We are truly in a seller’s market when it comes to buying homes right now.
When Robb and I first looked at the area as a potential place to move, in late summer/early fall, houses, like we wanted, were a dime a dozen. They stayed on the market, looked ideal, no problems.
Sometime during winter, about the time we started looking at homes seriously, that shifted. Instead, we noticed the prices of houses creeping higher and higher. Houses that needed a lot of work were now staying on the market for hours – and selling for more than move-in ready homes were selling for only a few months earlier.
We realized then that we were in a bit of trouble. That the transition wouldn’t be quite as easy as we had hoped.
So for a month, we split our time between Air BnBs, hotels, and couch surfing.
Things didn’t improve so we found a short-term apartment rental that would at least give us the opportunity to settle down somewhat.
And we debated on what to do. Were we willing to spend a little more over our budget to get the house we envisioned? Should we decide to move into a different rental for the next year or so, in hopes that the housing market bubble would burst? Would it be better for us if we just settled? Less house, less land, less desirable location?
What was the best option for our family?
We continued to look at houses during this time and saw some… gems… homes over our budget with rotten walls, mold issues, land of no use…. we started working with a realtor during this time and saw about 10 homes in person (not to mention how many we inquired about but were told already had an offer hours after going on the market).
As we were touring yet another home, our realtor was contacted by a fellow realtor (a friend of a friend) who was getting ready to list a house that she thought sounded like something a few of her clients would like, namely us.
Robb went and viewed the home that evening (I figured it was another dud) and came home having made an offer. I told him before he left that I trusted him completely to make the best decision for our family and knew that he had found a gem.
Slightly over our budget, but not bad – it was our dream home. House, land, creeks – every single thing on our list. The offer was accepted and we started the process of making it ours.
This house should have been listed for about $50,000 more than what the accepted offer was (and we offered their estimated asking price – no haggling). It didn’t take me long to realize that the sellers realized the mistake they made in pricing.
And so we entered the most frustrating part of this whole process.
Working with sellers who are trying to get us to back out of our contract so they can list it for more money.
It’s just a hunch that I have. After the home inspection, we asked for a few things – minor things, nothing a dealbreaker but a few safety things – but more so, we asked for more information on the house itself. When was it last sprayed for termites? What year was the roof replaced? Where do those mysterious cords in the attic lead to?
We were told that they would not be disclosing any information, nor paying for anything additional. Not a big surprise (we had a previous radon inspection that required a mitigation system installed and they were unwilling to even believe that radon was a real thing) but for Robb, to be told to sit in the corner and take his medicine was a hard pill to swallow. But he swallowed it.
“It’ll all be just a thing in a few months,” I told him. Just a drop in the bucket. A forgotten memory in a few years.
Soon the house will be ours.
Soon we can make this house a home.
Edit: I did want to quickly add that we are less than a week from closing, maybe. Our bank has been working on our loan for almost 5 weeks but have been the absolute worst to work with, worse than the sellers. No communication, no follow-up… we heard on Thursday that something we submitted THREE weeks ago may not be sufficient… but alas… it looks like that was just someone not doing their due diligence and taking the time to read the document (whew).