“That is the thing though, yes it does suck, for many more people then just you and CAR. I can tell you I have had many many buyers who have been outbid like you guys. Same story.”
At some point I think there is a little over-dramatization going on here. The market is a hundred times better for long-term buyers now that in was 5 years ago considering current prices and interest rates. There are certainly great deals out there even for a typical organic transaction. I think the problem is when you compare the deals that the flipper is getting at the TS sale (probably mid to late 90’s nominal pricing in most cases), then the great deals that are out there for the general public look pretty lousy.
I remember looking at houses in mission hills back in 2001. With the current prices, available selection, lack of buyer competition, and ultra-low interest rates, I am reasonable confident that buyers are better off with today’s market than the market of 2001 if they plan on holding for the long term, have a steady job, and have the savings to pull the trigger.
Here is an example of a house I put a bid in back in 2001
The house was in turnkey condition and on a prime street. But the reality is that the place I just bought last year for a similar price blows this one out of the water in all aspects except condition of house.
I realize that for certain price points and certain school districts prices have stayed high but for most buyers in SD it has been a bonanza and conditions are only getting better for buyers.
