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Thread: Is this a horrible time to buy a house?

  1. #1
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    Is this a horrible time to buy a house?

    We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?

  2. #2
    Senior Member Tradd's Avatar
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    I guess it all depends on how much of a risk taker you are. I wouldn't do it myself.

  3. #3
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    Quote Originally Posted by pinkytoe View Post
    We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?
    we are in same boat, for same reasons, and faced with same question. We are moving ahead with trying to purchase in a different state.

    And obviously it is a crazy time but we are also cut off from our family and we had decided this beforehand.

    But we are taking the risk rather than sitting tight.

  4. #4
    Senior Member iris lilies's Avatar
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    Yes.

  5. #5
    Senior Member JaneV2.0's Avatar
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    I would say to follow your instincts. Or your heart--whichever speaks loudest.

  6. #6
    Senior Member Rogar's Avatar
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    It might not be a bad time to buy a house as long as you don't have to go house hunting. But I think it could be a bad time to sell one.

  7. #7
    Senior Member Teacher Terry's Avatar
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    Tough decision.

  8. #8
    Senior Member catherine's Avatar
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    I want to tell you to be cautious, because of what happened to us in 2008 owning 2 houses at the precipice of the real state crash. But your situation is different because you own your homes, and because from what I've read, real estate shouldn't be as vulnerable as it was in 2008.

    And even when I think about the cost of my ill-fated decision to take on a jumbo mortgage at that point in time, it bought us a year and a half with my mother-in-law.

    Go with your heart and go back to your family. Just move fast on getting your CO house on the market.
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
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  9. #9
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    Quote Originally Posted by pinkytoe View Post
    We have been planning to move for several months - back to Texas. Found a little house that ticks all the boxes and is reasonably priced for that market. It would be like we did with this house, a sight unseen purchase, but we know the area well and it is where we want to relocate to. I can pay cash but then we would have two houses until I can get this one sold. I have no idea what the market will be like for selling here but I know the inventory is very limited. What to do? Take the risk and proceed with what our hearts want or sit tight?
    Yes, if you have a cushion where you can live adequately until your other house is sold.

  10. #10
    Senior Member JaneV2.0's Avatar
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    You're in an area of high demand, IIRC. So maybe not so much of a risk.

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