RANT: Trying to buy a house right now sucks.

[***1776***]

I'd recommend holding out for 6 months to a year. There is a massive housing mortgage crisis brewing with the massive unemployment. Market is bound to saturate and prices will drop.

Yes thats true but people are fleeing the bigger cities with all the craziness and noise going on and thats pushing prices up in some areas

Rate will remain low and the FED chairman (Powell) said he thinks rates will be low for a while longer, that should help your buying power (makes a difference over the course of the mortgage) Also a friendly reminder to make sure you REALLY TRY NOT buy anything on credit, keep your bank accounts and credit clean, it can be a process so just be ready Biz so try to keep your head on and take long breaths

[K-Bizzle]

Yes thats true but people are fleeing the bigger cities with all the craziness and noise going on and thats pushing prices up in some areas

Rate will remain low and the FED chairman (Powell) said he thinks rates will be low for a while longer, that should help your buying power (makes a difference over the course of the mortgage) Also a friendly reminder to make sure you REALLY TRY NOT buy anything on credit, keep your bank accounts and credit clean, it can be a process so just be ready Biz so try to keep your head on and take long breaths

Oh no worries there man.
We made a decent piece on the sale of our condo and have literally unloaded the entirety of our debt in the wake of that.
The only current "debt" we have is my wife's car.
Credit cards, student loans, my car, everything all paid off and we've got an ok chunk of cash in the bank (down payment on a house will only take about half of it).
This is not to mention we went for paying $2600 in mortgage/tax/hoa plus utilities to paying our friends $1k total to stay with them. Also the wife got a nice signing bonus at her new job. So yeah we're in really good shape overall and have no plans or interest to buy on credit again moving forward if we can help it, aside for this mortgage of course.

[GuitarBilly]

That's good to know. I am thinking about moving some time soon, maybe early next year. Just want be a little closer to the MD/Dc area since we are there all the time. I had no idea that the housing market was that hot right now.

[Beef]

Damn man. Yeah buying can definitely be rough. Sounds like lots of solid advice here though. Good luck with it all.

[facefirst]

The market here is insane too. I could easily sell my house for double what I paid 6 years ago. I was actually talking about it with my wife but we'd want to build a custom home so that would mean renting for a couple years. So alas, we will stay where we are.

[IndyWS6]

The market here is insane too. I could easily sell my house for double what I paid 6 years ago. I was actually talking about it with my wife but we'd want to build a custom home so that would mean renting for a couple years. So alas, we will stay where we are.

Damn, at that profit level, I'd be all over a rental for a couple of years. It might be painful, but this market won't last forever...

[crankyrayhanky]

Austin area sellers market confirmed
Property getting snatched up same day as listed
I landed in Buda (15min south of Austin) & so far really love it
Good luck!

[primeholy]

I blame Joe Rogan. Can’t find buffalo trace bourbon anywhere either.

[K-Bizzle]

Austin area sellers market confirmed
Property getting snatched up same day as listed
I landed in Buda (15min south of Austin) & so far really love it
Good luck!

Its not joke, still looking but we're trying to stay close ish to downtown on the south end so yeah even tougher if you're not rich or wanting a place with more than 2 bedrooms.

Congrats to you though! My wife's job is in Buda so we're trying to stay near 35.
We're on our third place we're going to make an offer on (lost the previous two obviosuly). $50k over our initial budget but its GOT IT ALL and its really only adding a ~$300-400 or so to the mortgage so its not a huge killer. Especially when we factor in that we're making more than that much more per month with the wife's new job and my recent raise.

Still I never thoguht I'd pay what we're considering paying for a place right now.

[K-Bizzle]

Offer accepted on a place today!

We ended up way over budget ultimately but it was worth it for us because its dream home level for us.

And now the fun of closing and lending stuff again. FML

[Yarbicus]

Offer accepted on a place today!

We ended up way over budget ultimately but it was worth it for us because its dream home level for us.

And now the fun of closing and lending stuff again. FML

Congrats! Funny how we always end up buying over budget...

[K-Bizzle]

Offer accepted on a place today!

We ended up way over budget ultimately but it was worth it for us because its dream home level for us.

And now the fun of closing and lending stuff again. FML

Congrats! Funny how we always end up buying over budget...

Right?
Luckily for us we had set our budget decently below our means so we’ll be more than fine and far from house poor.

That said while it would have been nice to have a lower mortgage the place is super efficient and has solar panels so I’m lying to myself about how much we’ll save because of that.

[GuitarBilly]

Congrats man. It's completely fine to be over your initial budget as long as you're not overextending yourself.

Also, buying in a major market at your age is a good move and it can definitely pay off once you get old enough not to give a shit about living close to downtown and just want people to stay the fuck off your lawn, which will inevitably happen. At that point, selling or even renting out the hot house gives you a lot of flexibility.
Buying a house in L.A. in my mid 20s was key to make me mortgage free in my 40s.

