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amother
OP


 

Post Mon, May 23 2022, 12:28 am
I’m under contract on a house that is above our budget, in a surrounding Lakewood area. Because there is a housing shortage, and for several other reasons, we feel we need to go the route of purchasing a particular home (we’re afraid if we don’t buy this one, we won’t find anything better). It’s disappointing that were going to be paying several hundred thousand dollars higher than what this particular house would have costed if we bought it one or 2 years ago, but more than that, it’s really a tight squeeze for our budget. With the housing crisis and the doomsday predictions of markets crashing and home values falling, Is this a bad idea ?? The area were under contract with is very important for our kids and social reasons.
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amother
Skyblue


 

Post Mon, May 23 2022, 1:56 am
How old is the house? Just wondering if it will need repairs demolition. I mean even brand new houses need repairs. We bought a new house in Israel and it has lots and lots and lots of water problems and there's nothing we can do legally to have them fixed because we've done construction since we bought. Just throwing it out there that you need to have money set aside for repairs. Even a brand new house could have issues.
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amother
OP


 

Post Mon, May 23 2022, 2:03 am
amother [ Skyblue ] wrote:
How old is the house? Just wondering if it will need repairs demolition. I mean even brand new houses need repairs. We bought a new house in Israel and it has lots and lots and lots of water problems and there's nothing we can do legally to have them fixed because we've done construction since we bought. Just throwing it out there that you need to have money set aside for repairs. Even a brand new house could have issues.


It’s a newer house, less than 20 years old. However I’ve seen in this forum people say that old houses are built better and stronger than newer houses so I don’t know how excited I
Should be that it’s in move in condition , doesn’t need work, and looks pretty nice.
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amother
Diamond


 

Post Mon, May 23 2022, 3:33 am
Can u afford the monthly payments on this house? just BTW, due the inflation and high interest rates, ppl r saying housing is going to go down. Been seeing that with houses in Jackson, Howell, Toms River etc that don’t sell the second they hit the market…might be worthwhile to wait a little longer to find something that’s actually in ur budget.
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amother
Sapphire


 

Post Mon, May 23 2022, 3:43 am
amother [ Diamond ] wrote:
Can u afford the monthly payments on this house? just BTW, due the inflation and high interest rates, ppl r saying housing is going to go down. Been seeing that with houses in Jackson, Howell, Toms River etc that don’t sell the second they hit the market…might be worthwhile to wait a little longer to find something that’s actually in ur budget.


It’s going down in the non frum areas not the frum areas as of now.
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amother
Diamond


 

Post Mon, May 23 2022, 5:32 am
amother [ Sapphire ] wrote:
It’s going down in the non frum areas not the frum areas as of now.


I’ve been seeing otherwise…Currently looking for a house so I’m constantly on those websites and see updates throughout the day..
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amother
Sapphire


 

Post Mon, May 23 2022, 7:55 am
amother [ Diamond ] wrote:
I’ve been seeing otherwise…Currently looking for a house so I’m constantly on those websites and see updates throughout the day..


The websites prove nothing go actually to look at houses the ones back on market have issues otherwise the good ones are going for fill asking or higher
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amother
Diamond


 

Post Mon, May 23 2022, 8:56 am
amother [ Sapphire ] wrote:
The websites prove nothing go actually to look at houses the ones back on market have issues otherwise the good ones are going for fill asking or higher


My agent doesn’t agree with you🤷‍♀️
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amother
Jean


 

Post Mon, May 23 2022, 9:27 am
amother [ OP ] wrote:
I’m under contract on a house that is above our budget, in a surrounding Lakewood area. Because there is a housing shortage, and for several other reasons, we feel we need to go the route of purchasing a particular home (we’re afraid if we don’t buy this one, we won’t find anything better). It’s disappointing that were going to be paying several hundred thousand dollars higher than what this particular house would have costed if we bought it one or 2 years ago, but more than that, it’s really a tight squeeze for our budget. With the housing crisis and the doomsday predictions of markets crashing and home values falling, Is this a bad idea ?? The area were under contract with is very important for our kids and social reasons.


How are you affording this house? Do you have a cosigner to make it work? What's your long-term plan to make the mortgage payments?
Generally, if you can't afford the house, it's not a good idea to buy it. You don't want to be in a situation of foreclosure. Is there a place in the house that you can rent out to bring us some income? Lots of people I know do that and it really helps.
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amother
Babyblue


 

Post Mon, May 23 2022, 9:34 am
We can afford the crazy prices now and we're still choosing to wait. I can't tell you how it will affect your kids, but my family will not be significantly affected by renting another year or two if necessary. Yes, I would love to be settled. Really, I'm so tired of the frustrations that come with not owning. But I don't want to pay for that for the next thirty years. I can be patient and let it happen when there's more menuchas hanefesh instead of getting caught up in the franticness of the market today. Hashem will provide our home in the right time and I don't think that has to be now.
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stillnewlywed




 
 
    
 

Post Mon, May 23 2022, 9:34 am
Don't buy a house you can't afford, even if you have to a buy a significantly smaller home than you could have purchased for the same price a few years ago. You can always extend or renovate when you have the money.
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amother
OP


 

Post Mon, May 23 2022, 9:36 am
amother [ Jean ] wrote:
How are you affording this house? Do you have a cosigner to make it work? What's your long-term plan to make the mortgage payments?
Generally, if you can't afford the house, it's not a good idea to buy it. You don't want to be in a situation of foreclosure. Is there a place in the house that you can rent out to bring us some income? Lots of people I know do that and it really helps.


