Musings on Buying a Home in 2007
Now that 2007 is underway, it is time to start considering relocating later this year. However, while our savings is a little more than last year, we’re still feeling the housing market crunch.
I’ve been scanning properties for months, well for more than a year now, and there are still limited, if any, properties that we can consider. It looks like the housing market is forcing us to use the trade-up home purchase model that I really don’t want to do.
I may have mentioned that I have moved multiple times in my life (at least 30) and that the daughter has also moved at least as often as her age. This means that we’re both tired of moving, tired of transitions, and tired of knowing that our location is temporary. We do not want a trade-up house, a temporary house, or anything short of where we honestly feel we can live for the next 20 years at least.
Thanks to the Maryland housing market, this means that we either have to wait another year (my least favorite option) or move into something that we’re going to have to make do with (also my least favorite option). It is so frustrating.
Hopefully spring will bring an influx of properties and we’ll be able to find something that makes us smile. Hopefully I’ll also stop watching properties selling for twice what we can afford — silly me for doing that in the first place. And who knows, maybe a pile of cash will just fall into our laps and we’ll be able to buy our dream property.
Personal Carnival #5 » The Weight of Money
February 6th, 2007 14:30
[...] understanding the weight of money « Musings on Buying a Home in 2007 [...]
Mike
February 18th, 2007 10:58
You’re probably going to ban me from your site for telling you what to do but this column really hit home for me.
Without getting into the entire story my wife and I currently own a house that is not all that affordable for us. My old house was smaller and a “trade up” as you put and to be honest I wish we were still living there. We kind of rushed things too much and ended up making some housing decisions that might work out in the long run but they aren’t working out too well now.
My point is that you might want to reconsider the need to buy a house that you can stay in for 20 years. Get what you can afford - you will enjoy it a lot more than a better house that you can’t afford!! Trust me I know!! We used some of the same rationalizations to justify buying the house - ie don’t want to move again, it has everything we “need” etc.
Even a trade up house will represent quite a bit of stability for your family - you’ll be there a minimum of 5 years, possibly 10 which sounds like a lot longer than most of your previous residences.
Donna Jean
February 19th, 2007 10:03
Hi Mike — nope, people don’t get banned for having opinions. We may end up needing a trade up house regardless of what I want, but that will still be last resort and I’d probably decide to rent another year instead of making that purchase.
We’d be getting an affordable house, regardless of whether we were going to stay in it for 5 years or 50 because our budget only allows a certain amount. So, it’s just a matter of waiting, watching, and hoping something comes up.
Thanks for the feedback!
Year in Review: Anniversary No. 1 » The Weight of Money
April 6th, 2007 10:37
[...] We will (hopefully) buy our first house and make it our home. Moving will further accent the weight of money if we must liquidate more large machines and as we move those that remain to their new home. [...]