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Rant: the craziness continues

I’m of the opinion that this craziness isn’t sustainable. I’m not sure it will ‘crash’, but at least ‘correct’. With that said, I’m still looking for a house (on my own terms, not buying completely into the FOMO stuff).

I’m in what always was a MCOL market that has turned into a quasi-HCOL market as a result of COVID. Starting around September, there were signs that things were slowing down, or so I thought.

A few weeks ago I made an offer on a house listed at roughly 450k. It has extensive mold issues that need to be remediated and other deferred maintenance. Local comps (inflated comps of course) supported around 540k for this house. So that’s what we offered, thinking that basically 20% over would be enough to finally be done with this infuriatingly frustrating search.

We were told that not only was our offer rejected, but we weren’t even competitive. And then a few days ago, the house closed for 639k. So just over 40% an already-inflated asking (they paid 430k in 2019). With extensive mold issues and deferred maintenance.

I don’t even know what to do anymore. We need a house, but this just feels like a “who’s willing to be the dumbest” contest.

submitted by /u/SpamInACan78
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source https://www.reddit.com/r/RealEstate/comments/qj12ub/rant_the_craziness_continues/
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