The Home Search Begins
I, sometimes, wonder if I have good timing. Just when we have enough money to put 20% down on a home, interest rates and home prices start rising.
Technically, we could bought a home with less than 20% down in January, and paid less for a house, as well, as taken advantage of a lower interest rate. We would have had PMI, but at the rate we save money, we could have attacked our mortgage to get rid of PMI. Oh well….we weren’t ready for a house in January.
Since we have some time before our apartment lease is up, we will be taking our time looking for a house. Hopefully, this is an advantage.
Dallas’ supply of homes are at all time low. House prices and interest rates are rising sending buyers out in the market to buy homes. It’s definitely a seller’s market.
Our maximum purchase price of $150,000 is limiting the houses we can buy. New homes are out of our price range and too far away from work. We’ll have to buy a fixer upper, and renovate it.
This is not necessarily a bad thing. Most homes need renovations, and we would rather buy a steal of a house, and put some extra money to make it our own.
I keep dreaming of an open kitchen, nice bath, awesome master bedroom, big closets, hardwood floors. Hah! I like to dream, don’t I?
We went to look at a foreclosed home last Saturday. We quickly walked out because it required too much work. Work we couldn’t do ourselves like fixing the foundation, rotted wood outside the home. Plus, it was too small.
At first we thought 1300 sq. feet would be enough. But we realized we need a tad more room. We have upped our square footage to a range of 1500 to 2000 sq. feet.
Anybody out there looking for a house right now? What is your experience so far?