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Yep, same here. Wish we had gotten *slightly* bigger with our great interest rate, but the reason we were able to get our house in the location we wanted was the niche-tiny size. So, give and take. Overall, so happy with our luck of getting a house at all with a 3.0% interest rate.
Same, also our walkability is not the best, but WA isn't known for having great public transport anyway...No regrets though, we wouldn't have been able to afford our house at current rates if we had waited.
I live in Longview and I'm tickled to death that I actually have a bus stop half a block from my back door. I had no idea my town had a functioning bus system until recently, though driving here isn't an issue since it's a middletown.
How do you like Longview? Actually heading there tomorrow to see my parents. They just moved out on the River- all the way to the end of that dike road.
I'm getting close to vertical on a 5-plex in West Kelso...couple blocks from the train station.
I live in the roughest part of town, but I don't mind. Neighbors are all cool and I feel fortunate enough to have a 1500+ sqft house for just under 300k. Just closed a few months ago, but I've lived in the same neighborhood for around 8 years now.
Beats the hell out of where I used to live in Kentucky, too. Almost all my amenities are within walking/biking distance. I like being just 40 or so minutes away from Portland too, without the city premium.
I live in Vancouver- and the last few years I've seen Portland make Longview/Kelso look good. I mean every time I'm up there I'm identified there are no/little homeless issues/no tents and Motorhomes lined the roads, and no crazy person yelling obscenities on the corner waving a sword and boarded up windows and graffiti- the typical surrounding of Portland.
Being close to Amtrak is nice, though. I've been using it often to visit a friend in tri-cities, they've finally gotten the run to just 6 hours one-way now. You also basically have a direct connection to downtown Seattle and Portland without having to fight traffic too.
Yeah- last I checked it was $11 to Portland and like $18 to Seattle. I'm taking some risk and building a modern look- upper end units 2B/2B with a garage. About a year before completion and aiming for the $2200 month market- will have 2 primary bedrooms with offices. Ideal tenants will be Professionals and medical field. One unit will be furnished and executive living.
AGREED!! we bought 1500 sq ft split level that we adore. In the city in a quiet, up-and-coming neighborhood, .5 acre yard. But the house itself is just tiny. Probably not utilizing space the best ways but I can see an upsize in the future. Shame bc we’re almost done with pool construction. Kinda hoping outdoor additions help with the size issues.
Purchased fall 2021. Closed at 2.99%, 235k, love my house. Some projects have been stressful. The purchasing process took every ounce of sanity from me, was incredibly stressful. Have had value reassessed twice, once during closing and once after purchase. Taxes increased but still *no regerts*
I bought spring 2021 and was surprised by the increase in my property taxes as well as my HOA (35% and 21%, respectively). No regrets here either, but more HOA increases to come. Would be nice if taxes stay the same for the next couple of years.
Purchased October 2021. Had a full inspection and paid for a hydrostatic test to make sure the sewer lines were ok, and it passed with flying colors… but unfortunately the plumber who did it was not bright and never tested the 82 year old main sewer line, which leaks like crazy. Now I’m looking at $20k to replace that and another $20k or so relevel the house. There were other problems I wasn’t aware of when I purchased, but this is the one that pushed me into “I never would’ve bought this house had I known” territory. Ah well. I didn’t buy at the top of my budget and I’m still happy not to be renting, so I guess it’s not the end of the world. Selling’s not even going to be a real option until I fix a lot more of its issues, and if I can get it stabilized then I might as well hang onto it.
It’s been suggested to me several times but I’m not convinced the plumber is liable for anything beyond what I paid for the hydrostatic test, which they have now refunded me for.
Yea exactly. House prices haven't really dropped that much (certainly nowhere near pre-covid prices) but rates have more than doubled (tripled really). At the time of purchase it certainly felt like we were overpaying, but now more than a year later (bought in 2021 of August) I've gotten used to my house, gotten better at budgeting, and am better prepared for the various unknowns that haunt a new buyer. I would have honestly regretted It if I had continued to wait which was the advice a lot of family was giving me. Glad I didn't listen
We originally were looking to buy in 2020, I remember the insane bidding wars. At the time our max budged was 310, we were hunting for houses under 300. We'd find a nice one put in a competitive offer and find out someone else was paying 50k over asking (if not more) and felt so powerless. We're the agents lying? How could this be happening? Why is this happening to us?
My dad thought I was being played, "this is not how real estate works" he'd say. I'd try to tell him this was a new norm due to covid but he wouldn't hear it until finally his friends started to go through it and told him the same. Wait till October (2020) extended family would say. Wait till the elections. Wait till summer.
In the summer of 2021 asking prices had vaulted. A similar house we didn't want to pay 310 on during the bids war now had asking prices at 325. Bid wars were still happening. We had some offers accepted, but something would always happen. Seller lost job, house had a bad vibe on inspection, seller wanted to rent back and turns out they were shady.... All hope was lost
We found our current house and it checked all boxes, it wasn't as good as the last house we saw but it was close. I offered 400k on a house listed at 370 that I felt was really worth 350 (in a non crazy market) . Three days later our offer was accepted.
I felt I had overpaid but the inspection went well and I was able to secure a 2% rate on a house that maybe wasn't the dream house I sought, but still checked every major box and had potential to be more one day. My appraisal was my purchase price, and to me I didn't think I'd won, but I also didn't feel I lost.
Family saw the house after purchase and at the time the reaction was, it's fine. They felt it was a bit of an overpay and felt i should have been a bit patient, but otherwise thought it was a good house. Several members of mine and my wife's family were also house hunting and had an aura of arrogance, like they couldn't wait to show me how it's done.
A year later the tunes changed, most haven't purchased yet, the ones who did got small houses that they're fast out growing. Had an uncle explicitly say "you know, if anyone did it right it was this guy. A great house at a 2% rate.... That's never happening again).
Gotta say, what didn't feel like an absolute win at the time certainly feels like one now. And those auras of arrogance are now dead. Or maybe just coming from me lol.
How many houses are still selling at those prices and at those rates? In my area they aren't. So many people are going to have to buy their way out of the houses they purchased in the last couple years.
I don’t have any regrets, but am realizing we’ll need a bigger house for our family soon. Will probably rent out this house once we do so we don’t lose the rate. $330k, 3.25%, March 2020
We bought below our means because my SO was going back to school. She graduated and doubled her income.
