Should I overpay for a good house?
Need opinions!
I'm buying in a major city that is relatively low cost of living. The market has low inventory and good houses usually fly off the shelf, especially in Spring / Summer. Now in September, it has noticeably cooled down, with houses sitting for longer and prices reducing.
I'm eyeing a house that's been on the market for 2 weeks, likely because it is overpriced. The house is priced at ~5-10% above comps in the neighborhood. The house itself is excellent - it is technically a remodel but everything in it is new except for the foundation and exterior brick. The inside is also very smartly laid out and has lux finishings.
We have been looking for months and feel like everything else we have been seeing around the city may be at comp but typically need minor to major updates and also weird layouts etc. Whereas this house is exactly as we want it.
Would you guys overpay by 5-10% for a terrific home that is turnkey ready, essentially new, great neighborhood with large lot size, and just to be done with the process? We plan on staying in the home for at least 10 years. I'm worried about it taking a while for comps to catch up, given the house will get older as we live in it.
Please help with:
Make me feel at ease about doing this?
What are the considerations of overpaying that we should keep in mind?