Pinky Abrenilla and Chip Fernandez spent four months touring almost 100 open houses, lost bids every other week, and collected a novella’s worth of disappointments before finally landing an $…
Rising home prices. Growing demand from first-time buyers. A near-record-low number of homes for sale. Bidding wars flying $1 million over asking prices.Affordability has neared all-time lows, with home prices climbing far faster than incomes.
They spent four months touring almost 100 open houses, lost bids every other week, and collected a novella’s worth of disappointments before finally landing a $788,000 fixer-upper in Concord. Abrenilla doesn’t love the neighborhood or the $60,000 in needed repairs. But it was better than most of their other choices.CONCORD, CALIFORNIA - MARCH 17: Chip Fernandez, of Concord, and his wife Pinky Abrenilla, examine the outside of their newly purchased 1,492 square feet home in Concord, Calif.
CONCORD, CALIFORNIA - MARCH 17: Pinky Abrenilla, of Concord, and her husband Chip Fernandez stand in their master bedroom of their newly purchased 1,492 square feet home in Concord, Calif., on Thursday, March 17, 2022. Abrenilla and Fernandez have been looking for a new home since November 2021 and had placed over eight bids on previous homes before settling on this $788,000 fixer-upper.
Historically, the busiest home-buying season is spring and early summer. Wei expects inventory to pick up, but maybe not enough to satisfy all the buyers in the market. But, he said, the frenzy has returned. Sethi received offers this month for two homes he hadn’t formally put on the market, both for more than $300,000 over the initial asking price. The sellers waited to hold an open house before accepting a deal.
He estimates he looked at more than 30 properties with the couple. “They had to manage their expectations and change strategies a few times,” Rubenstein said.
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