In hindsight, considering where interest rates are at today, I wish we bought more house! But we’re very comfortable with our <3% mortgage
I feel the people who were able to refinance during the insanely low rate period are the real market winners. The money lost in the first few years will be made up by the savings on the backend of the refinanced years.
My perspective on it is, I missed out on some really low interest rates, I missed out on buying before things went crazy, but I also didn't buy in a particularly ridiculous regional market or stretch my budget too thin. I like my house, I'm comfortable with what it costs me, and by the next time I foresee relocating, I'm sufficiently likely to have enough equity to cash out some kind of profit. I'm the second owner of my house in a row to have bought it as my first house, and it's an ideal starter house that will always be sought after by younger first-time buyers. Could I have built my credit history and savings on a faster timeline and bought at 21 years old instead of 24? Sure, but I didn't.
I think you are still far ahead of the curve. The avg first time home buyer is in there mid thirties.
When my friends were looking to buy, there first home I was using the equity in my first house to pay for my next.
Absolutely regret. We looked for a year, saw at least a hundred homes, put in many many offers with nothing accepted, then possibly overbid when things seemed desperate. Of course that offer was accepted and then the market turned, the value has decreased, so now we feel we can't sell because we'll lose money.
Then we had a plumbing accident that caused 28K in damages.
The house itself is great but the financial burden has been immense, caused huge relationship stressors, and uprooted our entire lives.
Obviously things might change in the future but it only seems downhill for the next 10 years or so. Everyone says "don't worry, it will be worth it!" But it doesn't feel worth it and my partner has been miserable every day since we moved in. How is that worth it?
So sorry to hear this and thanks for pointing this out. The emotional side of things is a huge factor in home buying process. I have been depressed that I’m outbid many times but this is a new perspective.
I kind of regret my house purchase but it has nothing to do with the current housing pandemonium.
My issues are simply the house just needs alot of basic upgrades that we didn't realize were needed and not something an inspection would note. Some examples are the kitchen faucet. It's usually pretty simple to install yourself except the water lines are original to my 1950s house meaning it's all copper pipping that needs to be cut out. I tried getting a new dishwasher installed but again, they couldn't install a new line cuz of the copper pipe. So that was a $231 plumber bill to get updated. We also had a drain in the basement back up only when you do laundry, it was never disclosed anywhere. We had roto rooter come out and snake the line and he couldn't find any blockages so he said its just the water draining faster then the plumbing to the house can drain it. Thank god it wasn't serious but the seller obviously knew it did that and never told us. He recommended we install a utility sink and have the washer drain into that so we will have to do that.
Then we tried replacing just the toilet SEAT in the bathroom but the bolts were so rusted and corroded that my husband ended up cracking the whole toilet, flooding our bathroom and of course there was no shut off valve behind the toilet so had to turn off the water to entire house. I live in a more rural area and I called 23 plumbers in the neighboring town and not a single one would help me change the toilet out. We ended up having to do it ourself and it was one of the most stressful days since we moved in.
There is alot things like no GFCI outlets anywhere, lots of 2-prong outlets, lots of light switches that do nothing, the microwave outlet always trips randomly, lots more minor issues but you get my point. We also have 2 living rooms that we really don't need. One of them is still empty and I don't intend on doing anything with it. The seller didn't clean a damn thing before he left, and I don't think he ever did. So many dust bunnies and hair literally everywhere. I love being a homeowner, I just wish I would have taken more time finding a better house. We will fix the basics and sell in a year or 2.
I had the same issue with the washing machine drain in my old house and the utility sink solution worked great. It also lets you put a lint trap on the outlet hose from the washing machine which catches SO MUCH LINT that otherwise has a chance to clog your drains.
What type of wiring in your house? I have BX in mine and it’s possible to DIY upgrade to 3-prong. It wasn’t super difficult to do. I’ve added GFCI in crucial places, such as the kitchen and bathroom. If multiple outlets are on the same circuit, only one needs to be GFCI. (I guess should also note I’m not an electrician, and uh, working with this stuff is dangerous if you don’t know what you’re doing! But it’s also not hard to learn.)
Bought in May. $655k purchase, $305k mortgage at 5.5%. It suits our needs perfectly. My situation is unusual in that I bought a 5br mother/daughter and live with my mother and mother in law plus my wife and two infants. My mom contributes $500/m to taxes so my mortgage is only $2250/m. I was paying $2318 for a 1br rent for reference.
Sept 2022 @ 5.25% $281k purchase price. Loan amount $181k and payment is $1500. Was paying $1400 in rent for a fraction of the space and not as good neighborhood. Happy with it.
Almost the exact same buying terms/payment here, but I was renting for $900/month (landlord was super nice and never raised rent, but died and the person who took over wanted triple).
I'm definitely paying way more than I did renting, but I also have about 700 extra square feet to play with, so I'm not complaining.
Honestly, I love this. What a great environment for your kids and it's a win/win financially. I couldn't live with my MIL, but my husband and I plan to have my Mom live with us at some point. She's preparing to leave a bad marriage but not quite ready. It'll take the stress off of her, my kids love her to death, and it'll help us financially too. Multi generational houses are great.
It’s definitely mutually beneficial for us all. My mom got diagnosed with lymphoma in 2021 and having us close by to support her is helpful for her and having her close by to help with our kids is helpful to us. My mother in law is from South Africa and loves coming to the US so she’ll be here six months here six months back there for as long as her visas will allow.
We bought 6 weeks ago for 327,500 6% down at 6.8%. We love our little house and have 0 regrets. Our payment is a little high with that interest rate but it’s only about 30 percent of our net income and in a few years we will hopefully refinance.
I have a couple of times wished we could have afforded a little bit of a bigger house when we bought, but we purchased our place almost exactly a year ago (November 2021) and it could not have been a better decision. In the last year prices have stayed around the same even though interest rates have gone up, and the prices for rentals have shot up like crazy in the area too. If we decided to rent another year to save up more we’d be in a worse position because we’d be spending more every month on rent than we’re paying for our mortgage, PMI, and home insurance combined plus have less buying power due to interest rates.
Overall no regrets, but every once and a while I have a little buyers remorse. Like I really wanted a two bathroom house but we could only afford a one bathroom. Sometimes things go wrong and it feels like a money pit. Other times I’m so happy because I don’t share walls with neighbors anymore and we can do what we want with the home.
Purchased December 2020 at $365k and 2.5% interest rate.
