A New Jersey couple made 15 offers and offered $65,000 more than the asking price for their dream home, yet their bids were exceeded.
Disgruntled potential homeowners Tim Khalil, 30, and Kelcie Lesko, 28, put offers on several properties in Monmouth County in hopes of purchasing their first home.
That dream was shattered when the fifteen offers they submitted were all rejected.
On their last attempt, they found a two-bedroom house with plenty of space and a backyard.
They told NBC Boston10 They felt it was the one and offered $65,000 over the asking price of $315,000. The seller shook their hands and said it was between them and another buyer.
Tim Khalil, 30, and Kelcie Lesko, 28, bid on several properties in Monmouth County in hopes of buying their first home. Those dreams were shattered when the 15 bids they submitted were all rejected
But again they were rejected.
Lesko told NBC 10 Boston: “It was like a slap in the face, telling us, ‘Wake up, this is not for you.'”
She said the housing market makes it nearly impossible for them to buy a home, even if they earn well and have stable jobs.
The couple has given up hope of purchasing a home for now and still pays just under $3,000 a month for their two-bedroom apartment.
Lesko did not immediately respond to DailyMail.com.
In Monmouth County, New Jersey, the average asking price for a home is makelaar.com amounts to a whopping $790,000.
New homebuyers don’t just have to worry about a mortgage. In New Jersey, property taxes currently sit at 2.26 percent, compared to the national average of less than 1 percent, according to SmartAsset.
Currently, the average price of a home in New Jersey is over $550,000, which is 151 percent higher than the average price of a home in the US.
Lesko said the housing market makes it nearly impossible for them to buy a home, even though they earn well and have steady jobs. For now, the couple has given up on buying a home and continues to pay just under $3,000 a month for their two-bedroom apartment. PICTURED: Marlboro in Monmouth County, New Jersey
In Monmouth County, New Jersey, the average home price on realtor.com is a whopping $790,000. Pictured: Beach along the Jersey Shore near Asbury Park in Monmouth County, New Jersey
But there may also be good news for young couples looking for a new home.
New Jersey, California and Illinois are on the verge of a home price crash due to high numbers of underwater mortgages and foreclosures, plus higher unemployment.
The counties with the highest risk of a crash in New Jersey are Essex, Passaic, Sussex and Union County.
Homebuyers may want to take advantage of a weaker market as down payments reach record highs.
New data shows the average down payment for U.S. home buyers is now a staggering $67,500.
Higher mortgage rates encourage home buyers to put down more money to soften the blow.
This, combined with rising home prices, means that down payments of more than $400,000 are now the norm in some US cities.