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Started By
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Could you afford to buy your own house if you had to buy it today?
Posted on 7/3/22 at 8:04 pm
Posted on 7/3/22 at 8:04 pm
I don’t think I’d be in the house I’m in today if i was currently looking to buy. There’s no way I’d be able to afford my current house at the prices they are going for in my neighborhood and current mortgage rates. What about you could you buy your house today given your financial position?
This post was edited on 7/3/22 at 8:05 pm
31
Posted on 7/3/22 at 8:08 pm to tigersfan1989
Could I? Yes. Would I? No. I thought I was overpaying in 2015.
Posted on 7/3/22 at 8:09 pm to tigersfan1989
Yes but I wouldn’t have ever toured it at current market prices.
Posted on 7/3/22 at 8:29 pm to tigersfan1989
Yes, but I was smart and bought a decade ago. Sold my first home from 2013 for quadruple the purchase price two months. Sold my condo two days ago I bought from 2018 for a $102k profit in less than four years. Moved back into my nicest rental, upgraded it, and will sell again in two years and make another $150k.
Posted on 7/3/22 at 8:34 pm to tigersfan1989
I bought mine in October and I’m not sure I could afford it today 
Austin is insane.
Austin is insane.
Posted on 7/3/22 at 8:42 pm to tigersfan1989
On whose estimates/appraisals are you guys basing your assumptions?
This post was edited on 7/3/22 at 8:44 pm
Posted on 7/3/22 at 8:52 pm to Zachary
Rates in the 2’s compared to rates in the 6’s on a 350k mortgage is a chunk for sure
Posted on 7/3/22 at 9:07 pm to Zachary
Basing on recent sales in neighborhood
Posted on 7/3/22 at 9:54 pm to tigersfan1989
Yes. I started construction November 2019 and moved in November 2020. Got my lumber package before the crazy prices. Dropped a bunch of money on pool, fencing, auto gate, home generator after so I may have had to wait a few more months to get that stuff.
This post was edited on 7/3/22 at 10:07 pm
Posted on 7/3/22 at 9:57 pm to tigersfan1989
Absolutely. Bought a home below my means.
Posted on 7/3/22 at 9:57 pm to WhoGeaux
Yeah doing the math makes me want to vomit for those in the market. Feel really lucky right now.
Posted on 7/3/22 at 10:23 pm to 21JumpStreet
quote:
Absolutely. Bought a home below my means.
But would you want to is the better question?
I had a number I didn’t want to go over and went over it by at least 200k. Not sure I would want to go any higher than where I’m at.
Posted on 7/3/22 at 11:07 pm to tigersfan1989
I continue to try to figure out how people are paying the notes on these $700/800K houses.
Ours was $375K and that was top of the market I was willing to pay for a home.
Of course, we're kind of out in the sticks too.
A $3500 a month house note is just mind boggling to me.
Ours was $375K and that was top of the market I was willing to pay for a home.
Of course, we're kind of out in the sticks too.
A $3500 a month house note is just mind boggling to me.
Posted on 7/3/22 at 11:13 pm to DiamondDog
Just for discussion, our note is $1,625. Today's interest rate...$2,100.
That's a cool $475 difference. Rough.
That's at 3.6 compared to 5.8.
That's a cool $475 difference. Rough.
That's at 3.6 compared to 5.8.
Posted on 7/3/22 at 11:41 pm to tigersfan1989
No, not if buying it in a conventional manner like 20% down, 30 year at 5%. I bought it 16 years ago for $275, market value today is around $700K, don’t have the income to support that type of house note.
Posted on 7/4/22 at 12:15 am to EA6B
Afford to? Yes
Would I? No
Right now I pay 18% of take home on my mortgage. If I had to buy it today that would climb to 40% of my take home a month.
Would I? No
Right now I pay 18% of take home on my mortgage. If I had to buy it today that would climb to 40% of my take home a month.
Posted on 7/4/22 at 1:46 am to DiamondDog
quote:
I continue to try to figure out how people are paying the notes on these $700/800K houses. Ours was $375K and that was top of the market I was willing to pay for a home. Of course, we're kind of out in the sticks too. A $3500 a month house note is just mind boggling to me.
My house fell in the 700k to 800k range when I closed on it in November of 2020.
The note is 6% to 7% of my household monthly gross income.
This post was edited on 7/4/22 at 1:13 pm
Posted on 7/4/22 at 3:33 am to tigersfan1989
I could, but I wouldn’t have even looked at this house in today’s market.
My mortgage is $1800 now but would be around $3000 factoring in the increase in property value in my neighborhood and the higher interest rates
My mortgage is $1800 now but would be around $3000 factoring in the increase in property value in my neighborhood and the higher interest rates
Posted on 7/4/22 at 4:53 am to tigersfan1989
Yes, but we wouldn’t at current rates
Posted on 7/4/22 at 5:56 am to Rize
Well your rich Rize. ?? I bought in cash 2020. Had family help and my house is 300k
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