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

Forum Index » Real Estate

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]Was so close to buying in 2020 and 2021 and now those properties I could afford at 1.2 and 3% are at 1.7 and 6.8% and I am locked out of the UMC for the rest of my life. No equity here.[/quote]

I've been having difficulty following the numbers in this thread so went back to the original post. I thought OP was being hyperbolic about the rate of price increases since 2021 (I am no longer in this area) but then I took a look at a current home listed in Arlington at $1.65M and was shocked to see that it sold for $870,000 in 2021. It's just one data point that may ultimately sell for less, and it looks as though the sellers did a fair amount of remodeling, but it's certainly an aggressive increase.

https://www.redfin.com/VA/Arlington/18-N-Garfield-St-22201/home/11256002

As a previous poster pointed out, a $1.2M budget at 3% interest translates with 20% down translates to about 5K/month PITI. At 6.8% interest, if OP still put $240K down (her 20% payment on the $1.2M house), she can afford up to a $900,000 home to maintain that $5K/month PITI.

So yeah, that's a massive swing in a short time, and a 4,000-square foot home in Arlington is now out of OP's reach. Frustrating of course, but timing is everything and sometimes we miss the boat. OP I hope you take a look at some of the less expensive options that have been presented to you, because $900K can still buy you a lovely home. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics