sanfranjones

We live in Dublin (East Bay CA), been here seven years now and got our green cards 18 months ago. Been trying to buy a house since then. They are like hens teeth around here. We've had to lower our expectations somewhat based on availability. With each bid weve increased our offer over the asking price. Today's bid will be $80k over the asking. The last house we were interested in the realtor suggested we offer $125k over the asking. WTF! It was forty years old on mid Dublin, and needed some work on it. I just couldn't bring myself to make that offer. Facebook and Google staff are turning up with cash offers, houses go in a couple of days after multiple offers. It's crazy and frustrating. I wish that our landlord would just sell our rented townhouse to us which is one minutes walk from our girls school, has pool access and five minutes walk from the park.

N1cky

Housing market is insane here, houses are selling within hours, with multiple offers, above asking price, and many are cash buyers

I dream of being able to buy a house here, we're still waiting for green cards, and I have no idea how we would gather a 20% deposit. If we were in a position to buy a house at the moment I would have loved a house listed a couple of weeks ago. However, it was listed on the Friday afternoon, with an open house over the weekend. The Trulia estimate was $1,271,000, and I think it was listed at $1,250,000. It sold with 21 offers for $1,501,000 (it was only 1,700 sq ft)

Bob

And then on the other spectrum. A gorgeous 4 bed, 4 bath house around the corner from us that's a smidge under 4K sq/ft has been on the market a little over a year and it looks in great shape and the price has lowered to $350K

It's had a $35K and $40K drops in price in the last 2 six month periods and sold 10 years ago for $450K.

It's electric heat though which is killing the place big time, but that's much better than oil I suppose.

WEBlue

Well, seems that house prices are officially moving upward all over the country! An article titled 'Home Prices Rise, Putting Country in Buying Mood' on the front page of the New York Times yesterday noted:

http://www.nytimes.com/2013/05/29/bu...it_th_20130529

sanfranjones

Well just heard from our realtor, we didn't get the house after bidding $70k over the asking. The winning bid was $130k over the asking, cash and they were renting it back to the current owners at below market rate.

Ozzidoc

We're also in San Diego, 92117 zip code.

Properties are in escrow within 3-6 days.

sanfranjones

they had 45 bids and it was on the market 4 days. Perhaps we should move to Texas.

N1cky

I've got a friend who has just bought in Pleasanton after deciding they couldn't afford/win anything here. They lost out on 2 houses, but yesterday had an asking price bid accepted on a house.

Giantaxe

I think part of the feeding frenzy is that mortgage rates are finally rising and people want to get in before they rise more. Realtors aren't exactly slow in peddling their "buy now or be priced out forever" line". Personally, I'm undecided whether the frenzy will last. I read an article last week about how one large investor has stopped buying because they feel there's so much "stupid money" being thrown at residential property. Otoh, foreclosures are way down in the west, so that's one factor that makes the market a lot more robust.

sanfranjones

Great news for them, we'd happily buy in Pleasanton. We've already bid twice there. Our problem is all the Silly Valley people buying up 'cause they cant afford down there.

N1cky

Sorry, I want them all to move out there, and then I might be able to get something here

Pulaski

Sorry to hear of your problem, it echos the problems I had in NY (NYC suburbs) in 2002-03 when the market was moving away from me and I couldn't buy because I hadn't been able to sell my house in London. After 8 months, and with no prospect of affording an acceptable house within a two hour (each way) commute we said **** it! and left.

sanfranjones

Very tempted, but would be hard to leave the CA weather now that we've he spoiled plus the Mrs just got a job here at our daughters school.

notonuksoil

We are in lower Westchester and its getting a little crazy here again now, we have finally had an offer accepted on a house after seeing 4 slip away from us in the past month with offers we were unable to compete with. Our competition is families moving to the burbs from the city with pre K children to get to a decent school district. We went to one open house and there were about 9 couples all with toddlers looking to move out of Manhattan.

Mummy in the foothills

Sorry to hear you didn't get it.
I hope things in our neighborhood are as fast moving, but I somehow doubt it. We are putting our little house up in a couple of weeks. (Dh is still doing touch ups)
Maybe we wil be back in UK in time to get Dd into school in September after all. That was the goal.