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Hi there, currently house hunting with my partner. It all depends on your financial situation at the end of the day. We’ve been saving for 3+ years to be able to finance at 15-20% down with a conventional mortgage. This has opened up our options in terms of the quality of the houses we’ve toured and bid on. With that in mind, our house search started off with a “starter home” mentality, but we quickly realized that based on our projected incomes and expenses, we need to buy a house that will serve as our home for the next 5-10 years, if not longer. This is due to the high interest rates and the bidding wars you are forced to accept. All of our bids have been 10-25k above asking and we are always outbid by higher offers or all cash with no contingencies. It’s honestly been a process that we don’t enjoy at all. So, we want to make sure we get THE house and bid as high as possible to force our way into ownership. Luckily, we don’t have kids or expect to have any in the next few years (or maybe ever?) so it gives us flexibility with our timeline, so consider what’s best for your future self in those next 2-3 years. Good luck!
Thanks for sharing your experience! I think this is the realization I’m coming to as well, which means it doesn’t make sense until we’re settled in a location we think we’ll stay in for longer than a couple years.
for these homes is really high (i.e., higher than the mortgage we’d be paying on a similar house if we purchased). Everything I’ve read says not to buy if you don’t plan on staying in the home for 5-10 years. But I’m wondering if in my situation it actually makes sense, or if my emotions are clouding my judgement because I really want to buy a house.