Reply to Stuck - House will sell, but no houses to buy!

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[quote=Anonymous][quote=Anonymous]Anyone else out there looking to buy?  We want a bigger house in a better school district.  It seems now is the time to buy a more expensive house with the interest rates being as low as they are.  Here's the problem which I suspect many of you are experiencing.  Your house will sell fairly easily given the lack of inventory, but there is NOWHERE to go because there are no houses on the market.  Anyone else in this situation?  People with children, would you sell and then move into a rental while you look?  I'm a fairly picky buyer so I'm afraid it will take a long time to find a good house and by then, any money we've made on our house is eaten up by rent and no building of equity in the new house.  ARGH.[/quote]

A few years back we sold out house and rented while we looked for our dream home.  The inventory was low, and it took 2.5 years, but we found the perfect house and were in a great position to buy it (multiple bid) because we had cash in the bank from the sale.  There was no pressure to reach or buy a house that was not right for us, and it was nice to take a break from mowing the lawn and fixing things around the house.   Also, I invested the equity from our old home in conservative funds and made a great return over the time we rented.  I am not sure what you are saying about "money made in our old house would be eaten up by rent".  Wouldn't you pay rent just like you would pay your new mortgage, from normal income?  If this is the case, then how could you possibly qualify for a new mortgage if you were buying?  If the market for your current house is hot right now, sell it, make the maximum $ and sit tight.   Too many people associate renting with failure, it is not, and quite frequently it is a great economic strategy that provides liquidity and flexibility for a future purchase.[/quote]

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