Bully Selling....

When I first started to look for a condo I was so incredibly excited but within a month or two it had grown steadily sour. It's not easy finding property to buy! My Uncle and I have gone and seen quite a few places and today we put in our second offer. I have no idea what the hell is going on, but the price which people are willing to pay is astronomical.

The question that we've been asking for every unit we see or choose to put an offer into is, "how much is it worth?". Is it worth the $270k, or $260k it's listed for? Or even that unit that's listed at $239k? Well honestly it doesn't even matter becuase everything I've ever been interested in has sold for $20k-$30k more than what I have offered. I guess the question we should be asking is, "how much will it take to get this place?" But is that even the right way to go? There is a large group of people who are rushing to buy because they like me still have their low interest rate locked in. However, even with that low rate, are they seriously gettinig ahead and getting a good deal if they pay $30k over asking?

I'm going on vacation soon, so it's not that feasible to buy a place next week and be able to complete the paper work efficiently. I'm planning on looking in August for the month, but after that I will have to take a break until October since I will be in Edmonton in September for work. I'm sure the math and time will work in my favour. If interest rates are slightly higher and no one is looking to buy, then I could probably get a good deal on a unit.