My wife and I have been looking to buy a home for the past two years. Has anyone seen the ridiculous increase in prices?
We have driven around some of these new/er neighborhoods where they are asking $330K for a 2,000-square-foot home on less than 0.25 acres and the home isn’t built very well — what is going on?
We have just entered our thirties and have our finances in order (+$100K in 401K; +$150K in savings), but we are very hesitant. We have seen families our age moving in with two new cars and an oversized new truck to pull a Malibu boat in their driveway, plus they have kids — how is this affordable? Am I missing something? Can someone shed some light on how this works?
Should we wait to purchase since there will be a lot of foreclosures in the next five years? I just can’t see the sustained growth and the interest rates will just go up.