Is It Nearly Impossible For People To Buy A House In Kalamazoo?
As someone who's starting to give buying a house a hard look over the next few years, it has be a little concerned that I'm seeing so many people in my age frame talk about how impossible it is to buy a house in Kalamazoo. Right now in Kalamazoo it seems that it's totally a sellers market in real estate and people are constantly getting out bid by outrageous amounts when applying. Recently on a Reddit feed, someone felt the need to vent, and it was met with a lot of people who feel the same way:
My missus and I are trying to buy a house. We put an offer in for a cute 2 bedroom on the east side of town. We were outbid by someone offering $40k above asking price with no inspection required. Nearly every single offer so far we have gotten outbid, or tried to compete with someone offering straight cash. Like, I can't compete with that unless I go over budget, which I'm not going to do. Seriously though, how long is this going to last for? A year? Two? Five?
It turns out a lot of people are going through the same issues:
It took my wife and I almost a year to finally snag a house last summer. Same story, being outbid by people paying cash and offering way over asking.- EdgarAlanGrier-
My wife and I just offered $60k over asking on a foreclosure and didn't get it.- theycallmeflappy-
I'm an appraiser and I'm shocked. I saw the first ever reverse concessions recently. Buyers bringing cash to the table to cover sellers costs. I'm also seeing all kinds of offers that say will pay cash above appraised value. It's insane.
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