DUVALL, Wash., July 23, 2021 /PRNewswire/ -- Despite a healthy budget, free place to stay, and flexible time frame, first-time homebuyers Ben and Dani Graf went $65,000 over budget on a house in need of serious renovation after months of striking out in the blazing Seattle metro area housing market.
While strong buyers on paper, the Grafs are among many first-time homebuyers navigating unprecedented homebuying conditions that force buyers to make drastic compromises.
The Graf's desired location within the Seattle metro area boasts a median 5.2 days on market and $742,000 sale price.
After an arduous search, the Grafs spent $565,000 on a house that clearly needed repairs and met too few of their requirements.
"In the back of our minds we know this house is hardly worth that much, but that's where the market puts it," Dani said. "It felt like we didn't want to offer that much, but felt like we had to."
The renovation turned out much larger than expected, and four months after closing the family has yet to spend a night in their home.
Despite the hardships, the Grafs are happy to be out of the housing market and consider themselves lucky for being able to buy at all. A comparable house nearby just sold for $630,000, which validates their purchase and even makes it look like a bargain.
While unique in many ways, their story points both to the extreme market conditions and the unwavering post-pandemic demand for housing nationwide.
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