So the housing market in my area is INSANE right now (as it is in lots of other places) but my family kind of needs a bigger house with baby #2 on the way and I’m wondering how others are navigating these sorts of things right now.
Because we bought our current house in a weak market as a fixer we have several hundred thousand dollars of equity, but to upgrade and be as close or closer to DH’s office (I’m permanently remote) we would need to come close to doubling the sale price of our current home, which is in a neighborhood we love but is cheap for our area. We have a decent amount of cash/liquid assets on hand, and could probably swing the cost, but I definitely don’t want to get involved in waiving things like inspections and appraisals, and yet I also don’t want to wait and have rates go up another 2%. Really I’m regretting not offering on a house in our ideal neighborhood that sat on the market last summer because of the *choices* the owners had made, but we weren’t ready at that point and who could’ve predicted the way the market continued to go.
I would love to add on to our current house, but we would spend the same money as buying someplace new and not get the investment back because of the neighborhood. The other option is to stay where we are, convert the guest room to a second nursery and tell family to get a hotel if they want to visit (probably the most likely outcome ) and either wait for the market to cool or save enough money to compete with cash offers on million dollar properties