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Originally Posted by JustJo
Yep...it's crazy. Luckily I bought an inexpensive house 9 years ago, so I'm fortunate in that I don't have to sell. If I did, I'd be screwed. The only offers I've had barely cover what I paid 9 years ago and the improvements I made.
The house we're buying has been on the market a little over 3 years. I can't even imagine how that feels. Mine has been listed since February...and I'm giving up for now. Maybe in a few more years... It's a good time for you to be buying though. You should be able to get an awesome deal.
And amen to what Gayla said up there ^ about pre-approvals. My experience has been that banks have consistently approved me for amounts that I know I couldn't afford. Maybe I'm paranoid, but I've never gone anywhere near what they said I could spend...and it's saved my butt financially a couple of times. I know a lot of people who are mortgaged to the hilt...if someone gets sick or loses a job or anything, they're in trouble. That just feels too scary to me.
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I havent used Realtors in many moons but I've bought and sold many properties. My place in Adirondacks, the suggested listing from the one Realtor I did contact was a lot lower then what I got.
anyhow, when i decided to sell my place in Florida it was with 18 acres and unique property. I cant tell you how many were all over it. After 4-6 months of contracts people couldnt get loans for I decided to only do pre-approval, which worked but in the end they decided (the bank) they didnt want to risk rural property that size in the everglades. To make a long story short I finally just said CASH. You must have and prove you have the cash. I was sick of spending so much time showing and giving tours. A guy comes in and buys it cash.
The place I have now I found myself and did seller financing for the first few years then refinanced. In todays real-estate market I would search for seller offers. Get lots of pics, ask the right questions, locate the county GIS maps and reports, see what the value is, taxes, zoning and any permits that had been issued. Compare properties next to it and close by. This is easy to do once you know where you're looking.
Buy a place that is structurally sound. Hire companies that do nothing but inspect. What are they called again? brain clutter. It's like 200 bucks but if you get to the point of offer you'll want this for sure. Then take your time fixing it up and building equity, if thats possible today.
lol- ok final tip, always buy something you know you can afford worse case scenario. Don't rely on two incomes to pay for a house.