Reply to Anyone else who will likely never be a home owner?

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[quote=Anonymous][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. [b]Most places in our desired neighborhood[/b][b] 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]

See pp’s earlier posts about compromise[/quote]

Given the fact that your “max” is 700k even with that downpayment, your real budget for the ultimate monthly payment is 350k.  Looking at a neighborhood with 1M homes is a recipe for heartache. It’s really unlikely prices are going to drop 200-300k…and if you do get lucky, it’ll likely be a major fixer upper that you may not be able to afford if you need to keep your mortgage that low.

It’s great you have that much saved up—but think you need to readjust your expectations.

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