re: The Wild DFW Housing Market--my experience

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There's also a ton of young professionals that are buying their "dream" house as a first house. I don't understand someone buying a $400k+ house as their first house. I know a young couple that make around $100k that bought a $450k house as their first home and 3 months after buying are already wanting to blow out the living room because its too small. Its mind blowing how some people just ruin their finances on their primary residence.

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This was kind of the wife and me when we bought our house. It was our first home we bought together, though she had bought one and sold it before I met her. It was a foreclosure, and was much more house than we needed at the time, and truthfully still kind of is. We had the intention of flipping it, but we bought it a couple of years before the housing crash. So when it came time to flip it, after some improvements, our market had cooled. By that point, we were both making more money and it never turned into a financial crisis for us, so we just decided to stay put.

We were never in a situation where we couldn't afford it, but it definitely wasn't a wise financial decision looking back at it now. We've made it work though, and have about 70% of the value in equity. Would like to put it on the market as is, just to see what kind of bites we got. It does need some updating. Kitchen is very outdated.