Current Events > Man, bidding on houses is scary >_>

(+) Yeah! (+)

I'm bidding on some properties and all these thoughts go through my mind like how I'm gonna have way more monthly expenses. I keep thinking stuff like:

Did I put too much of a down payment on my mortgage and leave myself with too little savings for emergencies and repairs?
Did I put down too little and now I'm gonna pay too much in the long run >_>?
Why did I decide now to bid when the market and interest are completely fucked up right now?
What if I get hurt and can't work for a year?
What if there's a giant tsunami and my property gets leveled lol?
How much is furnishing gonna cost me?
How long and much money will it take to remodel if I buy a property with some shitty kitchen from like 1953 or something?

Man, buying a house is scary and expensive >_>

NeonOctopus posted...

Why did I decide now to bid when the market and interest are completely fucked up right now?

This is the only question worth asking

Weird time to buy a house but you do you.

TaylorHeinicke posted...

This is the only question worth asking

Crimson_Corsair posted...

Weird time to buy a house but you do you.

I know lol, but it's a good time in my life personally to start right now.

If it doesn't work out, I'll just keep saving money and put myself in a better position to buy later on. I'll just see what happens >_>

Man, even with all this money saved up, I'm still getting blown the fuck out by a bunch of family in their 40s with DINK money. Geez >_>

My wife and I are going to be looking soon.

Prices will be way down in a not so far future

Are you getting married?

AmericaTheBrave posted...

Are you getting married?

Nah son lol

CARRRNE_ASADA posted...

Prices will be way down in a not so far future

God I hope so

NeonOctopus posted...

Nah son lol

So you're buying a house just for yourself? How big is it and what will you use all the space for?

And when do you plan to leave the bachelor life, Mr. Octopus?

Nerevar791 posted...

The national average annual wage of paramedics is $38,830, according to the BLS

lol use that Masters of your's to try to figure out how promoted Paramedics make $100k if you're so salty about it

NeonOctopus posted...

God I hope so

That's a pipe dream
This is a very different situation than 2008. Things will hopefully stop spiraling out of control much further, but at best you'll be able to just buy a house at it's listed price in the near future. Which I guess is also nice tbh. Making offers of random amounts above the price they're asking is fucking weird and anxiety inducing.

Jiek_Fafn posted...

That's a pipe dream
This is a very different situation than 2008. Things will hopefully stop spiraling out of control much further, but at best you'll be able to just buy a house at it's listed price in the near future. Which I guess is also nice tbh. Making offers of random amounts above the price they're asking is fucking weird and anxiety inducing.

Yeah it is. All these houses are getting offers like 20k above asking, sometimes without inspection. It's insane >_>

NeonOctopus posted...

lol use that Masters of your's to try to figure out how promoted Paramedics make $100k if you're so salty about it

I just think it's funny that a dude who spends all his time posting about anime boobs lies about his salary on a video game forum. Like what's the psychology behind that. Same as Dan_Haren or Bluemonk.

Nerevar791 posted...

I just think it's funny that a dude who spends all his time posting about anime boobs lies about his salary on a video game forum. Like what's the psychology behind that. Same as Dan_Haren or Bluemonk.

I dont think I ever posted my salary.

Even if I did, whether I say its 50k or 1 mil, it shouldn't effect you in any way, whether its true or not.

NeonOctopus posted...

Yeah it is. All these houses are getting offers like 20k above asking, sometimes without inspection. It's insane >_>

At this point and with these loan rates, that'll hopefully clear out all the frustrated people that have been looking for the past few years that want to actually live in the property they buy. After they're taken care of it'll be your turn. Interest rates might come down a hair during that time too, so overall you'll probably spend a little less. I know it's a shitty consolation prize but youre competing with fomo at this point.

Nerevar791 posted...

I just think it's funny that a dude who spends all his time posting about anime boobs lies about his salary on a video game forum. Like what's the psychology behind that. Same as Dan_Haren or Bluemonk.

I wish I could understand the psychology of being this insecure about a stranger online >_>

Home ownership is pretty much a privilege of the wealthy at this point.

Everyone else inherited a house or got lucky. I've tried to buy a house only to be told that investors have paid cash.

Jiek_Fafn posted...

At this point and with these loan rates, that'll hopefully clear out all the frustrated people that have been looking for the past few years that want to actually live in the property they buy. After they're taken care of it'll be your turn. Interest rates might come down a hair during that time too, so overall you'll probably spend a little less. I know it's a shitty consolation prize but youre competing with fomo at this point.

Yeah, I could increase my mortgage amount, but then I would being paying over 50% of my monthly income (before overtime) and fuck myself on paying too much over the value of the home for later on. I don't want to do that >_> I'm trying to play it smart and within comfortable limits.

FortuneCookie posted...

Home ownership is pretty much a privilege of the wealthy at this point.

Everyone else inherited a house or got lucky. I've tried to buy a house only to be told that investors have paid cash.

Get your cash up. Street corners are everywhere.

AmericaTheBrave posted...

So you're buying a house just for yourself? How big is it and what will you use all the space for?

And when do you plan to leave the bachelor life, Mr. Octopus?

Just 2-3 bedrooms >_> And part of me wants to find a house before marriage cuz in case I get divorced, I legally can keep the house cuz it was purchased before marriage lol

Just bought a house in March - our offer was $30k over asking but it was ultimately appraised for a little more than that.

The whole process was a beast but I'm glad we went through it.

TheSuperSilver posted...

Just bought a house in March - our offer was $30k over asking but it was ultimately appraised for a little more than that.

The whole process was a beast but I'm glad we went through it.

Damn, $30k over is a lot but at least the value matched it. Congrats!

TheSuperSilver posted...

Just bought a house in March - our offer was $30k over asking but it was ultimately appraised for a little more than that.

The whole process was a beast but I'm glad we went through it.

Do you mind if I ask what percentage of your savings you put into the down payment? I put ~75% of my savings in for the pre approval and I'm wondering if that was maybe too much or too little? >_>

CARRRNE_ASADA posted...

Prices will be way down in a not so far future

Source: Trust me bro

NeonOctopus posted...

Do you mind if I ask what percentage of your savings you put into the down payment? I put ~75% of my savings in for the pre approval and I'm wondering if that was maybe too much or too little? >_>

Earnest money deposit is a portion of the down payment so altogether I took out about a quarter of my savings.

The house has already appreciated about $25k so I'm getting that money back real quick.

Orlando_Jordan posted...

Source: Trust me bro

Source: Most states having up to 30% of buyers backing out due to not qualifying per rising interest rates. Higher interest rates means less acquisitive power. That 300k house will now pay over 2k instead of 1,500. And with inflation, families have even less purchasing power.

Some states are being affected worse than others, but its simple math. Houses ARE inflated due to the high demand/low inventory/historically low interests during covid. Those prices are not real nor sustainable. With higher inventory/high interest rates prices will have nowhere to go but down.

bump for more opinions

NeonOctopus posted...

bump for more opinions

Get a time machine.
Go back in time ten years.
Buy a house in some Kanasas City suburb for $100000 or less.

rip man bidding

viewmaster_pi posted...

rip man bidding

shot up to 97 dollars

i wish