Reply to At odds with spouse ove how much house we can afford

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP, just bc you can comfortably afford 1.7m doesn't mean you should spend that much. ESPECIALLY in this economy. What happens if you or your husband loses employment? Become underemployed? What if you have unexpected medical expenses?

You can very easily find a great home for 1m and put away all of the extra that you would have spent on housing into savings. [/quote]

Also, I'll note another reason you shouldn't immediately shut down your spouse: the housing market keeps dropping. You spend 1.7m on a house today, next year it can be worth 1.4 or 1.5m. [/quote]

maybe in baghadad! the DC housing market has been shooting through the roof due to tight supply good jobs and high incomes.[/quote]

Don't buy the hype from realtors and banks. They are looking to create another housing bubble in DC.

The market appears to be increasing but it's largely temporary for a variety of reasons. 1) banks have decreased foreclosure proceedings for the time being. 2) investors have been buying up extra properties to convert into rentals... this is temporary, and not a permanent fixture. 3) ppl who would otherwise sell can't do so because they bought at the top of the market and can't get their investment back.

Prices need to continue increasing through the fall and spring (they already dropped off last month w seasonal adjustments) in order for it to be the beginning of a true recovery. It's just not happening. & again, remember that they are are a lot of houses still in limbo awaiting  foreclosures or near it.

Anyone with half a brain will be conservative.[/quote]

+1[/quote]

This time around it's different because everyone has to put money down and rules are much stricter so the gains are not a bubble. It is estimated that real estate will increase 3-5% each year in the DC metro area. Also note that this is a conservative estimate.

Washington DC 1.08% 4.35% 4.32% 3.72% 8.04%

http://investing.businessweek.com/research/stocks/news/article.asp?docKey=600-201210300958PR_NEWS_USPRX____NY02548-1&params=timestamp%7C%7C10/30/2012%209:58%20AM%20ET%7C%7Cheadline%7C%7CHome%20Prices%20Continued%20to%20Rise%20in%20August%202012%20According%20to%20the%20S%26P/Case-Shiller%20Home%20Price%20Indices%7C%7CdocSource%7C%7CPR%20Newswire%7C%7Cprovider%7C%7CACQUIREMEDIA%7C%7Cbridgesymbol%7C%7CUS;MHP&ticker=MHP[/quote]

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