So we are giving up

FH and I have been talking about owning a home for the longest time and had every intention of buying a home around this time frame. However with the wedding and the interest rates, I am not all that sure this would be the smart thing to do... News articles keep talking about the real estate bubble, but in reality the way I see it is the home prices have stayed high but now the interest rate is much higher than last year for example so houses stay on the market longer... this doesn't really help us so we have resigned ourselves to rent for a year and look for a place... the crappyu part is the amount of money we will be wasting on rent! Plus the broker's fee! I feel so sad about this.

my mortg. broker just told me the rates went down...so don't give up so quick....

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Posted by anjerandunder

i'm sorry you're giving up. have you thought about another option..not a house but a condo or co op? that's how me and my husband got our foot in the door. now after 2 years we can finally afford a house!!

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don't you usually need 20% down to purchase a coop?

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Posted by olivia30

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Posted by anjerandunder

i'm sorry you're giving up. have you thought about another option..not a house but a condo or co op? that's how me and my husband got our foot in the door. now after 2 years we can finally afford a house!!

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don't you usually need 20% down to purchase a coop?

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We bought a condo and only put 5% down...I think for a co-op you need to put more down though.

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Posted by olivia30

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Posted by anjerandunder

i'm sorry you're giving up. have you thought about another option..not a house but a condo or co op? that's how me and my husband got our foot in the door. now after 2 years we can finally afford a house!!

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don't you usually need 20% down to purchase a coop?

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you need 10% down for most co op's but its up to the management company.

Definitely consider a co-op or a condo! They are much more affordable, and you can live in that for a few years and see what happens with this crazy housing market. It will make it easier for you to buy a house. We could not do it at all if we didn't own a co-op.

The amount you need to put down does vary--my co-op management asks for 20%.

Not to be pushy, but ours is on the market. If you want details, FM me.

Look into condos or co-ops. Even if it's small or not what you REALLY want, you're getting your foot in the door and building equity.