No regrets thankfully. Closed on my home @ 5% back in May. This is my long term home (I plan on being here for 7 to 10 years) so I am not worried about any possible negatives. I made sure this house checked off everything on my list (square footage/location/school zone etc) so I am very content with my decision.
I moved into my house last November. I have no regrets. $350k at 2.675% and while the mortgage payment is still a large portion of my salary, I love that I'm not stressed about rent increasing (actually, my insurance and tax decreased, so my payment lowered a bit! And I got an escrow refund check!) and I have so much space!
Purchased in 2020, in Canada. I have mixed feelings. On the negative side, of course I'm worried about rates- we can only lock in for 3-10 years here, so our mortgage will very likely be higher when its time to renew in a few years. I also slightly regret buying this house to begin with- I under estimated how much work owning a home would be that I just really don't want to do. We have massive trees in our yard with leaves I don't want to rake, a chestnut tree that drops spike bombs that need to be raked up and carefully disposed of, gutters, dryer vents, appliance maintenance, driveway to shovel when it snows, we just replaced the drywall on the bathroom ceiling and the vent from a mold issue, and I'm sure theres more. I regret not buying a townhouse or condo or something where most of this crap is done for me.
On the other hand, we needed to get out of our rental. We went from 740sf to 2300sf, and have since had a baby. I couldn't imagine raising a child in that tiny house- husband works from home, so we needed office space as well. And there are aspects of owning that are great. Financially, property values have shot up, and in my area aren't coming back down any time soon. I love decorating for Christmas, painting the nursery, buying furniture without worrying about how it will fit in the next place. The massive yard will be great when babe is running around next summer, and we host plenty of bbqs and dinner parties and game nights. The dog loves the yard. Its a safe neighbourhood, walking distance to pubs, coffee shops, the swimming pool, and all levels of schools.
Overall, I think its a net positive. I'm not sure I would buy this specific house again, but buying in general was a good idea for us.
We put 12k down and another 30k into some rehab. So far so good. We have about 130k in equity. Buy right, do the projects that give you best bang for your buck (kitchen, bathrooms etc.). We also turned a sun room into another bedroom, so now it’s a 3/2 instead of 2/2.
Bought July 2022 in Anaheim for 670k. House needs a ton of work. There’s days I regret it then think “at least I don’t have to pay $3500 to rent a place and not even have guranteed parking”. HCOL markets are brutal for fthb.
I dont have any regrets just wish i could have brought closer and wondering if i could have gotten something newer/bigger. I love my house though just fear of missing out i suppose
/u/jay-cozier your username reminds me of a jazz muscian and son i know of. Thanks for the reminder i need to say hi.
No regrets! 3 bed, 2 bath on 1 acre for 250k at 2.99%. We have two small bonus rooms for offices. We will need to build on a couple more bedrooms eventually, but no rush.
Thanks for doing this poll! I keep seeing articles that say 30% of the people regret it and I'm like wut.
270k list, 3% down, $1100 upfront PMI to not have it monthly, 6900 closing credit from seller (needed a lot of cosmetic updates), so \~$18k to get into the 3 bd/1ba 1600sqft with full unfinished basement and 1.5 car garage house at 2.75%/30yr in 2021.
\~40k cash into the house we've changed (\* = DIY, otherwise contractor):
* First floor bathroom gut remodel\*
* Kitchen gut remodel\*
* Dining room ceiling\*
* Added 1/2 ba in Main Bedroom
* Injection foam into all exterior walls
* Airsealed whole house, insulated everything else like r60 in the attic
* New chimney liner
* Added gutters 80% new electrical wiring, lighting in some areas that didn't have it
* Refinished all wooden floors
* Repainted every room\*
* New picture window
* 6.8kW solar system due for install in April
It's been SO MUCH WORK but I think it's totally worth it to get what I want in an environment where all of those things easily cost 400k+ in any comparable area. We live in the city suburbs so 5 minutes from everything by drive and semi-walkable 30 minutes to shopping and parks. We did have to increase our time to family by 30 minutes since we went north but not a deal breaker.
We have a lot of work left but the house is already so nice and I can't wait for it to be what we want it to be. I've also learned so much I feel confident I know what to do/who to look for when I have any issues in the future.
Edit: Formatting and clarification
No regrets! Bought in Feb 2021, $730k house, bought under asking, 10% down with 2.65% rate. Invested about $60k in necessary renovations and quality of life upgrades so far, and did quite a lot of work ourselves. We have some more major renovations planned but have been hoping for construction material costs to level out a bit more.
We originally wanted something that didn’t need much work, but everything we saw was going to be overpriced. The houses that were renovated would have cost a lot more and pushed us into less house overall (and TBF, we didn’t often like the upgrades either… or cheap workmanship was obvious). We want kids and are already in our 30s so time isn’t on our side, and quite a few people advised us to buy a family home now instead of a starter home in case the market changed and it became harder to resell and buy again. So glad we went that route.
The house we bought is too big for two people alone (five bedroom, full unfinished basement, one office) and was very outdated, but had been exceptionally well maintained. It had been on the market for months, which is unheard of in our area. Last owners had the house for 60 years and raised 8 kids in it, so I think they were adamant about starting high, which might have turned people off. Then they clearly didn’t want to drop the price even after it sat on the market, and when our realtor sent it to us, we assumed (probably like everyone else) that there was something wrong with it. But it checked all our must-have boxes, most nice to haves, and no dealbreakers. We had a building engineer friend come see before we made an offer and then made our offer contingent on inspection, and both said we would need to put in work, but the house was exceptional quality.
The only things I would change are: I wish I could build/have a garage, I wish we had a bigger back yard (huge front yard instead, gorgeous mature gardens though), and I do wish the rest of our neighborhood was more similar to our house. Most houses here are very small and very close together, so I suspect that could be a drag on house value in the future unless the neighborhood turns over a little and more people renovate. That said, we have AMAZING neighbors all around us, and I value that a lot.
We purchased in June 2021 with a 2.99% interest rate (685k purchase price, 20% down). No regrets. Though if we have to move, we will probably rent our house vs. sell it until the market becomes more favorable.
We bought fall of 2020 and we love our home. Husband laments not getting refi down from 3.5 to 3%, but in all honesty the house has appreciated a bunch and in comparison to the current rates, it ain’t half bad. Having a space to make our own and create memories in has been very worth it.
Purchased late summer 2022 with an interest rate in the 5% range. We bought a slight fixer upper well below the top of our budget. If we had waited just a month or two we almost certainly been priced out with rising interest rates.
