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OP, I would suggest trying to invest in a new build, rather than an existing home. My wife and I did this a number of years back when we bought in a super hot market. We visited a half dozen or more houses only to always be out-bid or have the house we were scheduled to look at go under contract. It was very frustrating. We just put money down on a new build and waited for it to be built. Was way less stressful and we got to essentially design the interior (colors, fixtures, etc.).
Before that, I remember leaving work (for an hour or two) multiple days when I would see a new house go on the market, just to go see it before anyone else, in case we wanted to put an offer on it. Was stressful!
We found the same bidding wars happening in our area. And with 4,000 incoming FBI employees and 4,000 auto workers coming in for a new Mazda-Toyota factory, housing is being built as fast as they can throw up subdivisions.
Sometimes it's best to jump up another $50K-75K where the entry level buyers are not at. You might get so much more house for your money.
We were fortunate to get a 12 year old large home on 1 acre for $90 a square foot. It had new HVAC units and was completely repainted.
One trend we were seeing was attic space finished off into bedrooms with skylights as windows. And they were counting this as expensive square footage when it should have been priced like basement square footage.
OP, I would suggest trying to invest in a new build, rather than an existing home. My wife and I did this a number of years back when we bought in a super hot market. We visited a half dozen or more houses only to always be out-bid or have the house we were scheduled to look at go under contract. It was very frustrating. We just put money down on a new build and waited for it to be built. Was way less stressful and we got to essentially design the interior (colors, fixtures, etc.).
Before that, I remember leaving work (for an hour or two) multiple days when I would see a new house go on the market, just to go see it before anyone else, in case we wanted to put an offer on it. Was stressful!
I thought about that but where I'm looking there isn't land available closer to the city. All new construction is farther out.
Problem is if you wait interest rates will likely go up also. I didn't know the Chicago suburbs were having inventory problems also. That housing market has been soft for a while. The thing is rents seem to be falling right now because low income people can't afford it, while housing is going up.
No inventory problems in MY Chicago suburb. I would love to know which one you are in.
We received multiple offers, all over asking on our house the day it was officially listed. It was a large, custom home on acreage, view of the entire Front Range from Pike's Peak to Long's Peak. Given our price point, we were pleasantly surprised at the responses. Even before it was ready for market, realtors were contacting our agent wanting to show it. We allowed one showing the night before all of the appointments next day and those people gave us an amazing offer first thing next morning but had to sell a house in another state first. We looked at all 5 offers at the end of the first day and accepted the one that wasn't the highest but with finances ready to go and no contingencies, except an inspection report.
As others have commented, just know the limit on what you are willing to spend, have your ducks in a row with limited contingencies if possible and hang on for a fast ride.
OP, I would suggest trying to invest in a new build, rather than an existing home. My wife and I did this a number of years back when we bought in a super hot market. We visited a half dozen or more houses only to always be out-bid or have the house we were scheduled to look at go under contract. It was very frustrating. We just put money down on a new build and waited for it to be built. Was way less stressful and we got to essentially design the interior (colors, fixtures, etc.).
Before that, I remember leaving work (for an hour or two) multiple days when I would see a new house go on the market, just to go see it before anyone else, in case we wanted to put an offer on it. Was stressful!
I second the above IF you have time and a good builder. We did that and ended up spending about $75k less for a custom home we actually wanted than a compromise older home that would have required extensive remodeling. (Actually, if you include the cost of the remodeling and repairs, we probably saved about $125k.)
P.S. I just saw the OP's response that new construction in his area was further out, but if you could find a lot with a very old and/or dilapidated home that could be "scraped", that might be a solution. (Of course, you would want to build in a good, or at least decent neighborhood, however.)
My brother has been thinking of buying a place, I keep telling him to hold off a year just keep renting. A house in the area he is considering just went on the market 4-5 hours ago. Just on zillow alone it has over 200 views and 10 saves. I bet it gets an offer inside of 24 hours... If you don't have to buy a home right now I don't know why you'd be giving into the sellers market fighting other buyers.
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