Bay area : Did you advance your home buying timeline?

New
ArindamBug

New

ArindamBug
Mar 19 11 Comments

Since pandemic, due to low rates, stock gains, now due to interest rates rising?

I keep hearing anecdotes of people FOMOing and buying up anything ranging from bad foundation to 'doesnt fit us, but got no choice'

Are you FOMOing into buying your first home or upgrading to some house now, advancing your original timeline?

#housing

TC 250k 7 yoe

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TOP 11 Comments
  • Google
    moma1

    Go to company page Google

    moma1
    Sold and moved elsewhere
    Mar 19 0
  • Meta
    bruhI

    Go to company page Meta

    bruhI
    Never make any financial decision out of fomo
    Mar 19 1
  • eBay
    meshlee

    Go to company page eBay

    meshlee
    All these FOMO people are FU ing other people who actually want to buy house.
    Mar 19 0
  • Apple / Eng
    β˜”οΈ πŸ‘¨

    Go to company page Apple Eng

    β˜”οΈ πŸ‘¨
    I am pretty sure home prices are coming crashing down in the next couple of months. This rate of asset inflation is not sustainable.
    Mar 19 1
    • Affirm
      knuckles9

      Go to company page Affirm

      knuckles9
      I'll give you the rate of asset appreciation isn't sustainable. But the houses prices in California aren't going to crash. Stagnate at worst. Most people will go back to an office a few times a week so demand isn't going to just disappear
      Mar 19
  • Merck KGaA
    bnbacdc

    Merck KGaA

    bnbacdc
    I would be completely priced out under current conditions. I live above the means of my TC since I bought first home in a desirable city years ago without knowing it was the case at that time.

    Upgraded to a nicer home a few years back within same city - by then I was already priced out in the sense that there was no way I could have accumulated the down payment, but we could still afford the monthly PITI.

    Now, after the 50% appreciation of the last 2 years, I would be thoroughly priced out - no way of either accumulating enough down payment nor can I afford today’s PITI.

    Moral of the story: buy a home when you have enough down payment and income to cover PITI, because home price appreciation outstrips TC growth and your ability to accumulate down payment if you are not in a top FAANG company as an elite SWE.
    Mar 19 1
    • New
      ArindamBug

      New

      ArindamBug
      OP
      True for the last decade and more. But past isn't indicative of future performance.
      Mar 19