NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

Original post by Mdolph6

May 07, 2007 08:35 PM

Ok so DH and I married almost 3 months and we are now looking for a house.....here is the problem and why I am so stressed

DH is in the FD for our town and with that he would like to stay in the same town so he doesnt have to quit the FD ( he doesnt want to go to another one...dont ask..lol) so that doesnt leave us with much of a selection......
DH and I together make alittle over $$$,$$$ 6 figures......and it seems like we cannot afford anything in this town and if we can it either needs TONS of work or its in a not so great area.

It drives me nutts because I think between the 2 of us we make pretty good money but it just doesnt seem like we can afford anything.....How is everyone doing it??

Sorry, thanks for letting me vent!!

LitBallerinaGirl Posted: Jun 16, 2007 02:42 PM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

Here are several things to think about.
1. Speak to a real estate agent/broker. They will work out the numbers to pre-qualify you (If you are interested you can FM me and I can help you out there)

2. Look at your W2 forms. See how much you have taken out of your paychecks every pay period. If you are filing 0 and having the most taxes taken out now then you can change that so you aren't having as much taken out of your paycheck. (DH and I did that and together we are now making 300 extra A PAY CHECK!). The only downfall is that instead of a 8000-10,000 tax return we got 2,500. What you need to think about though is whether you would rather get a huge tax return or own a house in the area you live now.

3. Remember the real estate market is a buyers market. People who are in need to sell are selling their houses well below market value. Continue to check out MLSLI.com. Look for houses in your area that have been on the market for a long time and have continued to drop their price.

4. See if it would be possible to put an apartment in the house and rent it out.
Good Luck!

lilone9 Posted: Jun 16, 2007 03:21 PM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

FH and I bought a house this past december. It was craziness. The prices are ridiculous. My Advice. Don't settle. It'll work out, i promise. Keep looking. Find a good realitor and an even better mortgage company. The best thing to do it look for mortgages first so that you can figure out what price range to look for. Just BE patient. Otherwise you will drive yourself nuts.

LAL0111 Posted: Jun 16, 2007 05:09 PM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

Yes, it's def a buyers market. Just remember though in certain price ranges the demand is very high and inventory very low. If the house is priced right they are still get asking price if not over bidding is still happening so make sure you have all of your paper work ready to go!

EGreene79 Posted: Jun 16, 2007 07:47 PM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

Everything everyone has said above is great advice. The only thing I have to add is if you feel comfortable enough, and you and FH normally get decent raises each year, you can always stretch yourself a little thin now. I don't mean going into serious debt, but definitely cutting back on some of your non-necessities.

FH and I bought a house last November, and everything in the price range where we could still live our lifestyle when we were renting were just not what we were looking for - a lot of 'fixer uppers' or houses on major roads. We found a place we LOVED, worked out the numbers and realized we could afford it, but it meant cutting back in some areas. We could still vacation - but instead of Blackcomb Whistler we did Vermont, instead of the Caribbean we went camping in NH. We have definitely cut back on eating out, we bring lunch, I've cut back on my clothing shopping and now stick to the sales rack, Marshalls or TJ Maxx. You'd be surprised how much all the little things add up. ANYWAY, things are tighter than we're used to for now, but within a few years we will be back to a comfort level with raises and bonuses. We figured it was better to stretch ourselves now to have a house that we're happy with now and will be happy with for years.

Good luck! And try to relax, it is honestly one of the most stressful processes I have ever gone through, but if you sit back and look at the bigger picture you should be ok!

Flutterbye922 Posted: Jun 16, 2007 09:35 PM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

Same here. We did buy a house out east from where we wanted to be because it was more affordable but I have family in the FD so I know what it is like asking them to leave their FD

My only suggestion if you have to live in that town is to keep saving for a nice downpayment to put down on the house.

GL

FutureMrsGK Posted: Jun 16, 2007 10:11 PM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

The exact reason why we moved to NJ

Nina_m74 Posted: Jun 16, 2007 10:34 PM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

Buying our house was the most stressful experience we have ever lived through, BUT it was totally worth it. We spent a year looking and finally found the right house in the right price range, not only in the town we wanted, but also on the very street we wanted! I can't tell you how happy we were to move from our 750SF apt. to a 2000SF house. I love FH, but sharing a 8x10 room for his office and my sewing room got old very quickly!!

If you have the option to wait, I would try to hold out and save up as much as you can. Interest rates are on the rise, so that may be another reason to wait. If you are able to save a large enough down payment you can reduce your interest rate and may not need to get PMI. Becareful about stretching yourself too thin, the bank will approve you for more than you can really afford, they know you will pay your mortgage before you pay your credit cards if it becomes an issue. Just be patient and try to fight that urge to rush.

Good Luck!!!!

I Love my bear Posted: Jun 17, 2007 07:56 AM

Re: NWR---Has anyone recently purchased a home?? Help me to stop being so stressed (vent)!!

All I can say if you can make your life easier by saving your $$ and being able to put down something (anything helps) for a down payment. This will make your mortgage payments much more easier to bear. Plus home prices are going down =)