The Home Ownership Thread

[Van Veen]

Should I also point out that this time of year tends to trend lower in sales due to families not wanting to change schools, etc? Fall is usually a slow down period into winter.

Keep the faith. Many of us spent months looking and were ready to call it quits before we found our homes.

Oh I'm aware. Just that it seems like inventory has been artificially low because of covid. At some point the dam has to break.

I think that we have accepted that we may have to move into another rental in May, which will not be the end of the world.

I don't remember how it came up or if I mentioned it here, but one question we're now asking is, "would we even be considering this place if not for the current situation?"

That came up re: the last Frankenhouse we saw.

 

[jbarwick]

You will be able to find a place by May. The spring market will pick up because we will have lived with COVID for a year and people are fine wearing a mask and buying things.

 

[Joytropics]

I got my place in a competitive market by ignoring my agents advice and continually going after stuff that was already under contract.

Finally one of the contracts fell through and bam! I got in before it hit the open market.

 

[brokencycle]

We're all so very happy for you. I wonder why you hired a professional at all though.

 

[Joffrey]

The seller has officially rejected my demands so we are voiding the contract. Irritated to have to start the whole process from scratch but better than being saddled with a shady property.

 

[PhilKenSebben]

We're all so very happy for you. I wonder why you hired a professional at all though.

Well, his agent may have gone to college and we all know what that means....

 

[brokencycle]

Well, his agent may have gone to college and we all know what that means....

HR loved his agent though.

 

[Piobaire]

So we have a new secret ploy that is against all advice: put an offer in on a pending or contingent deal. Who ever heard of such a crazy thing? This will revolutionize the RE market.

 

[PhilKenSebben]

So we have a new secret ploy that is against all advice: put an offer in on a pending or contingent deal. Who ever heard of such a crazy thing? This will revolutionize the RE market.

personally, I only look at homes that other people have offers on. In fact, last week I broke into a bunch of homes that weren't even on the market and left them offers on their kitchen walls written in blood (Just so they know I am serious). My agent says this is not a good approach, but I think this might be a new trend.

 

[brokencycle]

personally, I only look at homes that other people have offers on. In fact, last week I broke into a bunch of homes that weren't even on the market and left them offers on their kitchen walls written in blood (Just so they know I am serious). My agent says this is not a good approach, but I think this might be a new trend.

You may not want to inform your agent about this going forward. Next time talk to @lawyerdad, he's very discreet. Please, just spam him with PMs. He likes that.

 

[lawyerdad]

You may not want to inform your agent about this going forward. Next time talk to @lawyerdad, he's very discreet. Please, just spam him with PMs. He likes that.

Don’t forget the pics.

 

[losrockets]

We're a pair of new doctors in our mid-30s in Houston with more debt than money and relatively limited earning potential based on our fields of choice. We have 2 dogs but aren't seriously considering kids. Easy, right? Nope, because MIL is unable to live on her own, we rent out our first floor to her, but we're looking for a place which has (space for) an actual studio/casita on the grounds and to give us privacy. That's practically impossible sub $1-1.25M in Houston unless we are talking suburbs or something flood-prone. Very frustrating to be "here" in terms of career and relationship stability but still nowhere near the sort of housing situation we would consider comfortable. Anyhow, we renewed the rental agreement on our good-enough-to-rent-but-not-buy in near-downtown Houston (split 3 ways it's a steal) and were just browsing casually when we noticed many listings are reporting price increases of $10-50,000 right now. What gives? With schools back in session who's moving right now that they can justify these increases? Or are realtors trying to take advantage of a competitive market?

 

[Van Veen]

Very frustrating to be "here" in terms of career and relationship stability but still nowhere near the sort of housing situation we would consider comfortable.

Welcome to my world.

 

[norcaltransplant]

Nevermind then....

 

[venividivicibj]

New doctors should not be shopping for a house, let alone $1+ million homes. I would advise improving your DTI ratio prior to applying for any mortgage. Depending on how much you own on your student loans, and whether you are enrolled in the PSLF program, I would focus paying down the loans and/or saving for a down-payment. Provide yourself with a budget of $4-5.5k/month for renting a home/condo/etc. Anything in that price range approximates the cost of a $1 million PITI. Dismiss the idea that you are "throwing away" your money by renting. The property taxes in Houston are 20k+ plus per year, so you will build little equity in the first few years of ownership.

A condo or townhome might be advisable in your current stage of life. You and your wife should be focusing on your careers instead of messing around with a leaky dishwasher or malfunctioning sprinkler. Unless you have a lot of family ties to Houston, be flexible to moving, even locally. It can make a significant impact on your career advancement. Making 100k or even 250k on a property is nothing compared to making partner or obtaining a directorship.