We have a semi-detached home that we bought 5 years ago before the crash hit our markets. It was at the highest point of the market but I was so desperate to move. We both figured we wouldn't be moving for at least another 5 years from now...until today.
We fell in love with a house. The mortgage is doable but the down payment is not 
they want 40% down - how do people make that much money or save that much money up in a short amount of time to buy their dream home???
I'm so disappointed!
persimmon / 1331 posts
BUMMER! 40%?!? That seems so high!
We got VERY lucky and DH's family member helped us with a down payment when we found our dream home. But I truly believe that had our house not worked out, another one would have seemed perfect later when we did have the money saved! While we LOVE our house, we hate feeling indebted to our family (even though he is very cool about it and says we can pay him back whenever!)
pineapple / 12234 posts
40% is insane!!! That would take us a good 5 years to save up. At least. My parents advice sticks with me when looking for a home, there is always another house so don't get emotionally attached. Easier said than done 
pomegranate / 3105 posts
yeah 40% would be almost 250k, that's impossible for us, even with help. If we sold our house and make 80k (average for the homes on our street now selling) and moved in with my parents for a year we still would be wayyyyyyy far off the 250. My biggest worry is because our markets are appreciating so quickly an opportunity for a house of that size for that price won't happen again. It would be our "lifetime" house, no more moves.
bananas / 9628 posts
=( 40% is a LOOOOOT! i'm surprised when i hear the number of people on HB talking about how they were able to put down >20%, but 40% is crazy! we were thinking of doing 5%, but after talking to DH about it this weekend, if we pull some from other places and really try not to spend $$ before we find a place we could do 7.5%. i can't even imagine 40%! although where my brother is looking i've seen listing that say, 'sellers are only entertaining cash offers at this time'..... ummm.... 'cause people just happen to have 400K sittin around waitin to be spent?!?!
wonderful cherry / 21504 posts
40% seems insane! We've been saving pretty much since we started working 10 years ago, with minimal debts and expenses beyond rent, and we can swing 20% on the homes we've looked at but no way could we do 40. That's crazy. We ultimately decided to just stick with renting for a few years because the market is kind of crazy right now.
Around here, things are selling so fast and buyers can be really choosey-- everything goes above market value, and if you put any contingencies in, they are that much more likely to take another offer. I hear of people not even putting in an inspection contingency! It's nuts.
Like others have said-- there will be another one. It doesn't seem like it, but really, the perfect house also means the right price and timing for you!
| Today | Monthly Record | |
|---|---|---|
| Topics | 0 | 0 |
| Posts | 1 | 0 |
Ask for Help
Make a Suggestion
Frequently Asked Questions
Bee Levels
Acronyms
Most Viewed Posts
Hellobee Gold
Hellobee Recipes
Hellobee Features
Hellobee Contests
Baby-led Weaning
Bento Boxes
Breastfeeding
Newborn Essentials
Parties
Postpartum Care Essentials
Sensory Play Activities
Sleep Training
Starting Solids Gear
Transitioning to Toddler Bed
All Series
Who We Are
About the Bloggers
About the Hostesses
Contributing Bloggers
Apply to Blog
Apply to Hostess
Submit a Guest Blog
Hellobee Buttons
How We Make Money
Community Policies
- Google Plus
- Stumbleupon
- Twitter
- Facebook
- Pinterest
- Favorite0
5 comments