My wife and I have been trying to buy a house for four months now and have lost six homes due to investors bidding over asking price. This is driving the price of homes and interest rates up at an incredible pace (at least in IL) and is forcing families to offer over asking price for a home. This will make it very difficult to sell the home at a later date when it was purchased for more than it is currently worth according to real estate comps for the area. If this keeps up history is bound to repeat its self with yet another crash in the housing market, not unlike 2007-8.
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