[itchyfingers]

Woohoo! Congrats KB!!!

This thread is useless without pics of your new home.

[RyanDistortion]

Congrats buddy but don't get too excited until you have signed contracts. Shit can go sideways. Get the inspection done ASAP.

[Steinmetzify]

Congrats man! I need to buy another house but this market is BS right now.

[K-Bizzle]

Billy yeah for sure, thats part of why we were willing to spend a little more because as Austin continues to grow this location should appreciate with it.
We made a nice chunk with smart buying/upgrading/location and lucky timing so hoping we're making similar moves.

Ryan we're under contract, inspection is tomorrow. Our realtor is a 30 year pro so we've been in good hands. Fat lady certainly hasn't sang since we've still got to get the mortgage approved (obviously got preapproval or we wouldn't be here) and close but I'm happy to be this far.

As for pics I wasn't going to post but fuck it here ya go you bastards.
https://www.redfin.com/TX/Austin/5616-S-1st-St-78745/unit-1/home/173114618?utm_source=myredfin&utm_medium=email&utm_campaign=listings_update&riftinfo=ZXY9ZW1haWwmbD0zOTIxOTc4MCZwPWxpc3RpbmdfdXBkYXRlc19kYWlseV8yNCZhPWNsaWNrJnM9c2F2ZWRfc2VhcmNoJnQ9aW1hZ2UmZW1haWxfaWQ9MzkyMTk3ODBfMTYwMDA3NDc5Nl8xNCZ1cGRhdGVfdHlwZT00JnNhdmVkX3NlYXJjaF9pZD00NDUwNzYyMyZsaXN0aW5nX2lkPTEyNDU3MDU0MSZwcm9wZXJ0eV9pZD0xNzMxMTQ2MTgmcG9zaXRpb25fbnVtYmVyPTA=

[neilrocks25]

I've thought about selling mine right now and buying an RV until the market goes down.

Been thinking the same. you should see London and home county prices here.

[clipless bumper]

nice pics - really an open floor plan.
what side of the house faces south?

the floor plan confused me for a minute, until I figured out this one is a mirror image.
no basements in Austin?

[Devin]

Hopefully it comes with the guitars and hat collection

[K-Bizzle]

nice pics - really an open floor plan.
what side of the house faces south?

the floor plan confused me for a minute, until I figured out this one is a mirror image.
no basements in Austin?

When facing the front of the house from outside south is to the right.
And yeah the mirrored layout in the listing was confusing to us at first as well.

Unfortunately basements not much of a thing in Texas due to the frontline, clay, and other stuff I don’t much understand.
I haven’t seen one single house with a basement.
Definitely a bummer but oh well, nothing but happy with our decision to relocate.

[SuperFlyinMonke]

That's a really nice, bright place that's pretty unique to the kind of stuff you get here. It sounds like a great move. I'd definitely miss a basement, but that place looks plenty big enough for the two of you.

[trey85stang2]

Man, i hate austin... way too much traffic, if you do move there make sure you dont need to go north or south through the city on 35 to get to where you need to go the most.

[trey85stang2]

nice pics - really an open floor plan.
what side of the house faces south?

the floor plan confused me for a minute, until I figured out this one is a mirror image.
no basements in Austin?

When facing the front of the house from outside south is to the right.
And yeah the mirrored layout in the listing was confusing to us at first as well.

Unfortunately basements not much of a thing in Texas due to the frontline, clay, and other stuff I don’t much understand.
I haven’t seen one single house with a basement.
Definitely a bummer but oh well, nothing but happy with our decision to relocate.

I grew up in a house with a cellar in texas (it was like a 20x20 room and it was also where you had to go to access the crawl space. I know of a single home a family member (maybe it was a friend) lived at that did have an almost full size basement... but not a traditional basement, it was just a bomb shelter that was accessible from the house.

[K-Bizzle]

That's a really nice, bright place that's pretty unique to the kind of stuff you get here. It sounds like a great move. I'd definitely miss a basement, but that place looks plenty big enough for the two of you.

Its literally double the size of our Chicago condo so I think we'll be good.

Even though its small I'm happy to have a yard for our dog as well, also excited not to have walk him as much.

The brightness was the real selling point honestly. We actually toured another place by the same builder literally 1 minute away and it was a hard pass because of the sunlight.
It just made the place, despite being literally the same house, feel not as good for the lack of a better word. Also the neighborhood was tighter and a year older. Anyway that place was listed for 50k less but honestly after seeing so many houses there have been literally only 3 that had the right feeling to them. First 2 we lost so we just went hard on this one and won out.

Its weird man my wife's job is great, so is mine, we love our move to Austin, and we've got a house we never dreamed we could have.
Despite 2020 being an absolute shit for the year I'm happy to say its going well for us personally, heres to hoping things don't just absolutely fall apart.