Right now we are in a position to purchase it, but it’s tight. However, the economy seems to be going into a recession, and even though my husbands job is stable and secure, I am still worried that we might be in a situation of a huge expense c”vs, or god forbid his job doesn’t hold the way it is now. My plan was originally to buy something for less, and have a cushion of savings, but there’s a housing shortage in the area we are buying in and I feel stuck/
If I don’t buy this house - that I won’t find anything. I wonder if this bubble we’re in now (high costs, nothing available etc) will pop and I will feel stupid that I spent as much as I did. Although this area is very very popular and from what I see as the trend, families will always pay top dollar to live there (I hope)
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watergirl




 
 
    
 

Post Mon, May 23 2022, 9:45 am
amother [ OP ] wrote:
Right now we are in a position to purchase it, but it’s tight. However, the economy seems to be going into a recession, and even though my husbands job is stable and secure, I am still worried that we might be in a situation of a huge expense c”vs, or god forbid his job doesn’t hold the way it is now. My plan was originally to buy something for less, and have a cushion of savings, but there’s a housing shortage in the area we are buying in and I feel stuck/
If I don’t buy this house - that I won’t find anything. I wonder if this bubble we’re in now (high costs, nothing available etc) will pop and I will feel stupid that I spent as much as I did. Although this area is very very popular and from what I see as the trend, families will always pay top dollar to live there (I hope)

It seems a bit late to ask this considering you are under contract.

My general rule is (and the mortgage folks rule too) is if you can afford it, buy it and if not, not.
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amother
Sapphire


 

Post Mon, May 23 2022, 9:46 am
amother [ OP ] wrote:
Right now we are in a position to purchase it, but it’s tight. However, the economy seems to be going into a recession, and even though my husbands job is stable and secure, I am still worried that we might be in a situation of a huge expense c”vs, or god forbid his job doesn’t hold the way it is now. My plan was originally to buy something for less, and have a cushion of savings, but there’s a housing shortage in the area we are buying in and I feel stuck/
If I don’t buy this house - that I won’t find anything. I wonder if this bubble we’re in now (high costs, nothing available etc) will pop and I will feel stupid that I spent as much as I did. Although this area is very very popular and from what I see as the trend, families will always pay top dollar to live there (I hope)


Things never went down in BP only up. In places where the demand is higher then availability nothing is changing
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amother
Sapphire


 

Post Mon, May 23 2022, 9:47 am
amother [ Babyblue ] wrote:
We can afford the crazy prices now and we're still choosing to wait. I can't tell you how it will affect your kids, but my family will not be significantly affected by renting another year or two if necessary. Yes, I would love to be settled. Really, I'm so tired of the frustrations that come with not owning. But I don't want to pay for that for the next thirty years. I can be patient and let it happen when there's more menuchas hanefesh instead of getting caught up in the franticness of the market today. Hashem will provide our home in the right time and I don't think that has to be now.


Btw I rented until now the headaches of owning are way bigger
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amother
Forsythia


 

Post Mon, May 23 2022, 10:03 am
Trust your husband. This is not something woman can handle. We bought something we really couldn't afford and I am forever grateful. Daven to Hashem to provide you with your needs. And the value only went up in the last year in a half since going into contract.
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amother
Zinnia


 

Post Mon, May 23 2022, 10:06 am
amother [ Sapphire ] wrote:
Btw I rented until now the headaches of owning are way bigger


100 percent disagree
There is nothing like owning your own home if you can afford it
Anyways it does not go down in frum areas. It may stay the same but wont go down. In my area houses are selling for above asking. Anyways no one can tell you if you will be able to afford the house in the future. And yes normal to have some worries and have to be responsible but anything can happen from one minute to the next
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amother
Carnation


 

Post Mon, May 23 2022, 10:09 am
amother [ Forsythia ] wrote:
Trust your husband. This is not something woman can handle. We bought something we really couldn't afford and I am forever grateful. Daven to Hashem to provide you with your needs. And the value only went up in the last year in a half since going into contract.


This is ridiculous advice .

Are women in uneducated, ignorant and helpless on your community for you to say ‘this is not something woman can handle’?

Be grateful for your good Mazel, but recognize it for what it is. Buying an unaffordable home is a terrible idea.
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stillnewlywed




 
 
    
 

Post Mon, May 23 2022, 10:13 am
amother [ Forsythia ] wrote:
Trust your husband. This is not something woman can handle. We bought something we really couldn't afford and I am forever grateful. Daven to Hashem to provide you with your needs. And the value only went up in the last year in a half since going into contract.


What???
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Fave




 
 
    
 

Post Mon, May 23 2022, 10:24 am
Sometimes you just gotta take a leap of faith
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