Samantha Hawkins had a clear vision for her first home: the 29-year-old from Austin, Texas, wanted a detached house surrounded by a yard for her dog, a garden and a stable space where she could put down roots.
By January, when she bid $230,000 on a tiny, yardless condo converted from a rental studio, she had “bent on a lot of the things I valued”. She found herself beaten by investors willing to pay cash far above the listing price, and buy sight unseen in gameshow-like bidding wars.
The 496-sq-ft condo was one of the very few Austin homes she could still afford as prices soared in January. Her offer put her among the finalists, but at the last minute, the seller threw a new curveball: the other bidders had signed an appraisal waiver. Hawkins needed more cash she didn’t have, so she “bowed out”.
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