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I bought a house in this insane market AMA
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amother




OP
 

Post Wed, Jul 21 2021, 6:19 pm
Happy to talk about the experience, share advice, etc. Ask away.
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Crookshanks




 
 
 
 

Post Wed, Jul 21 2021, 6:21 pm
What city and neighborhood?
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amother




Chartreuse
 

Post Wed, Jul 21 2021, 6:22 pm
what about the market is insane?

tell us about your experience

what would you tell others to know before buying a house
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amother




OP
 

Post Wed, Jul 21 2021, 6:24 pm
Crookshanks wrote:
What city and neighborhood?


Not sharing exact location, but it is a suburb of NYC.
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amother




OP
 

Post Wed, Jul 21 2021, 6:28 pm
amother [ Chartreuse ] wrote:
what about the market is insane?

tell us about your experience

what would you tell others to know before buying a house


Housing prices have shot up a crazy amount this year. Real estate industry experts could explain better than I can why this is, but everyone agrees what's happening now is extreme and unusual. It's happening all over the US and Canada, it's not just NY and California.

I think in this situation, if you can wait a little, you probably should. If you need to buy now, be ready to make a quick decision and get pre-approval so you can make an offer right away.
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amother




Mustard
 

Post Wed, Jul 21 2021, 6:54 pm
I'm so happy for you. I wish you a smooth and happy transition to your new home.

I almost purchased my dream home. Last week it fell through and I'm still dealing with my very raw emotions over this.
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amother




OP
 

Post Wed, Jul 21 2021, 7:08 pm
amother [ Mustard ] wrote:
I'm so happy for you. I wish you a smooth and happy transition to your new home.

I almost purchased my dream home. Last week it fell through and I'm still dealing with my very raw emotions over this.


I'm so sorry. I've heard of a number of contracts falling through in all the craziness. The whole process is really brutal right now, along every step of the way. I hope you find something even better soon that works out!
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amother




Jasmine
 

Post Wed, Jul 21 2021, 7:30 pm
OP you give me hope. I just started a spinoff for anyone who wants to move. https://www.imamother.com/foru.....44785
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amother




OP
 

Post Wed, Jul 21 2021, 7:53 pm
amother [ Jasmine ] wrote:
OP you give me hope. I just started a spinoff for anyone who wants to move. https://www.imamother.com/foru.....44785


I know I don't count for the segulah (2 people in the same situation davening for each other) but I will daven for you because I know how rough it is out there. It really is utter craziness and it's so so hard. Honestly, both me and dh took a serious hit to our mental health through this, it's no joke!
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amother




Jasmine
 

Post Wed, Jul 21 2021, 7:54 pm
amother [ OP ] wrote:
I know I don't count for the segulah (2 people in the same situation davening for each other) but I will daven for you because I know how rough it is out there. It really is utter craziness and it's so so hard. Honestly, both me and dh took a serious hit to our mental health through this, it's no joke!


Thanks! And I'll daven that you have a beautiful bnb. Literal and spiritual.
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1ofbillions




 
 
 
 

Post Wed, Jul 21 2021, 7:56 pm
How much over asking price did you pay?
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amother




NeonPurple
 

Post Wed, Jul 21 2021, 8:11 pm
How much was your downpayment and how did you come up with the money?
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amother




OP
 

Post Wed, Jul 21 2021, 8:16 pm
1ofbillions wrote:
How much over asking price did you pay?


35 over asking. And we're apparently fortunate it was "only" that. I'm hearing of people going 50 or even 70 over asking 😱
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amother




OP
 

Post Wed, Jul 21 2021, 8:16 pm
amother [ NeonPurple ] wrote:
How much was your downpayment and how did you come up with the money?


We put 20% down on 685. We really wanted to keep it under 600 and a year ago that would have been possible, now staying under 700 was a miracle. Down-payment was half money we saved over the years and half gift from parents and ILs.
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helpful




 
 
 
 

Post Wed, Jul 21 2021, 8:18 pm
What was the original asking price and what was the final price?
How much did you put down as a deposit?
What other terms did you offer?
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amother




OP
 

Post Wed, Jul 21 2021, 8:23 pm
helpful wrote:
What was the original asking price and what was the final price?
How much did you put down as a deposit?
What other terms did you offer?


They were asking 650, we had to outbid someone and ended up settling on 685. As answered above, 20% down. We didn't really offer anything specific other than more money. And I think we were just easy to work with. I learned, as I got to know them during the buying process, that the people they bought their new house from were extremely difficult and they were happy we were so easygoing.
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helpful




 
 
 
 

Post Wed, Jul 21 2021, 8:25 pm
Did your broker que you in on how high to bid?
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helpful




 
 
 
 

Post Wed, Jul 21 2021, 8:27 pm
besides for the DP, did you not have to give a deposit upon offering your bid? (they do that in some places, but maybe not where you bought)
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amother




Tealblue
 

Post Wed, Jul 21 2021, 8:29 pm
amother [ OP ] wrote:
Housing prices have shot up a crazy amount this year. Real estate industry experts could explain better than I can why this is, but everyone agrees what's happening now is extreme and unusual. It's happening all over the US and Canada, it's not just NY and California.

I think in this situation, if you can wait a little, you probably should. If you need to buy now, be ready to make a quick decision and get pre-approval so you can make an offer right away.


Everyone should try to keep in mind, I learned a house is just like a zivug. The one Hashem has in mind for you will go through and if it doesn’t, it wasn’t supposed to be yours. No point in getting upset. May the right one come along for everyone quickly.
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amother




OP
 

Post Wed, Jul 21 2021, 9:06 pm
helpful wrote:
Did your broker que you in on how high to bid?


Sort of. She prepped us that the situation was like this and to be ready for bidding competition, but she didn't davka say bid x amount over.

helpful wrote:
besides for the DP, did you not have to give a deposit upon offering your bid? (they do that in some places, but maybe not where you bought)


The deposit is part of down. Where I live, you give half the down payment at the time of contract and the other half at the time of closing.
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