pretty high rents over there currently as well. Can you be more specific about what and where you're buying? PM me if you prefer.. Obviously most listings on the MLS are getting gobbled up, so if you're looking for a steal (or even a half decent deal) you may need to sharpen up on marketing and finding off market deals before they hit the MLS.