We’ve all heard about it by now: Houses are selling like crazy (and they have been for quite some time now), interest rates have been at all-time lows, and it seems like everywhere you turn, you learn of another wild real estate story.
So, earlier this month, we asked to hear yours.
Here are seven responses we’ve received so far from viewers and readers, that we thought helped paint the picture.
- “We made an offer on a house and offered over $100,000 OVER asking price. They still chose a better offer than that. We found out later that it sold for $115,000 over asking, all cash. We finally got our dream house though, and our little bungalow sold for $30,000 over asking, so it all worked out for us!”
- “We were buying, (and we) closed June 3, 2019. We sold our previous home in December to save for the next one, then COVID hit, then the market went OFF. We were still saving away, unsure when we’d be able to get back in the market because prices were climbing and climbing, until a home of someone we already knew was going to become available. We were able to purchase off-market and negotiated with no Realtors. Appraisal came in about 15% OVER purchase price. We were very lucky, not having to compete in this market and found our dream home without having to overpay, and ahead of our previous schedule -- an unheard of deal in this market.”
- “We got REALLY lucky buying our first house. I found out I got put on a permanent contract, so I was eligible for a mortgage on a Friday. Had a showing by Saturday night, and an offer in on Sunday. Thankfully, I got the offer accepted, but we had to pull out all the stops (paid over asking and agreed to pay the difference above appraisal).”
- “We sold our home to a cash buyer, sight unseen, with no inspections or contingencies for $250,000. We bought a home listed at $370,000, offered $410,000, the offer was put in same day as (it was) listed, with the appraisal contingency waived. To be fair, however, it was listed by a trustee for the deceased original owners’ estate, with no sales history, no good comps in the area, and our mortgage underwriters ended up appraising it at $440,000. Several Realtors agreed that the trustee dumped it at too low of a price, and if they had been willing to do a bit of cleanup and presentation prep, it should have listed for at least $425,000, and could have easily been bid up to $460,000. So, while we bid 11% over asking, somehow we still managed to get what I consider a good deal in this market. We sold our old house in February and closed on the new one in May.”
- “On our second home, we paid $70,000 more than asking.”
- “We sold our first house for about $20,000 more than I thought we’d be able to, in late July 2020. We found our perfect new home, and offered $5,500 more than asking, and it was accepted. We found out later that another buyer offered $10,000 over asking, but their offer was rejected because their offer was contingent on their selling, and they didn’t yet have their house on the market.”
- “We sold our house in Westland (Michigan), and bought in West Bloomfield. We sold our house privately and didn’t list it. We put bids on six to seven houses in Livonia and overbid $30,000 to $40,000, guaranteeing $25,000 to $30,000, and were always overbid. Finally, an offer was accepted on a house that we bid up to $40,000 over asking, but because we had an escalation clause and did no inspection, our offer was accepted for $25,000 over asking.”
Responses were anonymous, for privacy reasons. People had the option to leave their names and locations, but the majority of answers were nameless, so we chose to omit identifying details. Some responses were edited for clarity or length.
Want to share your home-buying or selling story? It’s not too late! Here’s a link for that.