Buying a home for the first time has become an incredibly daunting and demoralizing experience for many. With houses being priced at 240k in 2021, and interest rates at 3.4%, many first time buyers thought they could afford a lot more for their money – only to have their offers consistently rejected.
The market has become so competitive that even bidding 30k over the asking price isn’t enough to secure a property. This morning, for example, I was outbid on a 1 bedroom, 1 bathroom, 1,200 sq ft house for 270k – a price that was 30k over the asking price.
The frustration of seeing the same amount of money not going as far, and the feeling of losing out on a home that could have been perfect for my family is incredibly demoralizing. What am I supposed to do?
Many people in my area are feeling this same sense of hopelessness, as there are barely any houses getting listed anymore. We experienced the same thing when we purchased our house in 2021, but the situation has only gotten worse since then.
We eventually ended up getting our house from a for-sale-by-owner listing on Facebook Marketplace, after losing 10+ bids to cash buyers. I would advise other first time home buyers to check the ‘other’ tab on Zillow too, as this might be the best way to secure a house in 2021.
It’s easy to become completely apathetic to the entire process of house hunting when it feels like such a miserable experience. Thankfully, there are still some ways to secure a home, but it’s important to be aware that you may have to make alot of offers and check all available options before you find success.