Sucks. Not a good time to buy that is for sure. 2-3 months ago I made an offer on a house a couple miles from primary residence looking to increase my stock of rental properties. The house need minor TLC but since it was so close by, and I like doing that sort of thing it seemed like a good option. I made a full price offer the first day it was on the market with an option to increase my offer by 20k depending on other offers. More than 8 offers came in that first day. Someone else got it.