This is how crazy the market is right now....
I've been making offers on a lot of properties lately, and it seems like there's just so much competition out there. Seems like more and more people are becoming buyers everyday. Understandable, since prices and rates are so low. Though, in my opinion, I don't think interest rates are the primary reason there's so much interest in the houses I'm looking at because you don't stand a chance of even getting your offer looked at if you're using financing.
Anyway, everything I'm bidding on is getting 10-20+ offers within a couple days of it being listed. Doesn't seem to matter what the listed price is...it's going to sell for over.
Well, the other day, a buddy of mine bid on a house that got 35 offers in just a few days, and today I attempted to make an offer on a house listed for $110k in a C class neighborhood. However, my realtor told me that there are already over 50 offers on this house, with the highest so far being $170k cash. Trust me, there is nothing special or unique about this house, other than it is for sale. And it's only been on the market for 2 days.
Needless to say, I didn't make an offer on this one because it was above my max number I set for this particular property. I found that if you don't set a number and stick to it, it's too easy to get carried away in the bidding frenzy.
Anyway, I don't really have a question. Just sharing my experience in this crazy market we're in.
Most Popular Reply
I agree with Will. 2012 was in a great year for me and I have big plans for 2013. People who work it are still getting inventory, but it definitely is a tough market for a newbie.
I don't know how I'd feel if I was the highest of 50+ bidders on a house. So it might be time to look for other sources of deal flow.