Thirteen offers. In less than two weeks. This was not the subdued housing market I had been expecting.
Like many opportunistic Americans, I decided recently that it’s a terrific time to buy a home. The housing bust seems to have ended yet prices are still far below peak levels of 2006. Interest rates are close to record lows. My calculations showed I ought to be able to buy a decent place with after-tax monthly payments comparable to what I pay as a renter living outside New York City.
I looked around for a while, discovering what “low inventory” means: The good properties attract a lot of interest because there aren’t many of them. After watching a couple of appealing homes sell fairly quickly, I placed my own bid on a fixer-upper with “good bones” in a great neighborhood. On my agent’s advice, I went against my instincts and even offered $20,000 more than the list price.
I lost the bid. A dozen others bid on the same house in an auction held to accommodate all the offers. My agentRead More »from The Housing Market Gets Bubbly Again