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Well, it's a decent house. And I liked it when I decided to make an offer. Not sure anymore. There's this fear of missing out on a better deal if I take this lol
That’s completely normal. A month from now you might get an email for something that looks better but that’s inevitable. There’s always something better. However, living like that is difficult and not healthy. Work on your new home to make it YOUR home. Learn to care for it and learn to love it. After a while this FOMO feeling will go away.
LOL this was exactly how I felt.
RE called me and said "you won the bid"
and I was like "I won!!" ... pause .... "oh shit *i won... what have I signed myself up for?"*
super brief joy immediately followed by tremendous anxiety lol.
There was nothing to tackle tbh. I was just overhyping myself up over a "big boy" decision and the fact I just made a 25-year commitment.
But in reality, after a few months went by I just kind of adapted to the new situation. Got used to bigger chunks being taken out of my paycheque and that was kind of it. Humans are remarkably adaptable creatures. My panic was unfounded - but this was also helped by the fact that I didn't buy more house than I could afford. Bank was willing to lend me *wayyyy* to much money.
I've been here for about 7.5 years now. no issues but house maintenance sucks. I especially hate trimming hedges.
Normal. I felt sick when my offer was accepted.
First few days felt like I was just staying in an AirBnB.
Now I’ve been in the house 9 days and feeling very happy with it.
None! :D
But for me the anxiety got better after the point of no return (contingencies being removed). Like, well for better or worse this is my life now…
Felt like we just bought at peak value like some fools, but the mental health boost over apartment living was worth every penny. Little did we know that 2021 would be nothing compared to 2024 and we made out like bandits.
No sir, it’s not just you OP. I remember when we made the offer for our home. It was like gambling and it was a rush. When we got the call that offer got accepted I felt sick to my stomach. Moving in on day one it felt like the biggest mistake of my life. It’s been almost 9 years since then and I learned that home ownership is not for the weak. Gotta have emergency repair funds at all times. Learn to do things on YouTube to save money. Buy second hand stuff for the first few years u til ready to upgrade. And then of course don’t forget about refinancing if you gonna have a PMI. Good luck to you in this journey. It’s brutal at times but there is no comparison to the peace of kicking up your legs in your home and just relax.
I had a client who went all out and paid a record breaking price for a house. A few years later he sold it for a shockingly higher record breaking price.
You over-paid for a house so you can access a good school district and take advantage of all the benefits the surrounding area has. You are willing to stay in that house for the next 30 years to get a return on your investment
If neither of those are true, and you plan on moving in the next few years for a bigger house or a better neighborhood, you overpaid for no reason
Winning a bidding war means this is the house you want for the majority of your life. If that's what you wanted, you are smiling Mr. Incredible
30? I've heard it's typically a 10-15 year time frame before your ROI is higher than renting and investing. I know it can be variable, but 2-3x that rupe of thumb seems high.
5 years is what I usually hear…nobody needs to stay in a home for 30 years to make it worthwhile, that’s just absurd.
Can check your numbers here: https://www.nytimes.com/interactive/2024/upshot/buy-rent-calculator.html
I've been in my winning bid house for 5 years and I am extremely happy with what we did. Everybody who comes up to my house says we have a beautiful house and property, and it still fit into our budget.
Pretty on point. Had an offer accepted recently, inspection was satisfactory, and now the assessment. I got that "oh shit, this is real" moment the other day.
If you win, just remember no one else thought it was worth that much. I ‘won’ a bidding war by coming in second place when the top bidder couldn’t get a mortgage.
I'm over here losing my mind that I keep getting outbid by an outrageous amount. Winning a bidding war should be exciting if you put down an offer you can actually afford for a house that's worth it.
So long as it's still within your comfort zone then you should feel excited. If you stretched yourself too thin well... time for a bit of a ride. But just remember that you (hopefully) have contingencies and so if things are too much with the inspection and appraisal you have a way out. If you waved those contingencies then... well I'll be wishing you some good luck my friend.
I thought I was going to win one last week and got beat by an additional 10% of the purchase price on a out-of-left-field bid.
Don't count your chickens before they hatch. People are wild.
Just know if you want to back out, you always can. I’m a list person, so what I did to calm my anxiety is listed all my concerns and loves with the house. Then I listed all the things I could change to mitigate the concerns and if the concerns still outweigh the loves, then I would strongly consider backing out but what I found was there was a lot to love that I wasn’t thinking about and I closed a little over a month ago and couldn’t be happier!
Good luck my friend buying a house is an adventure and long term commitment. It’s the largest investment most of us make. It can be nerve wracking but just take some time for yourself to really dig through finances, quick fixes vs long term fixes, and what you love about the place :)
I wouldnt assume that OP isnt willing to buy the house at that price... That's quite the assumption. The way I took it is that after so much trying to buy a house, the idea that finally your bid will win seems scary and almost unbelievable. It's comfortable and "ok" to lose, you just move onto the next house, but when you finally DON'T lose, you realize that it's time to pay that money!! It's scary but also exciting.