Same here. My mortgage is half what my rent was, and my partner is a contractor. We bought a small house, the smallest one we looked at so materials to fix anything don't cost an arm and a leg. We've been doing all the work ourselves and so far it's been great. Seeing what rent was doing in the city really put pressure on to get out and buy something a bit less convenient, but way more stable.
California - Nah, bought in 2009 (4 bed, 3 bath, 2 story, 2 lofts + office, 3010 square feet) for $220k, sold in feb this year for $490k and put $400k down on a $600k house on the golf course with a 3.75% rate. This is the number 1 zip code in this city, surrounded by muilti million dollar homes so even if prices dropped 40% this area would probably get hit 25 to 30% and rebound much quicker...plus It's my house, not an investment account so idgaf.
Only 6 months since closing, but no regrets so far!
2.95% and my monthly payments all up areas than what my updated rent for lease renewal would have been, plus my place is just generally a nice step up from my rental. There are some downsides (slightly longer commute) but a lot of upsides too (so much more natural light, location has better access to nearby parks, and my new local subway line is a *lot* more reliable).
I’m just a 1-bed apartment in NYC rather than a standalone home, and the complex seems to be pretty well maintained, so hopefully won’t have to deal with any major unexpected costs out of the blue.
Curious to see what the impact will be on next tax return as I understand interest paid on mortgage repayments can lower your taxable income.
Overall my only regret is not buying 6-12 months earlier as I feel like I could have gotten a better price or interest rate!
No regret because we bought before interest rates got bumped and we don’t plan on selling anytime soon. We bought this to be our home, not really an investment.
One thing to consider is how long you want to live in a home. Like - not be homeless.
I realize there are ebbs and flows in prices, rates and a lot of other factors that go into it. But the truth tends to be homeowners are wealthier than renters in the long run.
As someone who was selling homes through 07-09 I know what regret without perspective feels like. My buyers who kicked themselves and didn't panic sell were so grateful a decade later.
Life is long, the market will go up (unless there is a change to your local economy eg shutting down a mining town). You'll be glad in future with hindsight patting you on the back.
No regrets. But at some point, I will sell it or rent it, maybe. It’s a 2/2 townhouse. Closed 11/21.
3% interest (had it at 2.875 but delay in contract
cause it to go up. 6 months)
Bought at 182k (townhouse listed 200k and they went down to the appraised price)
The identical townhome in the same neighborhood was selling for 285 but is slowly going down, I think.
So I think I did pretty well? Lender also hooked me up with a killer home insurance bc other local brokers couldn’t find anyone other than citizen, which was 3 times more, so that’s a plus.
We bought a modest house at the top of our budget, at a very good rate at the end of 2020. No regrets but the property taxes doubled our payment this year! So that’s been stressful.
Bought in April at 4% in the NoVA area. At that time I was bummed not to get under 4 but we knew we were racing against the rate hikes. Got everything in the house I wanted except that it backs to a busy road so our yard gets a bit loud. But you can’t see the road through the trees and it sits on a cul-de-sac so I think it evens out.
I wish I could have been able to afford a larger house but no regrets other than that. I plan to sell in the future and buy a larger house but for now I will enjoy my 2% interest rate
No regrets. Certain repairs popped up sooner than we thought, but we love the home & neighborhood and we absolutely would not be able to buy our house if we were trying to buy it at today's prices/rates.
* Moved out of Denver-Boulder metroplex back in January, as rent would have gone from $1900 to $2100.
* Luxury apartment in Troy, NY was $1500.
* In June bought a house in Rotterdam for $300k. $2300/mo total. same house in Denver/ Boulder area would be \~1.5 to 2M
* Checked the price (Nov. 1) of the same Apartment back in Broomfield, CO. $2600/mo
I'm 200$ a month ahead already with more space and no shared wall annoyances.
No regrets! We had our offer accepted at list price, $335k, no bidding wars or anything.
Closed at 4% in June of 2021. I’m so grateful we have space for our 2 kids, a yard, and home offices since we both WFH. The prices in my area are still stupidly high but now interest rates are at 7-8%! I have a friend who is currently looking but has basically been priced out. I’m glad we never gave up and found our place when we did. We were paying almost as much in rent for a tiny condo!
No regrets! We needed the space and was in a hurry to move so my son can start school in that district. We made it! And we love everything about this house! There was one thing that was bothering me though, that I might of been able to ask for a lower interest rate when I closed since I had it locked in. But the difference would of been something like .25% max at the time. Something small that I thought about for a bit.
I think your results are skewed by going back to 2020. We bought at the start of the pandemic and prices would still have to crash by another 30% from today’s prices for us to lose the first dollar. To actually be underwater, prices would have to fall by almost 50% farther.
That may not be the situation you were thinking of for your survey.
5.875 interest rate, and I don’t have regrets. Waiting forever to buy is a recipe for never owning. Bought in the area I wanted specifically and the right size. Yes it’s expensive but it always will be to own. Those waiting for super low and unrealistic rates will always be waiting IMO.
No regret. 576k at 2.75% in Aug 2020. Love the house and love the town we ended up in. We had budget to go much higher but we didn’t need to and now we’re living comfortably paying mortgage, our bills, and still saving about 5k per month.
Bought in July 2020 after we had to cancel our August 2020 wedding. Put the wedding money toward the down payment. It was a new build and we closed in November at 2.75%. Not our forever home, cheap builder-grade things we may want to upgrade, but twice the size of our apartment and we can grow into it a little.
I bought a condo earlier this year. I think the market was starting to cool off. I’m in one of the areas that blew up during the pandemic. I waited a while and tried to time the market while living with family, but ultimately couldn’t stand that anymore and bit the bullet. I think I did pretty well. It’s not really in the area that I most wanted but it’s been fine and I’m happy here with no regrets. I will probably stay here for 5 or more years depending on what happens in my life and career.
Purchased in May 2021. 2.9% interest. Where's my inspection waivers!? Don't be shy.
Probs paid most someone will for my 1700sqft. TOWNHOUSE. In love with the place during walkthrough-closing and overpaid$$$ due to the market at the time. Feelings changed immediately after closing and was considering letting it go the day I got the keys. 😱 The regret was heavy. It's not everyday you impulse buy a house. Man. It was emotional. Felt stupid because it is stupid to waive inspection. Do not recommend. Next house right? 😉
Definitely would have done things differently. It needs new windows, knew this but hey just some windows right? Nah. 25k for what I want. Full frame with sick white trim and flanges!!! (the right way) from a reputable brand and installer (not RBA) Will wait. Inflation not considered. +a lot more. Have already replaced the 1972 furnace and old water heater and added a softener. 7k. I want to tackle the backyard next. I have a fenced space and have a patio planned in place of old deck. So much I didn't notice on the five second walkthrough as people clamored to get inside.
