It’s definitely a very hot housing markets for sellers in the U.S. My partner and I were lucky enough to buy an old fixer-upper just before the pandemic hit. Like much of the rest of the country, here in Twin Cities, any decent house will sell almost immediately and go for quite a bit over any reasonable asking price.
That said, we foresee us outgrowing our little bungalow in a year or two. The thing is, even if we find a bigger house we can afford, we don’t have what it takes to be competitive in putting in a bid – i.e. put up a 20+% down payment, forgo inspection, etc. We’d have a chance if we sell our current house – we could use our marginal profits toward the aggressive down payment. But if we do sell our current home, we’d have no guarantee we’d win the bid on another one. Currently, the possibility of being stuck in between selling/losing our current home with no guarantee of a new home is not worth the risk. So, for now we’ll stay.
Is anyone else in a similar situation? Is waiting till the housing market becomes more favorable to buyers our best option? Then we’d risk losing a bit more when we sell… Quite the catch-22.
