Hot housing market, 0 for 6 on offers
I am currently trying to buy a fixer upper where I can build instant equity or a home that has an additional unit to house hack. I have now made offers on homes that fit my criteria since January and have come up short due to investors buying cash or buyers offering a crazy amount over asking price. We are now 0 for 6 on offers made and that’s not including homes we knew we had no chance at getting. I am starting to become frustrated as the market shows no signs of slowing down at least here in the northern Bay Area. I definitely don’t want to overspend on a property, I want to make sure I get a good deal where the numbers make sense, but at this point nothing makes sense. Recommendations for a 26 year old first time buyer.
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#5 Starting Out Contributor
- Real Estate Consultant
- Madison, NJ
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#5 Starting Out Contributor
- Real Estate Consultant
- Madison, NJ
If you are getting frustrated about going 0 for 6, you need to buckle up because it's not going to get any better. If you are buying fixer-uppers with a mortgage, you can't expect to be at more than 1% acceptance in most markets. That means 1/100. When people get frustrated it's because their want is overwhelming the rational part of their brain. If a seller can get cash, even less than your offer, and you have a mortgage with an appraisal or an FHA with repairs pre-closing, you can't blame them. Start working on your presentation more so you can tell your story as a first-time investor. If that hits the right seller, you can win.
- Jonathan Greene
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- Podcast Guest on Show #667
