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Reply to "Anyone else who will likely never be a home owner?"
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[quote=Anonymous][quote=Anonymous]We kinda got stuck in the middle. We bought a TH in 2017 and sold in 2021. We moved overseas at the time but had we bought a new house, we could have afforded a nice 1 million place. Now our overseas assignment is ending after 2 yrs and we are moving back this summer. We are looking at 700k max including a 350k 50% downpayment, which buys a complete dump. The interest rates are what kills everything. Most places in our desired neighborhood are still going for 900-1 million and the best ones fly off the market in a few days still. Idk where the money comes from to cover such a huge increase in cost from interest rates- maybe it's generational wealth from boomers and people are paying cash idk but I'm getting stressed out about it. [/quote] It’s coming from FOMO. People are scared and are buying at the absolute top of their pre-approvals, which is a scary thought. The data doesn’t lie. There just isn’t enough income to support these prices.[/quote]
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