Reply to Disgusted/Deflated. We make combines $350 & can't afford jack

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[quote=Anonymous][quote=Anonymous]OP sounds like my good friend who is house hunting now. They are first time buyers, HHI of over 300k, no idea how much they have saved but they are mid-30s professionals so I would have to assume a decent chunk of change at this point.

She complains constantly about how much everything costs and will often say "you guys are SO LUCKY you bought when you did." Though she will also say they won't buy a condo when we live in a condo. She also tells me we are lucky that we don't "need" a bigger home because we only have one kid and they have two. Cool, cool, I guess my secondary infertility was a blessing. She has no idea.

I think a lot of first time home buyers don't understand that it's always a compromise. I don't know but I bet even really rich people compromise when they buy homes most of the time because you can't control what inventory is available. I think the only way to not have to compromise is if what you want is well below your budget, because then you can come in hard with your offer and probably afford to change anything you need. But first time buyers are rarely in that situation.

It's so common for buyers to feel like everything they want is juuuuuuust out of reach. But if people feel this way whether their budget is 500k or a million or 1.3m, then maybe it's mostly in your head. It's a big purchase, you are stressed about it, you channel that stress into feeling like if you just had a little more money, you could have what you wanted. You need to get used the idea that home buying doesn't work that way, figure out what your priorities are (keeping mortgage low, square footage, location, how updated it is) and then make some hard choices based on those priorities. It's what everyone else does. This is why people rarely buy their "dream house" first time out. You get the dream house once you've actually lived in a home you own for a bit and know how to dream a dream that is possible. [/quote]

Thanks for your thoughtful response. Is it your best guess that we are we in the 2006 height of the market?  We bought at the highestpoint and lost a lot when closing. Had to pay hundred thousand just to get out from under that mortgage.  What are yourthoughts?[/quote]

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