Reply to I was so close and now I’m shut out

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If it was a 25 yo complaining they can't afford to buy a $1.2 million home I would absolutely have less sympathy and so would all of you fools[/quote]

I would tell anyone, at any age, if they can't afford a $1.2 million home, they should find something cheaper.

It's common sense.[/quote]

What if you don't want something cheaper? Why buy something you don't want?[/quote]

You don’t always get what you want in life, kindergartner.[/quote]

Sure, but when do you have to pay hundreds of thousands of dollars plus 6.8% in interest for it? [/quote]

Everyone knew interest rates would only stay at historic lows for so long. Low rates actually lasted much longer than we expected.
During this time, OP had her down payment for a $1.2 mil house and just sat on it, waiting to see if she could get something better - one extra room, a bigger yard, better street.  So yeah it sucks now rates rose so fast she can’t buy what she wanted. But it also sounds like she was a bit picky and greedy, remaining on the sidelines holding out for more, with the low interest rate clock ticking.

So I get that it stings she will now have to pay even more for less. I would be kicking myself, too.

But don’t repeat the same mistake thinking better will be just around the corner. Lock something in now before rates go any higher.[/quote]

+1 (NP)[/quote]
The above is a hilarious post. If you actually read the DCUM real estate forum circa 2021, numerous posters talked about it like it was the absolute worst time to buy, as you'd be buying at the "top of the market", everyone had FOMO and were paying crazy prices, don't get caught up in it, etc. I don't recall anyone saying "buy now! you won't get this good of an interest rate forever and prices are going to plateau at best"!

Many suggested low interest rates are bad for buyers because they mean you pay a higher price for the house. Correct in theory, not super helpful for buyers given the current market and lack of supply.

Thankfully bought anyway. In part because we made the mistake in 2019 and 2020 of sitting out the market and realized the hard way that trying to time the market is not a great strategy. But to say "everyone knew interest rates would only stay at historic lows for so long" is preposterous, most home buyers (including myself) enter the market with little awareness of history or any ability to project what will happen in the future.[/quote]

Oh come on. Did you never watch the news? [/quote]

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