Miami Herald (Sunday)

Have you noticed buying a home has become just like an Olympic sport?

- BY ANA VECIANA-SUAREZ Tribune Content Agency

Back in the day, a friend and I liked to pop in on open houses in the neighborho­od. Neither of us intended to move, but changing our address was not the point of these excursions. We were snooping around to find out what houses were going for in the neighborho­od.

Our interest has not waned, but we’ve been unable to perform our busybody duties. By the time we react, the real estate agent has already stuck a big SOLD on the original FOR SALE sign. Where I live, and apparently everywhere else in the country, houses sell within hours of being put on the market. Many go above asking price.

Buying a home has become an Olympic sport, requiring agility, speed, endurance, and a whole lot of money. Having an offer accepted is cause for celebratio­n. I know this because in the past month, just as interest rates were hiked, three families in our circle won the nail-biting, nervewrack­ing bidding war.

After many rejected offers, a few tears and a lot of heartbreak, one young couple was finally able to purchase a home on the outskirts of Seattle, one of the most expensive housing markets nationally. They paid almost 30% above the eye-popping asking price, which was more than most people’s retirement nest egg. No matter. The couple is ecstatic.

However, her mother, my friend, secretly swooned with worry. So many zeroes on a mortgage note is scary, especially when the house needs a complete makeover to bring it into the 21st century.

Around the same time, my younger brother reported that after months of looking and losing to deeper pockets, his offer on a two-bedroom condo had been accepted. It wasn’t exactly what he had originally wanted nor in his first-choice neighborho­od, but he had to adapt to the realities of the market. In the end, he triumphed because he was relentless in his search.

“It was like having a second job,” he admitted, “and not being very good at it.”

Scoring a home has become so competitiv­e that prospectiv­e buyers have gone to great lengths to make their offer stand out. If you can’t make an all-cash offer on a $500,000 “starter” home, creativity helps. Aggressive creativity is even better.

This “creativity” turned out to be such an issue that last year Oregon became the first state to pass a law preventing real estate agents from forwarding personal pitches to sellers. Legislator­s feared “love letters” could include details about people’s lives that violate state and federal fair-housing rules. However, a judge recently blocked this ban, which means homebuyers can return to waxing eloquent for attention. Apparently, anything is fair in love and war and residentia­l real estate.

One seller I know received a basket filled with gastronomi­cal goodies from an eager buyer angling for a deal. Unfortunat­ely, it didn’t work. The seller went with the highest offer — but he did enjoy the wine and the fine cheeses.

“Sure, I felt guilty,” he admitted, when I asked him, “but for maybe half a second.”

Sometimes the personal touch does work, triumphing over the cash-is-king movement. Connected through the woman who cleans their houses, the son and daughter-in-law of family friends took the sellers to dinner. They showed off photos and videos of their new baby, pleading their case in a clever manner. The emotional connection paid off. They got the house and, from what I can tell, everyone is living happily ever after.

We’re not buying or selling, but this super-hot market has been something of a boon for me — and I’m not referring to price appreciati­on, either. Because of the frenzy, I’m no longer whining about too-small closets, or too few mature trees, or a back patio that faces the blazing sun as it sets No, siree, no. I’m appreciati­ng what I already have, quietly relieved that all this craziness has passed us by.

Ana Veciana-Suarez writes about family and social issues. Email her at avecianasu­arez@gmail.com or visit her website anaveciana­suarez.com. Follow @AnaVeciana.

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