{ "media_type": "text", "post_content": "Trying to buy a house right now is destroying my mental health. We’ve been renting for 4 years trying to get careers established and save up, have been trying to buy for the last year and now we are completely priced out. Kid is starting school soon and we need a yard and proper home zoned for the right school. Feeling like a complete failure for being parents in our mid 30’s and still not having a real home like every other person we know. I see no end in sight to this. Very dejected.", "post_id": "60ff01427e0515002a551b36", "reply_count": 37, "vote_count": 10, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Trying to buy a house right now is destroying my mental health. We’ve been renting for 4 years trying to get careers established and save up, have been trying to buy for the last year and now we are completely priced out. Kid is starting school soon and we need a yard and proper home zoned for the right school. Feeling like a complete failure for being parents in our mid 30’s and still not having a real home like every other person we know. I see no end in sight to this. Very dejected.

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The fact that you couldn’t predict a global pandemic as well as it leading to an insane housing market just means you have a high bar. You’re doing a hell of a good job, the right home will come.

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Dude chill. Most people our generation can't afford kids, let alone a home. The state and ruling class has failed us on purpose. They want America to be a nation of renters. They're talking about it openly. It's not your fault, this is a deliberate policy failure. Save up, and when the market crashes, buy then. But don't wait it may take ages and prices may go up and up. So change your criteria, move out of the coasts. Explore your options

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D2 both can be true. Many places have people from hcol states moving in with more cash than locals and paying above market rate because of covid and remote work. And there's private equity playing with house money.

Don’t sweat it. It’s a horrible time to buy a house, and you only should buy if it makes sense. Paying 30k-100k over ask is going to put you underwater on the mortgage. You’d have to run the numbers but you will probably be better off renting for another year or two, eating the higher interest and another year of rent. I feel there is going to be a correction once eviction moratoriums are done. Landlords will have properties that are not cash flowing anymore and will want to sell, and housing supply will start to catch up eventually now that lumber has fallen in price. Wife is a realtor, and it’s insane how much people are paying for homes that can’t meet appraisal. She sold a home for 320k that appraised at 230k. Buyers wanted a home so they paid the gap in cash. they could have waited a year, paid 250k for the home, saving 70k on the cost of the house and maybe eating 15k additional interest from the higher rate, and lost 20k in rent for the year. Emotional buying will kill your finances. That family lost a net 35k by not waiting a year to buy.

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PE firms and GS is purchasing a lot of single family homes. Given past history, they’ll be bailed out by the government. They aren’t buying on a temporary basis with an eye to flip for more later, they’re buying to rent out the property. In some markets you have to belong to a HOA and deal with those issues. Soon enough it will be the same for some neighborhoods, you’ll only be able to rent. I really don’t want to be right, but at least for a generation the average person has been screwed.

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Buy something, anything that is workable for you. Get on the ladder, start paying down principal, you can buy your dream home in 5 years. Waiting for a crash will leave you bitter and worse off.

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I think it’s terrible advice to buy something for 5 years in this market. Bubbles happen. Crashes happen. Stop pretending like they never do. If you find a house and living situation that you think you’ll be in for 10+ years, then sure go buy if you need to

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Get your kid lined up for school, everything else can wait. Rent a place zoned for the district you want. It's a horrible time to be in the market, and owning (read, maintaining) a home is awful anyway.

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The district thing *could* wait also; early school is mostly just for socialization. When you find a place in the right district, transfer in.

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Which market?

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Also curious

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Relax my friend - be patient and when the time is right something will work out.

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Look at your personal finances. Often times, that’s the issue I see

Never get into bidding war on them houses not one is worth the hassle don’t care which steaming hot market! There’re always surrounding towns in any major cities that can be affordable if willing but of sacrifice i.e. longer commute, not cbd, less night life less snobby cultural events less world class dining or theatre or museums. These are all nice to haves but not worthy paying 300% of your paychecks for such nonessential luxuries

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