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Obviously, this time of year is getting slower for the market and the inventory is pretty low. There is a house I like that is priced low in our price range. I love the house, but the neighborhood is not my favorite nor is the yard. Both are okay - as in I'd be satisfied, but not wowed. However, it's the only house that's great that's in that price range. It has all of our wish lists items even some that aren't on the wish list (good thing) except for the yard.
However, if I want the yard too, I have to be willing to pay at the top of my price range and that means I'd be house poor. Should I "settle" for the house that would not change my current financial lifestyle or wait for the Spring & chance houses being way more expensive & interest rates being higher so I can't afford that house then. What if that IS the only house that will fit our criteria.
The other downside is that my child will have to change schools if we buy that house. I'd prefer not to, but I know I will pay for keeping him in his current school. The other school is fine, but I'd rather not.
There are always compromises when buying a house. Only you can decide which things on your wish list are the deal breakers.
There's a lot to be said for not being house poor. Also, the chances that you will find your "dream home" in your price range is unlikely. To get the yard you want, you may have to give up something else.
I would think harder about the neighborhood and the change in schools.
We are in this exact same situation. There is only one house in our price range that we like. The yard is its only major downside. Everything else we like except some cosmetic things like the granite and paint color downstairs, but those we can change. Everything else about the house meets all of our criteria plus some added bonuses. We thought about waiting until spring, but we decided to move forward with the house we like now. We KNOW what the interest rates are now and that there is a house we like now in our price range. We don't know what interest rates will be in the spring, nor do we know what houses will be available or if there will be a house in our price range that meets our criteria. If we were to wait, maybe we would find that perfect house with the perfect yard, but maybe we wouldn't.
Everyone's situation is different, but, unless you feel compelled by circumstances to buy a house now because of time constraints alone, there is probably little likelihood that interest rates or prices will suddenly increase significantly. (There's too much inventory on the market and in the pipeline -- and the market is still soft in most areas).
A new home is a major investment with long-term implications. Unless you are convinced that you have found the house you want at the price you want to pay, then why compromise? Be patient. You'll find the house you really want, and be glad you waited!
The other downside is that my child will have to change schools if we buy that house. I'd prefer not to, but I know I will pay for keeping him in his current school. The other school is fine, but I'd rather not.
This is SO hard and scary!
There is your answer, you'd rather not buy.
How much more $ will your WOW house cost you?
You might simply have either save more , change your life style, take a riskier loan. Have you talked to a financial planner?
We can't always afford what we want.
I wouldn't buy just out of fear of not being able to afford something in the future.
I would say the house you are considering now is not for you otherwise you wouldn't look for the answer here. There are two ways to buy a house - first one if when you see your dream house and just want it and the second way - you buy something you don't even love just because you want/need to buy right now. Looks like second way is not your option, so this house is not your dream one... Move on. Nobody knows what's going to happen in the spring. In today's economy if rates will be increased, the prices for houses will go down. It has to be this way because average household income will remain the same and most people will not be able to afford high interest rate mortgage and high house pricing.
But, people who sitting and waiting now might become a cash buyers by spring time.. just saying
More oddness in the forum behavior. I did an edit and it posted a second time. My apologies.
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