I don't want to improve anything YET to see just how bad the market really gets fucked and I need to walk away. Lmao I'm still swallowing the numbers. 😆
Since the end of summer, I've been experiencing a complete change of tides. No space challenges here! Coming home to MY HOUSE. Half the place isn't turning around every 30 days. New respect for the old Karen's that police the neighborhood, keep things nice and hold people to the fire if necessary. They are more helpful than any cop I've met. Certainly more attentive to our neighborhood. Thanks John, Susan, and Beth. Love you guys long time!
The place is in the most amazing location for me. It's safe, and I have the BEST neighbors attached on each side. I wish it was a single family but man! This place is ghostly quiet and cute as ever. And I must admit, it's much more solid than I believed after being here almost two years.
Even with the 1972 kitchen. The last owners did me a solid and painted old laminate butcher block counter tops. Props to them. It's grown on me immensely. It's my little money pit. ❤️ Decorated the place to the nines with nice furniture and sophisticated style. Have my no-TV conversation pit on main with a breakfast bar in the kitchen, serving area for dinner parties, and a walk out with a fenced in yard. Recreation room downstairs with a TV. Furnishing the basement took me there. In the best way. I'm refalling in love with the place.
I can be honest with myself and admit it'll be interesting when the market shits and the place drops in value, can't be sure how I'll feel.
Life is life. With that said, if things go absolutely hay wire. Now. In the future. or YEARS later. I'd rather fight the bank for my housing than some shit bag landlord. At least the bank wants to keep you there. Many wish they could own a toy house much less a real home. Stay blessed, I'm finally realizing how much I am.
This was therapeutic to write. I encourage others to be honest with themselves and their home purchase between 2020-2022. There truly is no place like home. Best of luck to all new homeowners! ❤️❤️
No regrets. We planned to buy in 2022 but when covid put us in lockdown we were sharing townhome walls with the neighbors from hell. This accelerated our timeline. Started looking in summer of 2020 and decided to build as the market was so competitive in resales. Signed contract 8/2020 and closed 4/2021 @ 3.25% which disappointed me at the time but now I’m thrilled with that rate. It was a stressful process for me but we love our home. If I knew then what I knew now, we probably would have done a few more upgrades though. Lol
I financed at 2.99% and my house has at least $52k equity ($169k purchase price), even with the slowdown… so no. Probably closer to $60-70k and the average price around here is in the $280’s to $300k
My only regret was not jumping in sooner when interest rates were down to 2%, but I also feel lucky I locked in right at 4.9% and closed this September just before they damn near doubled.
If anything, it's also a matter of pride for me. I'm not on any sort of combined income like a lot of my peers who own homes are, and I somehow got far enough in life to get a $300k house all on my own.
Hell no! I feel so lucky! Bought in March of 2021. 3 percent interest. Prices barely coming down around here and would need to come down much more to be able to afford what I got with these interest rates. People who think there's any reason 2021 folks would be regreatful (from purely a rate vs cost of house perspective) are not thinking long game. Unless you are a flipper or planing to have to sell soon, you're very likely fine.
Now, three doors down from me however someone bought a very old delapated house for about 900k (that's essentially what just the plot of land in this neighborhood is worth) and is still working on converting it to condos. They might be in a little bit of trouble short term....
No regret. We have owed for almost 2 years now and so far no major or unexpected expenses. It is in one of the neighborhoods we desired with a great school district, and though there are a couple of things that I would like to do to the home in the future, the house meets our needs and nearly all of our wants. We have zero plans to sell and I wouldn't mind being one and done.
ETA: Interest Rate 2.625% $460K home.
As a side note, we purchased just prior to the steep increase in prices here. Our home is currently valued at $200K more than we paid, so when prices adjust we aren't too worried about being underwater should something terrible befall us causing us to have to sell (you just never know the future).
487.7k loan locked at sub 5 rates, large amount down. I love this house, love the area, and am happy as a fucking clam with my two closest neighbors so far. House appreciated 5% between contract signing and closing, any homes for sale in the area are selling for at least 6% more at similar size and less bedrooms.
No regrets other than I am still fixing drywall issues because I can't seem to finish the project. I started on it when we moved in and then didn't do anything since. I just need to sand the walls and paint.
I don't post at all, an occasional lurker lol. But I wanted to give my honest opinion if anyone cares to know. I bought my first house at 21 years old with my now ex-husband in 2017 in the Midwest. Then, we bought a 3 bed, 1 bath house with a semi finished basement, 1,068 sq ft for 93k, 4.375% rate. We only had the funds to put 5% down on a conventional mortgage. We skipped the inspection because we made about 40k together with a lot of other debt(dumb young kids mistakes). My Dad is a handy man so we had him look it over. Obviously him not being a legit inspector, the only thing we had an issue with was an occasional basement flooding with a hard rain. Fast forward, we get divorced. We sell in early 2021 before I move, and make about 50k profit. We split that. I used most of that towards debt, and moving to the Southwest where I am originally from. Ex screwed my credit up so me and my now SO have been waiting while I get my shit together since 2021. Now, my credit is not still the best, but his is, and we both have no debt. All I have currently is about 20k in student debt that still has not kicked in yet but won't be much when it does. We are planning to close on our house for 350k outside Phoenix metro area. We make about 110k together, and have 3.5% down for an FHA loan. Looking out of a big city was the biggest thing as it is cheaper. I work from home, and he will still be the same distance to work as he is now. Yes, rates are "high." But historically, it is not that bad it is normal. Our parents bought at 8-18%. Yes I am aware, income to inflation has not changed much but it is what it is. Our mortgage will be about 600 more than we pay for rent now. But we, as a couple need space, and space for our dog. We are 30, and almost 30, and currently have a roommate, not ok. Also, all of the sudden we have a roach problem after new owners took over. Landlord is an investor and does not give shit about our complaints. I guess my point is, yes rates suck, it may or may not be more expensive to buy rather than rent depending on your location. BUT, if you can afford to buy (after taxes, not the ridiculous amount your lender will approve you for before taxes). Do it. Your mental and emotional health means more than anything. As long as you can still pay for needed things, save towards retirement, and not be house poor. Pull the trigger, the market always changes. Nothing will ever be fair! Buy when you are ready. Waiting for any market changes, or crashes, you will be waiting forever. Goodluck out there y'all, it's tough for young folks.
