Has anyone had difficulty buying a House during the Pandemic?

Has anyone been experiencing difficulties buying a house? We’ve been looking at buying a home and have been saving for the down payment for the last three years. We were getting ready to take the plunge this year but with the pandemic the housing prices have remained quite high, with sellers unwilling to negotiate a discount. In many instances many of the houses are sold within the week of being listed, and sometimes even on the same day it gets put on the market being sold for asking price. I heard from family, friends and even a few realtors that a lot of the NY people keep coming into our state buying up the houses in cash. Houses that need a lot of work still are priced at inflated prices and it’s quite frustrating. Has anyone else been experiencing this? If so, what are you thoughts on it, and how have you overcome it? I’m at the point of wanting to possibly wait it out but am afraid it won’t go down for a while and we’ll be stuck renting for a few more years, and I’m more than ready to have a home and yard. 

2 Answers

  • 1 month ago
    Favorite Answer

    With interest at a rock bottom, real estate is hot and there is no need for a seller to do any special negotiating. 

    It depends who is going to be in the White House in 2021 that will dictate prices for next year.  Until then expect interest rates to remain low which create a difficult market to buy into. 

  • 1 month ago

    Honestly, the market has been like that for a while, properties that are priced right are selling very quickly. I recommend subscribing to a feed that sends you properties that match your criteria every morning. Get pre approved for a loan, otherwise you are wasting your time. And be ready to move NOW when an acceptable house comes up. I lost a good deal on a commercial property because I was a few days late on deciding to buy.

Still have questions? Get your answers by asking now.