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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We want to buy a SFH but can't do so realistically for about two more years which is when a significant chunk of our monthly expenses will disappear (daycare and child support).

The SFH in our area are around 625-650k.  We can't really afford to finance more than about 480k and we could probably put about 120k down (100k from equity in our current townhome plus 20k in savings).  That puts us at a maximum home price of 600k.  In my mind, I think "okay, we can scrounge up another 25k through some serious saving these next two years" but then I realize that in two years, those home prices will now be more like 650k - 675k.  They seem like they will constantly be JUST out of our reach.  It's so frustrating.  I just don't see how we're ever going to be able to save enough to finally be able to buy up in the area we live in.

A house came on the market by us that we really like for 615k and when I looked at the tax records, I saw it sold for 537k in 2012.  Just four years ago it was 85k less!  We couldn't afford to buy a SFH back then when prices were that low b/c we were at the peak of our daycare and child support expenses.  But as time marches on, it makes me realize that we're never going to be able to get there.

I feel like we're stuck.

[/quote]

Put down less, rates are very low, your made up 480k number has no bearing on the market.[/quote]

I don't understand this comment.  I can't put down less b/c I can't afford a mortgage for more than the monthly payment of a 480k loan.  How is 480k a made up number?  That's the amount we can afford to finance.[/quote]

Did the bank come up with that number?[/quote]

No.  I just use the online mortgage calculators.[/quote]

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