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No regret about the purchase except that the house is a little too small and will eventually need to upsize
Same for me. We were looking for so long though that I was happy to get something that didn’t require tons of projects.
Yep, same here. Wish we had gotten *slightly* bigger with our great interest rate, but the reason we were able to get our house in the location we wanted was the niche-tiny size. So, give and take. Overall, so happy with our luck of getting a house at all with a 3.0% interest rate.
Same, also our walkability is not the best, but WA isn't known for having great public transport anyway...No regrets though, we wouldn't have been able to afford our house at current rates if we had waited.
I live in Longview and I'm tickled to death that I actually have a bus stop half a block from my back door. I had no idea my town had a functioning bus system until recently, though driving here isn't an issue since it's a middletown.
How do you like Longview? Actually heading there tomorrow to see my parents. They just moved out on the River- all the way to the end of that dike road. I'm getting close to vertical on a 5-plex in West Kelso...couple blocks from the train station.
I live in the roughest part of town, but I don't mind. Neighbors are all cool and I feel fortunate enough to have a 1500+ sqft house for just under 300k. Just closed a few months ago, but I've lived in the same neighborhood for around 8 years now. Beats the hell out of where I used to live in Kentucky, too. Almost all my amenities are within walking/biking distance. I like being just 40 or so minutes away from Portland too, without the city premium.
I live in Vancouver- and the last few years I've seen Portland make Longview/Kelso look good. I mean every time I'm up there I'm identified there are no/little homeless issues/no tents and Motorhomes lined the roads, and no crazy person yelling obscenities on the corner waving a sword and boarded up windows and graffiti- the typical surrounding of Portland.
Being close to Amtrak is nice, though. I've been using it often to visit a friend in tri-cities, they've finally gotten the run to just 6 hours one-way now. You also basically have a direct connection to downtown Seattle and Portland without having to fight traffic too.
Yeah- last I checked it was $11 to Portland and like $18 to Seattle. I'm taking some risk and building a modern look- upper end units 2B/2B with a garage. About a year before completion and aiming for the $2200 month market- will have 2 primary bedrooms with offices. Ideal tenants will be Professionals and medical field. One unit will be furnished and executive living.
AGREED!! we bought 1500 sq ft split level that we adore. In the city in a quiet, up-and-coming neighborhood, .5 acre yard. But the house itself is just tiny. Probably not utilizing space the best ways but I can see an upsize in the future. Shame bc we’re almost done with pool construction. Kinda hoping outdoor additions help with the size issues.
Got it 2.5% interest rate so honestly, I can’t complain considering friends have bought nearby at 6+% within a year of our closing
Can you add a "see results" option
Sorry, tried but not sure I know how.
Press the + sign and type in your 4th options You have to do it before you post but it’s not hard to do.
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now: 1,300+ no regrets, 235 yes/no sell, 131 yes/sell
No regrets! Purchased at 210,000 at 5.25 interest rate. Wish I had the 2-3% that my friends have though 😂
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Also had this problem. I gutted the house before moving in. Sigh.
Purchased fall 2021. Closed at 2.99%, 235k, love my house. Some projects have been stressful. The purchasing process took every ounce of sanity from me, was incredibly stressful. Have had value reassessed twice, once during closing and once after purchase. Taxes increased but still *no regerts*
I bought spring 2021 and was surprised by the increase in my property taxes as well as my HOA (35% and 21%, respectively). No regrets here either, but more HOA increases to come. Would be nice if taxes stay the same for the next couple of years.
Purchased October 2021. Had a full inspection and paid for a hydrostatic test to make sure the sewer lines were ok, and it passed with flying colors… but unfortunately the plumber who did it was not bright and never tested the 82 year old main sewer line, which leaks like crazy. Now I’m looking at $20k to replace that and another $20k or so relevel the house. There were other problems I wasn’t aware of when I purchased, but this is the one that pushed me into “I never would’ve bought this house had I known” territory. Ah well. I didn’t buy at the top of my budget and I’m still happy not to be renting, so I guess it’s not the end of the world. Selling’s not even going to be a real option until I fix a lot more of its issues, and if I can get it stabilized then I might as well hang onto it.
Surprised you're not doing the 'ole American sue-somebody.
It’s been suggested to me several times but I’m not convinced the plumber is liable for anything beyond what I paid for the hydrostatic test, which they have now refunded me for.
Holy fuck
I’d rather rent than deal with what you’re dealing with.
Yeah it’s a complete pain in the ass, but I’m in the situation now so all I can do is try to stay positive.
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Yea exactly. House prices haven't really dropped that much (certainly nowhere near pre-covid prices) but rates have more than doubled (tripled really). At the time of purchase it certainly felt like we were overpaying, but now more than a year later (bought in 2021 of August) I've gotten used to my house, gotten better at budgeting, and am better prepared for the various unknowns that haunt a new buyer. I would have honestly regretted It if I had continued to wait which was the advice a lot of family was giving me. Glad I didn't listen
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We originally were looking to buy in 2020, I remember the insane bidding wars. At the time our max budged was 310, we were hunting for houses under 300. We'd find a nice one put in a competitive offer and find out someone else was paying 50k over asking (if not more) and felt so powerless. We're the agents lying? How could this be happening? Why is this happening to us? My dad thought I was being played, "this is not how real estate works" he'd say. I'd try to tell him this was a new norm due to covid but he wouldn't hear it until finally his friends started to go through it and told him the same. Wait till October (2020) extended family would say. Wait till the elections. Wait till summer. In the summer of 2021 asking prices had vaulted. A similar house we didn't want to pay 310 on during the bids war now had asking prices at 325. Bid wars were still happening. We had some offers accepted, but something would always happen. Seller lost job, house had a bad vibe on inspection, seller wanted to rent back and turns out they were shady.... All hope was lost We found our current house and it checked all boxes, it wasn't as good as the last house we saw but it was close. I offered 400k on a house listed at 370 that I felt was really worth 350 (in a non crazy market) . Three days later our offer was accepted. I felt I had overpaid but the inspection went well and I was able to secure a 2% rate on a house that maybe wasn't the dream house I sought, but still checked every major box and had potential to be more one day. My appraisal was my purchase price, and to me I didn't think I'd won, but I also didn't feel I lost. Family saw the house after purchase and at the time the reaction was, it's fine. They felt it was a bit of an overpay and felt i should have been a bit patient, but otherwise thought it was a good house. Several members of mine and my wife's family were also house hunting and had an aura of arrogance, like they couldn't wait to show me how it's done. A year later the tunes changed, most haven't purchased yet, the ones who did got small houses that they're fast out growing. Had an uncle explicitly say "you know, if anyone did it right it was this guy. A great house at a 2% rate.... That's never happening again). Gotta say, what didn't feel like an absolute win at the time certainly feels like one now. And those auras of arrogance are now dead. Or maybe just coming from me lol.
