Feeling like 2006...

[Electrician4you]

Originally Posted by Lallo

So we just got outbid on a home today. Blessing in disguise? Maybe, maybe not. We loved the home but weren't willing to pay 20k more than any other home on the block. House received 7 offers. Oh well, on to the next. Keep a level head and in the end, one must decide when buying makes sense for them. Don't let emotions get in the way of your peace of mind and your bank acct.

When I was looking I was outbid in some cases and in others the house prices were well over our "were not going over x amount regardless how much we like it". We did go over "this is the target price I like" but we were writhin the I won't go over this price. We eventually found a house we loved and bought.
Hope you find something.

Originally Posted by ihatedcu

Renting always comes out ahead because a house is general a poor investment.

No. It's really not. But keep telling yourself that.

My last house I refi'ed. This allowed me to start saving money every year instead of giving it to the bank. 14 years 5k a year additional deposit added and compounded at 5% That money was allocated to a new house purchase. In the time that I lived there the rent for a comparable dwelling kept going up. Right now if I rented that property I would be paying twice what would be my house payment. And have nothing to show for it

I would need to double maybe even triple or quadruple my income in 14 years to be able to keep up to the rising rent and save money for a property down payment and still invest in a account to get the value gains that my former home has gotten and the advantages of turning it into a current rental for cash flow

A house can be a bad investment if you're stupid with finances.

[LuvSouthOC]

Originally Posted by Electrician4you

When I was looking I was outbid in some cases and in others the house prices were well over our "were not going over x amount regardless how much we like it". We did go over "this is the target price I like" but we were writhin the I won't go over this price. We eventually found a house we loved and bought.
Hope you find something.




No. It's really not. But keep telling yourself that.

My last house I refi'ed. This allowed me to start saving money every year instead of giving it to the bank. 14 years 5k a year additional deposit added and compounded at 5% That money was allocated to a new house purchase. In the time that I lived there the rent for a comparable dwelling kept going up. Right now if I rented that property I would be paying twice what would be my house payment. And have nothing to show for it

I would need to double maybe even triple or quadruple my income in 14 years to be able to keep up to the rising rent and save money for a property down payment and still invest in a account to get the value gains that my former home has gotten and the advantages of turning it into a current rental for cash flow

A house can be a bad investment if you're stupid with finances.

Or if you buy at or near a peak with an intention to flip it short-term.

[Electrician4you]

Originally Posted by LuvSouthOC

Or if you buy at or near a peak with an intention to flip it short-term.

Yeah that too. Just any type of bad financial move can be detrimental and considered a "bad" home purchase

[expatCA]

Originally Posted by Electrician4you

Yeah that too. Just any type of bad financial move can be detrimental and considered a "bad" home purchase

Soooo true.