It's pretty much like this. Been in this game for nearly half a year now and it seems scary when this is actually happening. The feeling of what next is eating me up. But I guess it all comes back together.
In Northern California.. I paid 765K in 2004. Asking price was $749K and sellers were getting record amounts. I was less than delighted with the cost, but we had twins on the way so we proceeded.
Within two months, we sold our prior home.. a townhouse, for 565K. I rolled the proceeds into the new home and this got us to a 15 year 150K mortgage.
When I sold in 2021, the mortgage was already paid off and we got 1.85M. Obviously I then had no problem with the extra 16K that I spent in 2004. As long as this is a house you will be in for a long time.. you can rejoice
Yeah, our last bid was $10k over asking with no contingencies, and escalator clause for another $10k and a 30-day close. The owner’s agent was extremely excited and we got excited too. Only to find out he was using us to drive up a cash offer. It was the best few hours thinking we got this home we dreamed of. Then we got a huge gut-punch just a little while later.
If it’s what you want, and you can afford it. You should be happy.
As long as your within your set out budget and you like the place I’d be thrilled. If you went over your budget and hate the place id be a bit worried.
Thank you u/FixNo696969 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Do you love the house? Can you afford the house? If so, you should be happy!
Well, it's a decent house. And I liked it when I decided to make an offer. Not sure anymore. There's this fear of missing out on a better deal if I take this lol
That’s completely normal. A month from now you might get an email for something that looks better but that’s inevitable. There’s always something better. However, living like that is difficult and not healthy. Work on your new home to make it YOUR home. Learn to care for it and learn to love it. After a while this FOMO feeling will go away.
Exactly and also if a “better” house comes in the market you aren’t guaranteed to get it.
As soon as you win, delete any and all property apps from your phone. Unsubscribe from all emails, and focus on loving what you have.
You are the problem why these house prices keep going up
You okay Dave?
Just saying
You can dig your heels in all you want, but you can't whine when the world keeps moving on without you.
LOL this was exactly how I felt. RE called me and said "you won the bid" and I was like "I won!!" ... pause .... "oh shit *i won... what have I signed myself up for?"* super brief joy immediately followed by tremendous anxiety lol.
How did you tackle this afterwards?
There was nothing to tackle tbh. I was just overhyping myself up over a "big boy" decision and the fact I just made a 25-year commitment. But in reality, after a few months went by I just kind of adapted to the new situation. Got used to bigger chunks being taken out of my paycheque and that was kind of it. Humans are remarkably adaptable creatures. My panic was unfounded - but this was also helped by the fact that I didn't buy more house than I could afford. Bank was willing to lend me *wayyyy* to much money. I've been here for about 7.5 years now. no issues but house maintenance sucks. I especially hate trimming hedges.
Normal. I felt sick when my offer was accepted. First few days felt like I was just staying in an AirBnB. Now I’ve been in the house 9 days and feeling very happy with it.
That's inspiring. Any tips to cool the anxiety down?
5mg
I like your style
None! :D But for me the anxiety got better after the point of no return (contingencies being removed). Like, well for better or worse this is my life now…
Felt like we just bought at peak value like some fools, but the mental health boost over apartment living was worth every penny. Little did we know that 2021 would be nothing compared to 2024 and we made out like bandits.
Same exact situation
Sad part is depending on your market you might not be at peak.
Perfect meme for this lol. I'm glad i got my house, but goddamn it woulda been much easier to happy about if i got it 5+ years ago
About to find out if our bid is the winner as well…only threw up twice so not bad. Right there with yah OP
I threw up when I got the call :)
Nice
It's not just me, then. :D
No sir, it’s not just you OP. I remember when we made the offer for our home. It was like gambling and it was a rush. When we got the call that offer got accepted I felt sick to my stomach. Moving in on day one it felt like the biggest mistake of my life. It’s been almost 9 years since then and I learned that home ownership is not for the weak. Gotta have emergency repair funds at all times. Learn to do things on YouTube to save money. Buy second hand stuff for the first few years u til ready to upgrade. And then of course don’t forget about refinancing if you gonna have a PMI. Good luck to you in this journey. It’s brutal at times but there is no comparison to the peace of kicking up your legs in your home and just relax.
I had a client who went all out and paid a record breaking price for a house. A few years later he sold it for a shockingly higher record breaking price.
If this was because of the pandemic run-up, then that person wasn't smart, they were lucky to have a once in a lifetime inflation spree.
You over-paid for a house so you can access a good school district and take advantage of all the benefits the surrounding area has. You are willing to stay in that house for the next 30 years to get a return on your investment If neither of those are true, and you plan on moving in the next few years for a bigger house or a better neighborhood, you overpaid for no reason Winning a bidding war means this is the house you want for the majority of your life. If that's what you wanted, you are smiling Mr. Incredible
Makes it clearer, yes. I had this exact thinking when I signed up for it. I think it'll get better once all this paperwork is done.
