LOCKPORT, N.Y. — Buying a house is proving nearly impossible for people like Jessica Russell, who has had her eyes on the market for over a year.
"I didn’t think it would be like, this long. But then again of course, the pandemic happened so that makes it all different as well," said Russell.
She and her realtor James Soliday have put in offers on four houses in Niagara Falls, NY; one of which was $15,000 over asking price. They have been outbid every time.
"You know when you get the phone call after you place the bid, you almost are expecting to hear the 'no,'" said Russell, whose optimism overshadows any inclination of disappointment.
She insists she knows her home is out there, and every time she is outbid, she finds a house that is a little bit better.
Soliday says with the COVID-19 pandemic, mortgage rates are at an all time low and people are buying homes that would normally be outside their price range. He has seen people place bids for $50,000 more than the asking price, often more than the home is worth, and foregoing inspections.
Soliday and Russell say they will just keep searching until they find the right home for the right price so Russell can finally have a place to call her own.
We have some tips for people who are trying to buy a home in a seller’s market.
Forbes suggests expanding your search.
Home prices are always higher in the hottest neighborhood, so try looking a little farther away from the most popular places.
Second, customize the offer to the seller. Try tailoring your offer to meet the needs of the seller, such as closing earlier or later.
Also, don’t even bother with a lowball offer. You’ll just waste your time.
Try waiving the mortgage contingency. That only adds uncertainty for the seller.
You can also try making an all cash offer. They typical close faster.