Reply to Anyone waiting till next spring to buy?

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[quote=Anonymous][quote=Anonymous]We feel priced out and are waiting until 1) Something comes on the market that we feel comfortable paying for, 2) We save up enough money to do a renovation prior to moving in one of the crappy houses we see on the market in our target areas or 3) We can afford more.  We are planning to buy in the next 1-3 years depending on which one of these factors come to play first.[/quote]

We feel the same way, but then we did the math. Let's say a house we would find move in ready and not just the standard 2.5 bedroom colonial needing $200k worth of work just to bring into code for the 80s, and those seem to sell for $900k. Let's say we appreciate 5% a year (which is perhaps modest since nationally we rose 12% last year), that's $50k year.  Before taxes, that means we have to have $80k of income that we can sock away, just to save up enough to afford the house.  Perhaps we could borrow more, but even those $900k homes often times need significant renovation to just make okay (and we are not fancy people, just like bathrooms that don't grow mold and drawers that open and close with requiring a crowbar).

Thankfully there is no inflation,which means everything else (food,childcare,gas) is getting cheaper... :P

PP, I thought furloughs were like 10 - 20 days a year, yes that translates to a 7-8% pay cut, but not nearly as devastating as being laid off (and look at DOD, they halved the number of furlough days; they are finding creative accounting to keep things humming).[/quote]

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