Reply to Bummed out about missing out

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[quote=Anonymous]I feel your pain.  My situation isn't the same, but I have resentment about timing, circumstance and the weirdness of real estate in this region.

It's a really bizarre market.  A lot of people are saying the market is strong and getting stronger and that's why there are bidding wars, sharp increases.  But that's hooey.

The issue is low inventory.   That is combined with sellers who have bizarre notions about property values and desperate buyers who make those bizarre notions reality by buying for the inflated price, which then pushes everything else up.

I think the reality for the next decade is that real estate will constantly be a sort of rapidly expanding/deflating bubble.  There's no "good time" to buy or sell.  There's just luck.

Rates are low, but they'll likely be low for a while.  The best you can do is think about what you can afford, where you want to live for the next 10 years and go from there.

You never know how long it will take to sell your house or how long it will take to find a new one.  So have a contingency plan.  If you sell first and then buy, make sure you have a temporary place to live.  If you buy first and then sell, make sure you have the financial means to pay two mortgages for an extended period of time, because you never know what will happen or how long it will take to sell.  Sometimes deals fall through because people can't get financing.  So even though you might get a buyer, there's no guaranty the deal will go through.

And then, when all is said and done, let go of the resentment. [/quote]

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