Why are agents saying this and why are they wrong? First and foremost: unless you just randomly decided to spend a $100k for a house it’s automatically FALSE. Why does a anyone spend more than list price? Competition. Other offers. Aka the market. The going rate on a house is rising because of competition and desirability. A buyer wants the house so bad they’ll pay more than the rest AND there are numerous offers coming in to beat. That’s not overpaying, it’s paying what the market is saying is its value. 💵💵Value is determined by what a buyer is willing to pay 💵💵but agents and appraisers were so stuck up their own rears to see it because most of them had never seen anything like it; basically refused to believe it was happening; and yet it did…..for two years. That’s a market all its own. That is not overpaying that is nearly 1,000 days of consistency of buyers paying whatever the market competition is requiring of them. That’s how comps are made and how prices are set: supply and demand. No such thing as overpaying.

NEXT, most people didn’t pay anywhere near $100k over but even if they did it’s because the house was best for their needs and they will be in it for YEARS to come. Aka when they sell the market will be even more valuable then and they’ll still have plenty of equity. The average though “overpaid” $40k but STILL and WILL keep that equity and have even more a few years from now if they sell. Again, NOT overpaying. At all. So stupid what these “top” (self proclaimed) agents are saying. Third, do the MATH. 7% interest over 3% is more than DOUBLE which means a huge payment for a smaller, lesser house ON THE SAME BUDGET AND PAYMENT. Let. THAT. Sink. In. FACTS. Not BS. FACTS.

Always buy the house and pay what you are comfortable and shut everyone else up. The end.