When Andy Greene and his wife Jenna began looking for their first home together near Columbus, Ohio, they found themselves in a super competitive market.
“We would get a notification that a house went on the market. You had to go see it that night … you had to go the same day it was out,” said Greene.
They thought they found their perfect home early in their search and put in an offer. But they weren’t the only ones. The seller received 13 bids.
Despite going $10,000 above the asking price, the Greenes were not the winning bidders.
“It was a little defeating,” said Greene. “It made us wonder if we were actually going to be able to make it work and second guessing if we could find something we could afford.”
Rising home and rent prices can make it difficult for many first-time buyers and young people still establishing their careers to save for a down payment.
The Greenes, who both work full-time, saved $30,000 for a down payment, mainly by living off one income and banking the other.
They were tempted to increase their budget as they continued their search, but they stuck to their pre-determined limit. Finally, after three months of hunting, they found a house and had their bid accepted. They’re scheduled to close this month.
“We didn’t want to be in a house we couldn’t afford,” he said. “And we didn’t want to have to buy a house and dump money into it.”