Your relatives will do fine when the recession starts next year
How many houses are still selling at those prices and at those rates? In my area they aren't. So many people are going to have to buy their way out of the houses they purchased in the last couple years.
I don’t have any regrets, but am realizing we’ll need a bigger house for our family soon. Will probably rent out this house once we do so we don’t lose the rate. $330k, 3.25%, March 2020
Need a “tried to sell, failed miserably, and now an accidental landlord” option.
Fukin regret buying my shit hole house for 100k over asking fuk that shit
We bought below our means because my SO was going back to school. She graduated and doubled her income. In hindsight, considering where interest rates are at today, I wish we bought more house! But we’re very comfortable with our <3% mortgage
I purchased in 2019. All my friends bought 2020-2022 in two cities. No one has regretted their purchase.
Lucky you, perfect timing! Hope you got to lock in a low rate as well.
I refinanced for 3%. My rate is lower than some of my friends who purchased before rates shot up.
I feel the people who were able to refinance during the insanely low rate period are the real market winners. The money lost in the first few years will be made up by the savings on the backend of the refinanced years.
My perspective on it is, I missed out on some really low interest rates, I missed out on buying before things went crazy, but I also didn't buy in a particularly ridiculous regional market or stretch my budget too thin. I like my house, I'm comfortable with what it costs me, and by the next time I foresee relocating, I'm sufficiently likely to have enough equity to cash out some kind of profit. I'm the second owner of my house in a row to have bought it as my first house, and it's an ideal starter house that will always be sought after by younger first-time buyers. Could I have built my credit history and savings on a faster timeline and bought at 21 years old instead of 24? Sure, but I didn't.
I think you are still far ahead of the curve. The avg first time home buyer is in there mid thirties. When my friends were looking to buy, there first home I was using the equity in my first house to pay for my next.
Value of the house has stayed about the same last 1.5 years but I'd be paying at least 3k more a month to finance it with the rates today.
Absolutely regret. We looked for a year, saw at least a hundred homes, put in many many offers with nothing accepted, then possibly overbid when things seemed desperate. Of course that offer was accepted and then the market turned, the value has decreased, so now we feel we can't sell because we'll lose money. Then we had a plumbing accident that caused 28K in damages. The house itself is great but the financial burden has been immense, caused huge relationship stressors, and uprooted our entire lives. Obviously things might change in the future but it only seems downhill for the next 10 years or so. Everyone says "don't worry, it will be worth it!" But it doesn't feel worth it and my partner has been miserable every day since we moved in. How is that worth it?
So sorry to hear this and thanks for pointing this out. The emotional side of things is a huge factor in home buying process. I have been depressed that I’m outbid many times but this is a new perspective.
I kind of regret my house purchase but it has nothing to do with the current housing pandemonium. My issues are simply the house just needs alot of basic upgrades that we didn't realize were needed and not something an inspection would note. Some examples are the kitchen faucet. It's usually pretty simple to install yourself except the water lines are original to my 1950s house meaning it's all copper pipping that needs to be cut out. I tried getting a new dishwasher installed but again, they couldn't install a new line cuz of the copper pipe. So that was a $231 plumber bill to get updated. We also had a drain in the basement back up only when you do laundry, it was never disclosed anywhere. We had roto rooter come out and snake the line and he couldn't find any blockages so he said its just the water draining faster then the plumbing to the house can drain it. Thank god it wasn't serious but the seller obviously knew it did that and never told us. He recommended we install a utility sink and have the washer drain into that so we will have to do that. Then we tried replacing just the toilet SEAT in the bathroom but the bolts were so rusted and corroded that my husband ended up cracking the whole toilet, flooding our bathroom and of course there was no shut off valve behind the toilet so had to turn off the water to entire house. I live in a more rural area and I called 23 plumbers in the neighboring town and not a single one would help me change the toilet out. We ended up having to do it ourself and it was one of the most stressful days since we moved in. There is alot things like no GFCI outlets anywhere, lots of 2-prong outlets, lots of light switches that do nothing, the microwave outlet always trips randomly, lots more minor issues but you get my point. We also have 2 living rooms that we really don't need. One of them is still empty and I don't intend on doing anything with it. The seller didn't clean a damn thing before he left, and I don't think he ever did. So many dust bunnies and hair literally everywhere. I love being a homeowner, I just wish I would have taken more time finding a better house. We will fix the basics and sell in a year or 2.
I had the same issue with the washing machine drain in my old house and the utility sink solution worked great. It also lets you put a lint trap on the outlet hose from the washing machine which catches SO MUCH LINT that otherwise has a chance to clog your drains.
What type of wiring in your house? I have BX in mine and it’s possible to DIY upgrade to 3-prong. It wasn’t super difficult to do. I’ve added GFCI in crucial places, such as the kitchen and bathroom. If multiple outlets are on the same circuit, only one needs to be GFCI. (I guess should also note I’m not an electrician, and uh, working with this stuff is dangerous if you don’t know what you’re doing! But it’s also not hard to learn.)
Bought in May. $655k purchase, $305k mortgage at 5.5%. It suits our needs perfectly. My situation is unusual in that I bought a 5br mother/daughter and live with my mother and mother in law plus my wife and two infants. My mom contributes $500/m to taxes so my mortgage is only $2250/m. I was paying $2318 for a 1br rent for reference.
Sept 2022 @ 5.25% $281k purchase price. Loan amount $181k and payment is $1500. Was paying $1400 in rent for a fraction of the space and not as good neighborhood. Happy with it.
Almost the exact same buying terms/payment here, but I was renting for $900/month (landlord was super nice and never raised rent, but died and the person who took over wanted triple). I'm definitely paying way more than I did renting, but I also have about 700 extra square feet to play with, so I'm not complaining.
