I am a 30yo FTHB, just started house hunting in February and have had 4 offers rejected. Looking in the Philly suburbs around Audubon/ Oaks/ W Norriton primarily (& a 30-minute radius, excluding main Norristown or Pottstown). I am looking for 250-350K, modest 1K square foot starter home (basically a unicorn) for my boyfriend and I to start our lives in. I can put down 20-30%, and right now I am in a month-to-month lease, but my boyfriend’s lease is up in July so we need to decide now to find a new place to rent together or buy a house (we both need to move out of our current places for many reasons).
The interest rates rising don’t scare me too much because I am starting my budget low and can go higher. But while interest rates were still low, I admit I had FOMO, and am also just really sick of renting. I do believe that we are heading towards the “you will own nothing and be happy” dystopia everyone is fearing, and so I feel like this is my chance to own a house before the whole country gets “Californication-ed” into high housing costs. But of course with the possibility of interest rates skyrocketing (people saying the Fed could push it to 16% like the 80s) and a lot of people convinced we are in a housing bubble, I really don’t know what to do.
Everything is changing so fast but also extremely slowly. I am really trying to balance what is rational right now (I don’t want to immediately be underwater, I don’t want to get caught up in the waiving contingency craziness etc., I want to pay less to own a whole house than I would renting) vs. my emotions (I want to start the next chapter of my life, I want to have a nicer space, home ownership is a huge dream) vs. all of the unpredictable factors no one has answers to (if we are really in a bubble, how the fed will impact inflation, if the supply issue will persist in driving up prices etc.). Lately I have been feeling like maybe renting for one more year and seeing what happens in the market, but I did that last year and now here I am. Also hate the idea of going through moving just to live somewhere for a year.
So who out there is starting to rethink everything? Do you still have FOMO? Are you just going to stick to your budget and buy a house that meets your needs now even though you may be able to get more for less if you wait a year? Is renting really so bad? Am I crazy to still want to buy right now?
submitted by /u/sarella91
[link] [comments]
I am a 30yo FTHB, just started house hunting in February and have had 4 offers rejected. Looking in the Philly suburbs around Audubon/ Oaks/ W Norriton primarily (& a 30-minute radius, excluding main Norristown or Pottstown). I am looking for 250-350K, modest 1K square foot starter home (basically a unicorn) for my boyfriend and I to start our lives in. I can put down 20-30%, and right now I am in a month-to-month lease, but my boyfriend’s lease is up in July so we need to decide now to find a new place to rent together or buy a house (we both need to move out of our current places for many reasons). The interest rates rising don’t scare me too much because I am starting my budget low and can go higher. But while interest rates were still low, I admit I had FOMO, and am also just really sick of renting. I do believe that we are heading towards the “you will own nothing and be happy” dystopia everyone is fearing, and so I feel like this is my chance to own a house before the whole country gets “Californication-ed” into high housing costs. But of course with the possibility of interest rates skyrocketing (people saying the Fed could push it to 16% like the 80s) and a lot of people convinced we are in a housing bubble, I really don’t know what to do. Everything is changing so fast but also extremely slowly. I am really trying to balance what is rational right now (I don’t want to immediately be underwater, I don’t want to get caught up in the waiving contingency craziness etc., I want to pay less to own a whole house than I would renting) vs. my emotions (I want to start the next chapter of my life, I want to have a nicer space, home ownership is a huge dream) vs. all of the unpredictable factors no one has answers to (if we are really in a bubble, how the fed will impact inflation, if the supply issue will persist in driving up prices etc.). Lately I have been feeling like maybe renting for one more year and seeing what happens in the market, but I did that last year and now here I am. Also hate the idea of going through moving just to live somewhere for a year. So who out there is starting to rethink everything? Do you still have FOMO? Are you just going to stick to your budget and buy a house that meets your needs now even though you may be able to get more for less if you wait a year? Is renting really so bad? Am I crazy to still want to buy right now? submitted by /u/sarella91 [link] [comments]
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