4 years ago, I offered for a house in queens with 740K, a chinese buyer offered 770 cash. I backed out as there is no way i can compete with someone who can pay that much money with cash. That property currrently is valued at 1.4 million. And that is the story of my life.
It is not overvalued - you are just competing globally - which makes it very tough... just have to have a little bit of luck on your side sometimes.
By luck i mean if for that house there were no outside cash buyer, the owner would have countered my offer and i would have gone up maybe another 15 to 20K and settled because i really liked that house. But with the cash buyer it becomes a bidding situation - and I wasn't gonna win with my w2 earnings against those type of investors
