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Women, help me understand why this is inspirational
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What happens when most of your team is Indian?
Been wanting to buy a home for years… hubby wanted to wait till we got our big pay day. We got that pay day but it literally means nothing when it comes to this housing market. We just started and it’s just nuts. I don’t understand why anyone would waive appraisal gap… it doesn’t make sense. You should buy a house with equity, not buy a house and already be underwater. Yet here we are after loosing houses to people bidding above appraisal. I need therapy for this house hunt. Ugh #pnwhousing Blind tax: TC $208k household TC $420k
100k for someone with 1M net worth is not much 100k for someone with .5m net worth maybe a bit hard to swallow What is your net worth? You understand that the housing market and prices are a hard pill to swallow right? No shortcut out of this. If you wait it may go up or flat, it's not going to crash n burn most likely.
Net worth isn’t much…. We worked for everything we have and come from low income families.
Go for it, take the hard slap of premium if you want your house now
What does buy a house and already be underwater mean? The reality is the market sets price, not an appraiser.
I’m just trying to say, why pay for more than a house is appraised at. Doesn’t make sense…
Because appraisals look at historical comps, and in a fast changing market, they could be inaccurate. I would consider my long term goals in owning a home as part of that decision process. Anyway, I get your point, I just dont think an appraisal determines whether loan value really exceeds purchase price in this market.
Underwater in the short term doesn’t matter, prices will catch up.
Easier option is to get therapy so that you would stop obsessing about buying a house
Ha good point!
appraisal gap doesn’t make you underwater. it just means you have to put more equity in up front. appraisal is a nonsense business.
I get that it’s not underwater in the traditional sense. I’m just saying, why pay more than the house is worth.. you’re literally stuck in it for years that way.. possibly decades if market really flattens out…
Valid concern. People have been second guessing the market for more than a decade. Others said screw it and took the risk, luckily it paid off for them. This will not change too much in the Bay Area or Seattle due to severely constrained supply and high demand. But you do need a bit of a risk appetite to jump in. Or just have a lot more money than the next techie.
Where are you looking and what's your price range?
South East king county. We’re pre-approved up to 925k but don’t want to spend more than 700k but considering this market.. 700k only gets you a shack. I have a condo that I don’t want to sell so pre-approval a bit low but that’s ok.
700k is midwest price these days… good luck
Was in your shoes, pulled the trigger and got a house last month. Totally agree with appraisal gap. As buyers, we are helpless. Yet, waiting more will only make thing worse, prices going up plus interest rates creeping up. I don't expect the crazy bidding to cool down that much. Leave aside some cash to cover potential appraisal gap.
Ah thanks for the comment! Agree that waiting is not the best
Been there too. Had to keep bidding higher to end the war. Now I have peace of mind, I’m glad it’s over.
Did you pay the appraisal gap?
I am renting a 4M house for $6200 a month. I ain't buying.🙏
@Meta: This is truly nuts. Where - in Bay Area or Seattle?
Wait a couple of more years. Why should you buy now?
Buy when you’re ready, not to time the market right? We’re ready and want the space/backyard/garage etc.
For primary residence, buy when you need it. We are in the same boat and will be buying in this crazy market.