Reply to When will these prices slow down??!!

Forum Index » Real Estate

Reply to "When will these prices slow down??!!"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Steve][quote=Anonymous]Thanks everyone.  If we bought now, we'd only have enough to put down maybe 70k?  And from what I can tell, that would mean financing an amount that would leave us with a monthly payment about 900 more than what we pay now and we just don't have that much room in our budget to make that amount appear in our monthly finances.

Yes, we could stay in our townhome.  But we'd like more space, a yard, a garage, etc.  Obviously if we can't ever do it financially then we won't.  But I'd like to try to find a way.

MIL is gifting us some money this year and she's made some noise about gifting us more next year.  I'm hoping that helps as bit.  If she gifts us the money for two years, it'd be tight but we could stretch to buy.  If she gifted it to us three times which puts us right at the two year from now mark that I was talking about buying, it'd probably allow us to do it without stretching too terribly much but that's only IF the prices don't continue to skyrocket.

Honestly, I think our best bet is waiting until the end of the buying season and trying to snag one of the homes that's languishing on the market.  Of course that gives us a dilemma of trying to figure out when to sell our townhouse.

My plan right now is to continue to save and to meet with a realtor and mortgage broker early next year to get a firmer grasp on numbers...what we could qualify for, how much we could sell our house for, what kind of repairs/updates we need to do, etc and then get going with making things happen.

Thanks for all the input.  Aside from the tangents about child support, it's been helpful.  :) [/quote]

You think you'll get $50k+ equity out of your townhouse + savings in 2 years?? Let's assume you have the $70k now in both equity and savings:

+$70k current equity and savings
+ $56k gift tax exclusion (MIL+FIL to each of you)
+ $7k (2% agent rebate on the sale of your th)
+ $12k (2% agent rebate on the purchase of your sfh)
=$145k

You have enough for your $120k down payment and closing costs [b]right now.[/b][/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