Submitted by keptalpaca22 t3_10jni29 in Connecticut
My wife and I are trying to buy a house in northern Fairfield/New Haven or lower Litchfield county. Towns like Brookfield, Newtown, Bridgewater, Southbury - that area. We have seen a ton of houses over the last 6 months as we got our finances in order and just recently are in the position to strike. This past weekend we made an offer of $540k with 15% down on a house that was listed at $525k and didn't get it. We aren't willing to waive inspections and the like. According to our realtor it sold for over $600k, which is insane for the size of that house and the piece of property. She also said there was 18 (!!!) offers.
This is now the 3rd house in the area we've lost out on, all of which sold for substantially over the asking price. Not to mention there are another 17 buyers (at least) still looking for similar houses in the area. This seems insane and unsustainable. Does anyone with more knowledge in this area have any foresight into what's going to happen here? These homes are already going for nearly double what they sold for 5-10 years ago. It makes me sick to my stomach to think about overpaying like that, but we are equally sick of paying rent. We moved out of lower Fairfield county a couple years ago when our rent hit $4000/month so we pay less now renting up in the hills but we'd love to own a home of our own. Maybe I just need someone to commiserate with...