If you recently bought a house for $500k+

amother

Lotus

Mon, Jul 24 2023, 2:07 pm

nicole81 wrote:

Hard to swallow, definitely can see that. But we have different concepts of what's "unfair."

You have a choice to purchase a much bigger and newer home in a different community. And then watch the value skyrocket as that community grows. It's how frum real estate works.

The difference is that all of these people did not purchase in new neighborhoods and yet they still managed to buy houses. You never know where a community will grow.

amother

Peru

Mon, Jul 24 2023, 2:10 pm

Yes they only signed a one yr lease and we will move there or sell that and buy in different area with the gains. Our house already went up 50k. We didn't get advice to do that just weren't ready to move in since on mid of school ur etc. and couldn't afford mortgage plus our rent so we found tenants via Zillow rental manager

nicole81

Mon, Jul 24 2023, 2:11 pm

GLUE wrote:

Are fa miler with these communities, as in you know what the average price of a house is?
Or are you basing it off stuff you heard?

The reason I am asking is because I have know idea what the average house in any of these communities are.
I just see all the time someone posts that so and so community is affordable and people who live there are "were can you get a house for that Price?"

I'm familiar with some of them firsthand or from family. If you have questions about a particular one you can pm me.

amother

Eggshell

Mon, Jul 24 2023, 2:23 pm

nicole81 wrote:

I'm familiar with some of them firsthand or from family. If you have questions about a particular one you can pm me.

My issue is that my husband makes a beautiful six figure income bh in a job thats here (tristate). In a normal world we shouldn’t have an issue My issue is that my husband makes a beautiful, six-figure income. In a normal world we shouldn’t have an issue buying a decent house, the insane inflation has put us in a pickle. Bh I’m grateful we can afford life but we live in a small apartment and don’t see a way forward that doesn’t mean spending a bit more then we can afford and being housepoor which I resent. No one owes me anything and it’s not about fair, but we worked hard and planned well and has certain expectations of comfort so it’s hard to swallow…

amother

Peru

Mon, Jul 24 2023, 2:25 pm

In my opinion, the more u snooze the more u loose here. Houses r only going up. If u buy something now even if ur not sure u Wana live there and u rent it out (strong rental market now) than u r still making decent money since houses r going up

amother

Eggshell

Mon, Jul 24 2023, 2:31 pm

amother Peru wrote:

With these interest rates many rentals are not covering the mortgage. So you need to be able to afford to do that.

amother

Eggshell

Mon, Jul 24 2023, 2:41 pm

amother Peru wrote:

Rental price also went up and there are first time homebuyers programs in every state that offer lower mortgage rates or money for down payment

I’m so so happy it worked out for you and it sounds like what you did was very smart. But you just can’t apply that to everyone else’s situation- we make too much to qualify for those sorts of programs and rentals but us have gone up but (bh for us still renting) not that much! My friend just bought (a smaller high ranch) . Mortgage 6k, rent 4k. So she needs to cover her current rent + 2,000$. I think they’re going to move in with parents for the year but that’s not an option for everyone either.

amother

Papaya

Mon, Jul 24 2023, 5:56 pm

amother Lotus wrote:

What is unfair is that people who happened to buy prior to this craziness were able to get a house. Whoever didn’t decide to buy then are stuck.
Life’s not fair, but when it’s you in the stuck position, it’s a lot suckier than those on the outside

In lakewood, people have literal mansions that they bought for way under a million less than two years ago. Now people in the same exact financial situation are trying to put every penny that they have into tiny houses that need tons of work.

It’s hard to swallow

We have the same…we paid top $ for a nothing special house that needed to be renovated from top to bottom…we did some work whatever we could afford but it’s still far from done. It’s bec we bought now when it’s the hardest time, and in a popular neighborhood. My friends and neighbors that just bought a couple of years ago paid 300k less and we’re able to renovate/ got bigger/nicer houses
I’m grateful for sure, but it’s frustrating it’s just what was meant to be. We needed to move badly from where we were and we bought whatever was available

PFPT

Mon, Jul 24 2023, 7:16 pm

I'm new to Imamother. My family just moved from Cincinnati to St Louis. Our house in Cincinnati is still available. It's listed on Zillow (6820 Elbrook Ave). It's listed for 440K. Cincinnati is a beautiful, growing community. Has all the amenities and no pressure to keep up with the Jones. We lived there for 25 yrs (my husband was offered a job in St Louis that he couldn't turn down but we weren't looking to leave). Drivable to the East Coast. You won't be sorry. 8 bedrooms (4 legal, others are small but have escape windows), large LR/DR, main floor laundry, large backyard with trampoline and swingset. Great neighbors, 10 min walk to shuls.

amother

Tuberose

Mon, Jul 24 2023, 8:37 pm

amother Eggshell wrote:

Not all the first time homebuyer programs require you to be low income. It's worth it to look into it.

amother

Mistyrose

Mon, Jul 24 2023, 11:38 pm

amother OP wrote:

What do you both do for a living? What’s your income? And how much tuition do you pay?

Husband has a mortgage company. No clue his income. Tuition is 275+275+610+375+600 month

Ok, I need to correct myself (husband correcting me LOL

We purchased for 1.6

We put down 400K+200k construction

ANd took 1.2 mortgage

8k monthly payment