Fiance and I entered the home-buying market a few weeks ago and have since put in 2 offers - one for $31k over asking (had 16 offers) and one for $46k over asking (23 offers) and didn't have luck with either.
Is this the worst possible time in history to purchase a home? Interest rates are going back up, demand is still there and supply is still extremely limited. For context, we're in Kansas City and I personally, through people applying to open positions at my job, have seen a huge increase in people from LA/SF/Chicago/DC/NYC wanting to move here and work remotely.
At some point the demand will slow, right?......right? If we continue increasing our offers above asking, we risk having to put down the $ if appraisal comes back low, but that's just the environment we're in.
Looking for any insights, tips/tricks, discussion on the topic. Also if you know anyone in KC selling their house, feel free to PM me 😁
EDIT: The people that won the two houses we offered on both waived inspection completely.
Is this the worst possible time in history to purchase a home? Interest rates are going back up, demand is still there and supply is still extremely limited. For context, we're in Kansas City and I personally, through people applying to open positions at my job, have seen a huge increase in people from LA/SF/Chicago/DC/NYC wanting to move here and work remotely.
At some point the demand will slow, right?......right? If we continue increasing our offers above asking, we risk having to put down the $ if appraisal comes back low, but that's just the environment we're in.
Looking for any insights, tips/tricks, discussion on the topic. Also if you know anyone in KC selling their house, feel free to PM me 😁
EDIT: The people that won the two houses we offered on both waived inspection completely.
