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lol, I totally agree. I am desperate and panicking and I know there are at least 2 other buyers who want that house (they did a pre-inspection already and they had lost out on the other house, same as we did). I am competing against this group of people who desperately want to be in this area.
for a 2 br it is overpriced. however by square footage, it's pretty average.
So basically, you want to overspend for a house and you are trying to justify it? Seriously, stop. You admitted you are panicking and desperate. That is not the mindset to use when buying a house.
You need to ask yourself if you are more interesting in "winning" the contest to get a house or in getting a good house for you.
Sometimes we get so worked up we just want to "win", which should not be the primary goal. If you wait, other people in the area will list their houses soon, since they will see how easy it is to sell for a good price. All the excitement you are seeing might just tempt a few homeowners to sell so that they can move to a place that is better for them.
You need to ask yourself if you are more interesting in "winning" the contest to get a house or in getting a good house for you.
Sometimes we get so worked up we just want to "win", which should not be the primary goal. If you wait, other people in the area will list their houses soon, since they will see how easy it is to sell for a good price. All the excitement you are seeing might just tempt a few homeowners to sell so that they can move to a place that is better for them.
Spring is also the worst buying frenzy season of the year. IMO, it would be better to wait until the market starts to cool off in the fall. I know it's tough to think straight when you are in panic mode. You may even see some of those houses that sold for wildly inflated prices come back up for sale at more reasonable valuations.
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.
No, it's not nuts. Many buyers in hot area are facing the same challenge. In a hot market with limited inventory, sometimes buyers have to be creative. You don't want to be like someone I know who's been sitting on the sideline since 2011 waiting for prices to come down again.
With that said, it's hard to say whether or not this is the right strategy for you without knowing the full details.
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