I live in what used to be a very affordable metro. After years of saving and getting out of debt, I am finally able to buy a house. Well I would have been under

I live in what used to be a very affordable metro. After years of saving and getting out of debt, I am finally able to buy a house. Well I would have been under normal market conditions. When I moved to my neighborhood 7 years ago the average price of a 1500sqft home was 130K. Prices on those homes have gone up slowly up over the years but the last 18 months where price have skyrocketed. Those same homes are now being listed for 240-250k and closing above asking. I've had multiple realtors in my area tell me, that unless I have an extra 50k available beyond my down payment it is unlikely that I will be able to buy right now. Why? None of the houses are being appraised for as much as they are listing, so you have to cover that gap and then you will want to offer 20K+ over asking to make sure you get the house. The last few homes that I have looked at already had offers on them before they were put on the market. These homes open on a Saturday and close Sunday evening with 15-20 offers. And who exactly are getting these homes? Out of towners, usually from the west coast, with cash only offers.