This must be some sort of housing bubble again

[Anonymous]

My husband and I are in the market for homes in the Falls Church, Annandale (west of the beltway) and Fairfax area in the under $600,000 range. We put an offer on a property at asking, with no subsidies asked, closing when the seller wanted. There were two other offers on the house other than ours and we did not get the house.....even at asking price we did not get the house. We asked for no closing costs or anything. It was a straightforward offer giving them everything they had initially asked for and it was still not enough. How is this not a Realestate bubble then? I am so frustrated with this current market. Multiple offers and bidding wars, properties going for above asking. It's 2007 all over again.

[Anonymous]

Lots of competition in that price range for those school districts. Sorry.

[Anonymous]

Some sellers price low on purpose to get the price bid up. If a house seems like a really good deal, this may be the reason.

[Anonymous]

We are looking in a nice area (but bad schools) for around 650k and are also seriously frustrated. I think we're going to keep renting rather than play this game.

[Anonymous]

Just b.c you offered what they asked for and did not get it does not define a bubble.

What were comps?

What did you agent recommend?

[Anonymous]

Anonymous wrote:My husband and I are in the market for homes in the Falls Church, Annandale (west of the beltway) and Fairfax area in the under $600,000 range. We put an offer on a property at asking, with no subsidies asked, closing when the seller wanted. There were two other offers on the house other than ours and we did not get the house.....even at asking price we did not get the house. We asked for no closing costs or anything. It was a straightforward offer giving them everything they had initially asked for and it was still not enough. How is this not a Realestate bubble then? I am so frustrated with this current market. Multiple offers and bidding wars, properties going for above asking. It's 2007 all over again.

Just because you can't afford to live in the most expensive neighborhoods doesn't mean there's a bubble.

Bubbles are driven by irrational behavior and weak fundamentals. Before, any schmo could get a mortgage.

Now, lending standards are a lot tighter, the economy is stronger, and the price appreciation has been perfectly rational. There's no bubble.

Sorry.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My husband and I are in the market for homes in the Falls Church, Annandale (west of the beltway) and Fairfax area in the under $600,000 range. We put an offer on a property at asking, with no subsidies asked, closing when the seller wanted. There were two other offers on the house other than ours and we did not get the house.....even at asking price we did not get the house. We asked for no closing costs or anything. It was a straightforward offer giving them everything they had initially asked for and it was still not enough. How is this not a Realestate bubble then? I am so frustrated with this current market. Multiple offers and bidding wars, properties going for above asking. It's 2007 all over again.

Just because you can't afford to live in the most expensive neighborhoods doesn't mean there's a bubble.

Bubbles are driven by irrational behavior and weak fundamentals. Before, any schmo could get a mortgage.

Now, lending standards are a lot tighter, the economy is stronger, and the price appreciation has been perfectly rational. There's no bubble.

Sorry.

I think you are mean and unfair. This is not what she said at all. OP, I agree it's a strong "sellers market" if not quite a bubble. But I agree that asking price/no closing costs should be enough.

Carry on soldier. You'll find it.

[Anonymous]

Anonymous wrote:Just b.c you offered what they asked for and did not get it does not define a bubble.

What were comps?

What did you agent recommend?

Comps were at and below the price. Only two were above, but that was because both of them had more bedrooms (one had 4 and one had 5). The house we wanted was a 3br home, and many of the comps were 4brs still listed at or below the price asked. We thought it was fairly priced thus offered exactly what they asked for. We have a local trusted lender and I would say our offer was pretty solid. We didn't ask for anything extra, but obviously someone offered more. I guess we'll find out the final sale price when the house is sold.

[Anonymous]

I think it's more pent up demand than a bubble. There have been, and continue to be, few houses for sale - so its a sellers market.

OP, competing bidders on my house probably felt like you do - but there were 10 of them, and 2 of us had more than 30% to put down, waived all contingencies and were willing to escalate. That's how you win a house.

[Anonymous]

Of course, there's never a bubble, until it bursts.

There is a ton of overpriced crap on the market now that is just sitting. What is that called.

[Anonymous]

Anonymous wrote:Of course, there's never a bubble, until it bursts.

There is a ton of overpriced crap on the market now that is just sitting. What is that called.

"What the market will bear"

[Anonymous]

Anonymous wrote:My husband and I are in the market for homes in the Falls Church, Annandale (west of the beltway) and Fairfax area in the under $600,000 range. We put an offer on a property at asking, with no subsidies asked, closing when the seller wanted. There were two other offers on the house other than ours and we did not get the house.....even at asking price we did not get the house. We asked for no closing costs or anything. It was a straightforward offer giving them everything they had initially asked for and it was still not enough. How is this not a Realestate bubble then? I am so frustrated with this current market. Multiple offers and bidding wars, properties going for above asking. It's 2007 all over again.

I was going to ding you about your "Annandale (west of the Beltway)" aside, but a quick check suggests there's little in your price range in "Annandale (east of the Beltway)," either. Is Maryland an option?

[Anonymous]

Anonymous wrote:

Anonymous wrote:My husband and I are in the market for homes in the Falls Church, Annandale (west of the beltway) and Fairfax area in the under $600,000 range. We put an offer on a property at asking, with no subsidies asked, closing when the seller wanted. There were two other offers on the house other than ours and we did not get the house.....even at asking price we did not get the house. We asked for no closing costs or anything. It was a straightforward offer giving them everything they had initially asked for and it was still not enough. How is this not a Realestate bubble then? I am so frustrated with this current market. Multiple offers and bidding wars, properties going for above asking. It's 2007 all over again.

I was going to ding you about your "Annandale (west of the Beltway)" aside, but a quick check suggests there's little in your price range in "Annandale (east of the Beltway)," either. Is Maryland an option?

I'm sorry. I really didn't mean any disrespect with the west of the beltway comment. I guess I should have just said the Woodson highschool district. I two young boys and school districts weigh heavily on where we are looking. My husband works in DC, so we were hoping to get as close to the beltway to reduce his commute.

[Anonymous]

You might find more in your price range in Fairfax City or West Springfield/Burke if you can make those commutes work. The schools are comparable to your target zone.

[Anonymous]

We've been looking at the Burke and west Springfield areas, and have not ruled them out, but would prefer those other target areas if we can get them. I guess it all just depends on what comes on the market. This process has just been very frustrating. We've been looking for over a year, and last years crazy market really threw us for a loop (houses flew off the market at above asking with bidding wars and no contingencies) so I guess it'll be the same this spring/summer season. Sigh...it's exhausting.