Stretch goal into a dream house, good idea?

In reply to Javelin:

My neighbors house is for sale. Attached Hangar/Shop and riverfront access about 30 minutes south of where you are now.

I wouldn't. You're buying high right now - property values still stupidly inflated, interest rates as high as they have been in over a decade. Sure, you're also selling high, but you're not selling as much and you're giving up your low interest. 

If I was moving right now, I would really only be interested in cheaper property than I'm living in now, property that hasn't increased much over the last 3 years, or else I'd be looking at renting or buying a small apartment and then jumping into the forever home when they inevitibly come back to a reasonable price in the next 3-18 months. 

In reply to bgkast :

For real? Can you please send me the info??

In reply to mtn :

If I was looking at a similar size house what you are saying is 100% correct. I'm not though, I need space for my kids. Our daughters are both 10 and sharing bedrooms with their 7 year old brothers. They all deserve their own rooms. Paying $132,000+ to have 2 bedrooms added isn't smart money for this house. 

Placemotorsports said:

In reply to Javelin :

Still waiting on those Cayenne details...

2006 Cayenne S Titanium. 4.5L V8, 6 speed tiptronic auto, 115K miles IIRC. Lots of new parts and maintenance. New Berg wheels with Nokian Outpost AT tires. Full 3" custom stainless exhaust. Hitch, roof rack, LED taillights, pedal commander, roof rails, rubber mats. I need to put a battery in it and do a trans service still (I have all the parts). It is cosmetically a little rough inside and out.

In reply to Javelin :

PM sent. 

In reply to Javelin :

Right, but your house will drop less than the bigger house will. Even if it's less percentage drop, a 10% loss of value on a $400k house will be more than a 15% loss of value on a $200k house. 

In reply to mtn :

I know that. Where do I stick the 2 pre-teen girls while waiting?

In reply to Javelin :

Get one of those tiny home trailer deals. It'll be like a neverending sleepover. 

In reply to bgkast :

Received. That place is wild!

In reply to Javelin :

Pics and price in mind?

Javelin said:

In reply to mtn :

If I was looking at a similar size house what you are saying is 100% correct. I'm not though, I need space for my kids. Our daughters are both 10 and sharing bedrooms with their 7 year old brothers. They all deserve their own rooms. Paying $132,000+ to have 2 bedrooms added isn't smart money for this house. 

I'd normally tell you to stay away from the market for at least another 6 months, as there are REAL, TANGIBLE signs of a pretty significant slowdown coming... But on the other hand, I have a daughter and if she told me that she wanted to live in the Disney princess mansion, I'd probably have my realtor write up an offer regardless. 

Do what you think is best for your family.  If that means buying in an inflated real estate market and you are aware that you likely won't have much equity in the home for 5-10 years, then go for it.  There's nothing more important than a happy, healthy (physically and mentally) family unit.  You just need to be honest with yourself and all parties about the drawbacks associated with the benefit of more space. 

Good luck.

Javelin said:

In reply to bgkast :

Received. That place is wild!

OK, now I want to see the place!

In reply to dculberson :

Same!

dculberson said:

Javelin said:

In reply to bgkast :

Received. That place is wild!

OK, now I want to see the place!

It was a private airport. No *on* a private airport, it *is* the private airport.

Update!

We ended up buying a dream house a little over 30 minutes south of the old house. Just got done with the closing. New house is a 4+ bed/3 bath 2600sf that had price dropped $25K. We managed to lock in our rate at 5.0% (and they are now at 7.25%!). We sold our house at the top of the market and got over asking! We sold as one of the most expensive houses in the neighborhood ever (after a bonzai job ripping out all of the carpet and installing true LVP on the whole main floor and repainting). We get keys tonight and have 2 days to move.

In reply to Javelin :

Can't wait for more details, but yeah sounds like an awesome deal and great timing! Good luck on a crazy fast move!

In reply to Javelin :

Congratulations! Are you bgkast new neighbor? 

5% makes me cringe but 7.25% makes me puke lol 

yupididit said:

In reply to Javelin :

Congratulations! Are you bgkast new neighbor? 

 

5% makes me cringe but 7.25% makes me puke lol 

Thanks and no on the neighbors, we stayed on the WA side and didn't buy an airport. 

5% hurts, but my first house almost 20 years ago was 6.5% and my second was 5.75%, so 5.0% really isn't that bad. My mom's first was 20%! 

Congrats on the new house!!! Crazy that 5.0 seems cheap these days. 

Post update update, our sale didn't record because the buyer's sale didn't record on time in South Carolina. No idea what's going on, but I claimed it anyways...

Congrats on the new place!

In reply to Javelin :

Doing what you can for family is always a solid play!  Good job dad!

5% is low.  I don't understand how people think that the rates we've been getting the last bit are normal or would continue.  Congrats on the new house!