Reply to Would you take a $950k mortgage on 300k salary?

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[quote=Anonymous][quote]
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My God $950k mortgage!! Can you find a cheaper house?

When you make over $300k a year this is not too much of a stretch. We bought our first house 16 years ago for $500k but times have changed.

I'm sorry it is. We are just addicted to debt in this country. Starting with a $950k mortgage should not be normalized.

Your claim is completely without context.

I'm sorry, but $1m isn't what it used to be.

Better to stretch for a house you want for a long time, than skimp, and have to move at least once, and pay all those transaction costs.

I would agree with this. If we had not bought our house a few years ago when interest rates were lower we would not be able to afford it now.

This is what should make you nervous.

Why should they be nervous? They have a permanently locked-in low rate.

Because if they have to sell no one else like them can afford to buy it - and the price likely has to go down.

But plenty of other people will be able to afford it, duh.[/quote]

There are a finite number of people who are looking to buy at any given time. And most of them know when it's a buyer's market and will proceed as such. Nobody wants to overpay for a house. Basic economics. 
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