Housing insanity, waiving contingencies, tens of thousands over asking, rents blowing up... is this hopeless?

Dallas family, I've been feeling hopeless about the housing market in DFW. We've been looking for a house in several areas, mainly Plano, Richardson, Garland, Allen, McKinney, Murphy, Sachse, Carrollton, Far North Dallas, the occasional house in Coppell that pops up in our budget, and the edge of Lewisville that touches Coppell. We want to stay in the $300-$350k price zone (paying for it on my income alone), but I feel like we keep getting pushed higher and higher because people are offering insane amounts over list price, in addition to waiving contingencies and including shorter option periods.

We’ve been at this since November. We see the houses, check the comps, evaluate the condition of the house and subdivision, and then we offer. We’ve always included full appraisal waivers in our offers (which scares the shit out of me), have offered $30k-$60k over asking, but nothing sticks.

Am I crazy for not wanting to do full appraisal waivers, or offering a billion dollars over asking? I’m offering 4 day option periods, but this seems like I’m treading on thin ice. My big fear is that by offering so much over asking, I basically lose out on my equity. If a house is listed for $375,000, I offer $425,000, but it only appraises at $375,000, I’m out $50k. It doesn’t go towards equity; it just evaporates into thin air. I’m basically bribing sellers to take my offer when you think about it, playing roulette when guessing what appraiser I’m going to get, and what final number they’ll come up with.

Oh, and if the appraisal gap is big enough, I guess that means I’m putting less down. Right? Which screws me out of even more equity.

I just want to know if there are other buyers out there that are as tired and demoralized as I am at this juncture. I’ve lived in DFW my entire life, and I have this sinking feeling that me and others out there are priced out. Are your experiences better? Have you been able to buy a house without waiving contingencies or donating a kidney?

I had a rough time after college, and I basically had to start over. I’ve worked my way up from mopping floors and serving food, paying off insane student loans, to eventually becoming a software engineer. And all along the way, the goalposts in this area keep moving, and moving, and moving, and moving.

I’m so frustrated with this situation, and with myself. I feel like a total fuck up for not “understanding” this market or being able to predict it ahead of time. And I also have a LOT compassion for people who are also struggling with rent and their homebuying journeys. It seems like a bunch of us are screwed, no matter how hard we try.

I don’t know what to do. Can any of y'all offer any advice or suggestions? Thanks.