Friday, February 29, 2008

What was it they said about the market right now?

I have consciously been waiting to post this blog until we heard news and now that it's official, I am finally ready to get this off my chest. :-)

We have been house hunting like crazy people! After a whole year of looking by ourselves, we decided to call in the pros. We felt like with a realtor's expertise and access to sites we didn't have the rights to, that we could find something on the market relatively quickly. It felt exciting and equally overwhelming at the same time. But we had already met with a mortgage broker and were pre-qualified, so we knew what we would be able to afford and that there would be a home SOMEWHERE out there for us. After a few weeks of working with a realtor, Mr. Howard looked at a house that he instantly fell in love with. It had all the makings of a perfect family home for us: nice kitchen, four bedrooms, big yard for the pups, in a very kid friendly/family friendly neighborhood. So, when I got back in town from San Francisco, my mom, sister, Mr. Howard, and I with our realtor in tow - took a second look at the house and decided to put an offer in on it. We were excited because we felt like this was it. We asked our realtor to get in touch with the listing agent to answer a few quick questions (were there any mellow roos or homeowners dues) and then we were ready. When our realtor called us back to tell us that there were 5 outstanding offers on the house - one of which was $10,000 over asking price - we were heartbroken.

But on we marched. Somewhere there was bound to be a house that we loved, with a listing agent who would love us! The next house we found had only been on the market one day (which meant there couldn't be 5 offers). We loved that house twice as much as the first. We didn't even leave the house before exclaiming to our realtor "THIS IS IT. LET'S PUT IN AN OFFER RIGHT NOW!" Two hours later, we left the office having officially put our first offer on a house. And this time, we were taking no chances: we put in a FULL PRICE offer. While I remained an optimist, I also was very realistic. I didn't mentally move in to the house or start decorating it in my head. I was going to wait to do that for the day that our realtor called to tell us that we were going to be proud first-time homeowners. Unfortunately, however, we received the news today that our offer was declined. I'd like to know how often that happens: put in a full priced offer and have someone OUT BID YOU again. What was it they said about the market, right now? "It's a buyers market right now. People are desperate for offers."

Current score: 2 full-priced offers ready. 0 offers accepted. I hate this!


LittleDreamer said... Best Blogger Tips[Reply to comment]Best Blogger Templates

This doesn't really help, but in today's market people it is not uncommon for people to offer MORE than the asking price. Crazy, huh?! Don't give up, the perfect house IS out there!!! :)

Jackie said... Best Blogger Tips[Reply to comment]Best Blogger Templates

Don't they know how fabulous WE are though? We would make amazing homeowners in their neighborhood. :-)

LittleDreamer said... Best Blogger Tips[Reply to comment]Best Blogger Templates

We should start a campaign...Jackie and Luke for your neighborhood!!!

Jackie said... Best Blogger Tips[Reply to comment]Best Blogger Templates

I love it! I'm making shirts!

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