How do we find home in challenging housing market and high mortgage ? (mortgage calculator, prices)

[GNCamry99]

How do we find home in challenging housing market and high mortgage ?
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Thanks for your replies to my threads.


I find housing market and high mortgage not in favor for home buyer.


What are ways, we can find a affordable home, who is earning 80K and closer to retirement ?


How do we find affordable home ?

Are there any web resources to use for this purpose ?

Thanks for your guidance.

[Jkgourmet]

Originally Posted by GNCamry99

How do we find home in challenging housing market and high mortgage ?
==================================================




Thanks for your replies to my threads.


I find housing market and high mortgage not in favor for home buyer.


What are ways, we can find a affordable home, who is earning 80K and closer to retirement ?


How do we find affordable home ?

Are there any web resources to use for this purpose ?

Thanks for your guidance.

Get off the internet, get real and hire a good Realtor who knows the local market?

[Silverfall]

Are you willing to move to a lower-cost-of-living area? Do your jobs allow that?

[Parnassia]

How does anyone shop for a house? They prioritize an area, a price, the non-negotiable features versus the negotiable ones. Then they connect with an experienced productive realtor who knows that market. They can tell you what you can expect to pay for your expectations and whether they are realistic. If they aren't, you'll need to be ready to adjust them. Of course, listings on the web can give you some idea what you might need to pay to get the features you want in different locales, but you'll still need to put boots on the ground for yourself.

When you say "close to retirement" how close is close? If it's only a couple of years away, why not stay where you are, keep building equity, put $ aside for a down payment, start downsizing all the household stuff if necessary, then cash in that equity and move once you have a better idea what your financial and personal family life may be like? How available and how convenient your needs and wants are may be quite different after retirement than they are now. For example, the whole commuting issue will go away and the circle within which you're willing to live could expand. How you prioritize convenience to reach services and activities could change a lot. Why move, then move again in a fairly short time because your retirement life isn't what you anticipated?

[Serious Conversation]

Originally Posted by Silverfall

Are you willing to move to a lower-cost-of-living area? Do your jobs allow that?

That's not always a viable option. Many cheap areas are cheap for a reason - no jobs, few amenities, high crime, too rural, etc.

[Threestep2]

Originally Posted by Serious Conversation

That's not always a viable option. Many cheap areas are cheap for a reason - no jobs, few amenities, high crime, too rural, etc.

OP posted in an other thread that retirement is on the horizon and he/she works from home.

[NORTY FLATZ]

Earning only $80K, I don't see retirement in your future, sorry to say.

Especially if you're looking for a house and you don't mention a few hundred grand equity from your current place.

Might just keep renting until you are no longer able to work.

[MikeJaquish]

Originally Posted by GNCamry99

How do we find home in challenging housing market and high mortgage ?
==================================================




Thanks for your replies to my threads.


I find housing market and high mortgage not in favor for home buyer.


What are ways, we can find a affordable home, who is earning 80K and closer to retirement ?


How do we find affordable home ?

Are there any web resources to use for this purpose ?

Thanks for your guidance.

"Affordability?" What is your budget? You need to be conservative going into retirement, and respect the fact that you likely will have a significant economic shift.
In any greatly desirable market, you will have an astounding amount of competition. Just astounding.

Work from home helps if it really frees you up geographically. You can find affordable housing in a great many small town rural areas, rust belt areas, old snow belt areas, etc.
If that is not acceptable, you should just keep pounding away and hope to get lucky.

[GNCamry99]

Thanks for weighing in .

Where are these low cost-of-living geographically ?

How available and how convenient your needs and wants are may be quite different after retirement than they are now

It is tricky to make a determination .

I am looking for a 3BR unit in a quite and safe neighborhood.

I find many pieces suggest to rent instead of buy in current situation, where we will be paying more for Mortgage compare to monthly rent .

Home prices saying high due to raised property taxes as well.

I have few hundred grand equity to put into home, but concerned about wiping out due to housing bubble burst.

You can find affordable housing in a great many small town rural areas, rust belt areas, old snow belt areas, etc.

Could you give more info about small town rural areas, rust belt areas, old snow belt areas?

How do we identify those in a state or county ?

Thanks for your guidance.

[hotkarl]

Just for entertainment purposes I punched in my last home with a mortgage calculator, all info the same aside from the interest rate…yikes!
I probably couldn’t afford my last mortgaged home today simply due to the higher rates.
I’m cash and carry now but I bought my last mortgaged home in I think 2017 and sold in 2021.
It’s amazing what only a few years difference makes.