I did it. I have no idea how, but I did it. Many rejected offers and a few tears later, in the craziest market I could have possibly imagined, I managed to buy a house! The process was grueling, often leaving me feeling like I took on a 40-hour a week position just to stay on top of the market. If you also find yourself looking for a home in this unfortunate market for buyers, you should be aware what you’re getting yourself into.
It is incredibly important to be prepared by knowing what the market is like in your city. For example, in Minneapolis the market is on fire, which is raising all sorts of concerns around the city. This article, from The Associated Press, discusses the lack of homes in supply, high demand on materials for new builds, and skyrocketing prices. These are problems being faced by most major cities all around the United States right now, but you should do your research to find if anything different is happening where you are. If you happen to be looking in a suburb or even somewhere more rural, the market could be more volatile or more calm, depending on location.
It also important to consider the future when deciding if this is the right time to buy. The article linked above mentions how buyers are often being pitted against each other through insane tactics, which is driving prices higher and higher. However, the market will not always be this way, leading many to believe that prices on houses have inflated too quickly. If you are someone looking to stay in a house long-term, right now might be an alright time for you to buy. Prices will even out overtime and you likely won’t end up losing value. If you are looking to live in the home for a short amount of time and quickly resell though, you run a higher risk of losing money.
What the decision ultimately comes down to, however, is what is best for you. I am just a person on the internet who decided to make the crazy jump into this market at a very weird time. If you think you want to, and you can handle it, you should do whatever is best for you. Just make sure to do your research first!