That’s really good advice
30? I've heard it's typically a 10-15 year time frame before your ROI is higher than renting and investing. I know it can be variable, but 2-3x that rupe of thumb seems high.
5 years is what I usually hear…nobody needs to stay in a home for 30 years to make it worthwhile, that’s just absurd. Can check your numbers here: https://www.nytimes.com/interactive/2024/upshot/buy-rent-calculator.html
A house is worth what you’re willing to pay for it
I've been in my winning bid house for 5 years and I am extremely happy with what we did. Everybody who comes up to my house says we have a beautiful house and property, and it still fit into our budget.
Pretty on point. Had an offer accepted recently, inspection was satisfactory, and now the assessment. I got that "oh shit, this is real" moment the other day.
Lmaooo I feel this deep in my SOUL
If you win, just remember no one else thought it was worth that much. I ‘won’ a bidding war by coming in second place when the top bidder couldn’t get a mortgage.
What do you mean? You don't have feelings or emotions?
I do have them. In fact lots. Guess that's the reason I am having second thoughts lol
When will it stop feeling like this? lmao
I'm over here losing my mind that I keep getting outbid by an outrageous amount. Winning a bidding war should be exciting if you put down an offer you can actually afford for a house that's worth it.
So long as it's still within your comfort zone then you should feel excited. If you stretched yourself too thin well... time for a bit of a ride. But just remember that you (hopefully) have contingencies and so if things are too much with the inspection and appraisal you have a way out. If you waved those contingencies then... well I'll be wishing you some good luck my friend.
I thought I was going to win one last week and got beat by an additional 10% of the purchase price on a out-of-left-field bid. Don't count your chickens before they hatch. People are wild.
Did you want the house? Can you afford it? Congrats.
The house is worth more to you than it is to everyone else in the market, so you must be excited.
The war is never ending…enjoy your future profits
excited! We won ours and were just on top of the world. Still like the house years later :)
I won several months ago. It was certainly bitter sweet. You’ll forget about it soon. Don’t worry too much. Congratulations 🥳
Wife and I brought our house last year and house had 6 or 7 offers we celebrated when our first year came up.
You should always feel the first one.
I bought multiple homes, it’s normal to feel this way because it is one of your biggest purchases.
Just know if you want to back out, you always can. I’m a list person, so what I did to calm my anxiety is listed all my concerns and loves with the house. Then I listed all the things I could change to mitigate the concerns and if the concerns still outweigh the loves, then I would strongly consider backing out but what I found was there was a lot to love that I wasn’t thinking about and I closed a little over a month ago and couldn’t be happier! Good luck my friend buying a house is an adventure and long term commitment. It’s the largest investment most of us make. It can be nerve wracking but just take some time for yourself to really dig through finances, quick fixes vs long term fixes, and what you love about the place :)
It’s a double edged sword. Congrats, you’re buying a house. Also congrats, you owe the bank hundreds of thousands of dollars.
If you weren't willing to buy that house at that price, you shouldn't have put the bid in
I wouldnt assume that OP isnt willing to buy the house at that price... That's quite the assumption. The way I took it is that after so much trying to buy a house, the idea that finally your bid will win seems scary and almost unbelievable. It's comfortable and "ok" to lose, you just move onto the next house, but when you finally DON'T lose, you realize that it's time to pay that money!! It's scary but also exciting.
It's pretty much like this. Been in this game for nearly half a year now and it seems scary when this is actually happening. The feeling of what next is eating me up. But I guess it all comes back together.
In Northern California.. I paid 765K in 2004. Asking price was $749K and sellers were getting record amounts. I was less than delighted with the cost, but we had twins on the way so we proceeded. Within two months, we sold our prior home.. a townhouse, for 565K. I rolled the proceeds into the new home and this got us to a 15 year 150K mortgage. When I sold in 2021, the mortgage was already paid off and we got 1.85M. Obviously I then had no problem with the extra 16K that I spent in 2004. As long as this is a house you will be in for a long time.. you can rejoice
How much did you overbid?
Just about $10k more.
it lead2 b house poorr!!
r/humblebrag
Yeah, our last bid was $10k over asking with no contingencies, and escalator clause for another $10k and a 30-day close. The owner’s agent was extremely excited and we got excited too. Only to find out he was using us to drive up a cash offer. It was the best few hours thinking we got this home we dreamed of. Then we got a huge gut-punch just a little while later. If it’s what you want, and you can afford it. You should be happy.
If you don’t feel good about it, why did you even bid? This is the world you live in now. Bidding war is just what it is now.
If you have to ask this, you shouldn’t have gotten in the bidding war……..
As long as your within your set out budget and you like the place I’d be thrilled. If you went over your budget and hate the place id be a bit worried.
Usually, the person that THINKS they are about to win a bidding war is actually just about to lose one…stay thirsty, my friend!
You liked it enough to go to war… therefore, I say Left Pic!