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i live in a hot real estate market. prices literally go up every week on homes and the inventory is super low. every open house i go to there are literally hundreds of people and multiple offers. i desperately want to live in a very specific area b/c of location/schools. last week a home went on the market, we put a bid, and found there were 5 other offers and the seller went w/ an all cash buyer. one week later another home in that neighborhood (literally across the street) comes on the market but it's 2 br, not 3 like we are looking for. they have listed it even higher than the 3 br last week (it's a bit more updated). my agent says it is overpriced. i know it is but we really want it. we want to escalate up to $30K more than asking price. are we nuts? this is a very hot area right now and most likely will continue to stay very desirable.
Why would you settle for 2 bedrooms if you are looking for 3 for a home that cost more and you are going to offer more than that?
Personally I would not settle for a home that is not what I want and I certainly would not offer more than the asking price.
Bottom line, your family, your money, your home, your choice.
it will def go for more than the asking price. it's a bit nuts here w/ a huge influx of highly paid workers and tons of cash buyers. it actually used to be a 3 br but they combined two of the rooms. so it's actually a decent size and there's also this extra crawl space/attic we are thinking of turning into a bonus room so more space. it's an absolute seller's market here and some overpriced homes go pending in 1 day.
Wow, that market sounds like a dream for sellers but not so much buyers. If you are willing to offer over asking price to get the house you want, I would hold out for a 3 bedroom if that's what you want.
Are you willing to come up with the extra $30k+ cash, in addition to your normal down payment and closing costs? Because, if it is overpriced as your Realtor says, then you will have to add cash over and above the appraised value.
if you can afford to add 30k more, that sounds like you have the eggs. I would definitely check the sqt of the house, and walk through the entire house to see if there's room for a third-bedroom addition. it's a 2br house, but if you have room and can turn into another br, it's not a deal killer if you really want it. If there's no room for expansion, I would sit down and take it easy. Sometimes, when you're excited and really want something, it may satisfy your wants but not really what you need.
I think you are nuts, but then I lived in the DC/NoVa area during the previous boom, and of course everyone back then also said "this is a hot area and will stay very desirable." Well yeah, but eventually no matter how hot and how desirable, prices become unsustainable. Saw a lot of people around me lose their houses in short sale/foreclosure.
You're looking at buying a two bedroom (for an inflated price) when you wanted a three, which implies you are already close to outgrowing the house and likely won't want to stay for the long haul when/if the market tanks. That's a bad spot to be in. Slow down, take a breath, there will be other houses.
so this place used to be a 3 br so they combined 2 of the rooms. if we sell we could easily make it 3 again (tho one room would be tiny) but it does have a closet so technically it would be a bedroom. we do want a 3 br eventually but for now we can live in the 2. also there is an attic space we are thinking of converting to a bonus room.
I am a bit worried about a low appraisal. i'm really not sure what the appraisal might be and if we might need to bring a chunk of cash to the table at closing.
yes, there may be another 3 br coming up but again, there will be tons of competition for it.
It certainly SOUNDS nuts. For all the reason pointed out by others.
Yep.
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