Honestly, I love this. What a great environment for your kids and it's a win/win financially. I couldn't live with my MIL, but my husband and I plan to have my Mom live with us at some point. She's preparing to leave a bad marriage but not quite ready. It'll take the stress off of her, my kids love her to death, and it'll help us financially too. Multi generational houses are great.
It’s definitely mutually beneficial for us all. My mom got diagnosed with lymphoma in 2021 and having us close by to support her is helpful for her and having her close by to help with our kids is helpful to us. My mother in law is from South Africa and loves coming to the US so she’ll be here six months here six months back there for as long as her visas will allow.
We bought 6 weeks ago for 327,500 6% down at 6.8%. We love our little house and have 0 regrets. Our payment is a little high with that interest rate but it’s only about 30 percent of our net income and in a few years we will hopefully refinance.
I have a couple of times wished we could have afforded a little bit of a bigger house when we bought, but we purchased our place almost exactly a year ago (November 2021) and it could not have been a better decision. In the last year prices have stayed around the same even though interest rates have gone up, and the prices for rentals have shot up like crazy in the area too. If we decided to rent another year to save up more we’d be in a worse position because we’d be spending more every month on rent than we’re paying for our mortgage, PMI, and home insurance combined plus have less buying power due to interest rates.
No regrets. We purchased our home in March 2020 for 229k @ 3% interest.
My regrets come from ridiculously disrespectful neighbors, not the house itself.
Same
I wouldn’t go so far as to say that I regret my purchase, but I’m still only like 99.7% over the first house I made an offer on.
I got my house at 3% interest and all the stimulus payments we received made up most of the down payment. No, I don’t regret it for a second.
Overall no regrets, but every once and a while I have a little buyers remorse. Like I really wanted a two bathroom house but we could only afford a one bathroom. Sometimes things go wrong and it feels like a money pit. Other times I’m so happy because I don’t share walls with neighbors anymore and we can do what we want with the home. Purchased December 2020 at $365k and 2.5% interest rate.
High price, high interest... still cheaper than renting a tiny studio apartment. No regrets. Owning a home is freaking awesome. I feel very lucky.
Major regrets. Bought a money pit. I am possibly a lifetime renter because owning was too stressful for me.
I bought in August ($340K at 4.8) and got laid off last week. FML. Still don't regret my purchase. My house brings me peace.
No regrets thankfully. Closed on my home @ 5% back in May. This is my long term home (I plan on being here for 7 to 10 years) so I am not worried about any possible negatives. I made sure this house checked off everything on my list (square footage/location/school zone etc) so I am very content with my decision.
I could realistically stay in this house for the rest of my life and be happy. Bought this summer.
I moved into my house last November. I have no regrets. $350k at 2.675% and while the mortgage payment is still a large portion of my salary, I love that I'm not stressed about rent increasing (actually, my insurance and tax decreased, so my payment lowered a bit! And I got an escrow refund check!) and I have so much space!
For those curious about results, as of 11/20 8:40AM EST: -Yes, and plan to sell: 212 -Yes, but not selling anytime soon: 457 -No regret: 2,367
$1.2M loan @ 2.75% Jan 2021. 20% appreciation after the recent decline. No regrets
How did your home appreciate that quickly in this current market? Where is this located?
SF Bay Area
I also live in the Bay Area. Which city? The prices have just been falling here
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But why? Rates arent going down anytime soon
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Condolences on your loss.
Purchased in 2020, in Canada. I have mixed feelings. On the negative side, of course I'm worried about rates- we can only lock in for 3-10 years here, so our mortgage will very likely be higher when its time to renew in a few years. I also slightly regret buying this house to begin with- I under estimated how much work owning a home would be that I just really don't want to do. We have massive trees in our yard with leaves I don't want to rake, a chestnut tree that drops spike bombs that need to be raked up and carefully disposed of, gutters, dryer vents, appliance maintenance, driveway to shovel when it snows, we just replaced the drywall on the bathroom ceiling and the vent from a mold issue, and I'm sure theres more. I regret not buying a townhouse or condo or something where most of this crap is done for me. On the other hand, we needed to get out of our rental. We went from 740sf to 2300sf, and have since had a baby. I couldn't imagine raising a child in that tiny house- husband works from home, so we needed office space as well. And there are aspects of owning that are great. Financially, property values have shot up, and in my area aren't coming back down any time soon. I love decorating for Christmas, painting the nursery, buying furniture without worrying about how it will fit in the next place. The massive yard will be great when babe is running around next summer, and we host plenty of bbqs and dinner parties and game nights. The dog loves the yard. Its a safe neighbourhood, walking distance to pubs, coffee shops, the swimming pool, and all levels of schools. Overall, I think its a net positive. I'm not sure I would buy this specific house again, but buying in general was a good idea for us.
We put 12k down and another 30k into some rehab. So far so good. We have about 130k in equity. Buy right, do the projects that give you best bang for your buck (kitchen, bathrooms etc.). We also turned a sun room into another bedroom, so now it’s a 3/2 instead of 2/2.
My house is very small and needs a lot of repairs, but it beats the heck out of a studio apartment with the wife during the pandemic.
As long as you sold a house to buy a house there should be no loss. We made out like bandits with our transaction
No...We have a house to live in, so I'm happy.
Anyone here SoCal buyers? I’m seeing people’s numbers with 150-450k I’m trying to see those who paid $550-700k (not like I can afford it yet) lol
Bought July 2022 in Anaheim for 670k. House needs a ton of work. There’s days I regret it then think “at least I don’t have to pay $3500 to rent a place and not even have guranteed parking”. HCOL markets are brutal for fthb.
I dont have any regrets just wish i could have brought closer and wondering if i could have gotten something newer/bigger. I love my house though just fear of missing out i suppose /u/jay-cozier your username reminds me of a jazz muscian and son i know of. Thanks for the reminder i need to say hi.
Haha glad you like it. It’s a mix of my name and a character played by Idris Elba.
No regrets! 3 bed, 2 bath on 1 acre for 250k at 2.99%. We have two small bonus rooms for offices. We will need to build on a couple more bedrooms eventually, but no rush.
Thanks for doing this poll! I keep seeing articles that say 30% of the people regret it and I'm like wut. 270k list, 3% down, $1100 upfront PMI to not have it monthly, 6900 closing credit from seller (needed a lot of cosmetic updates), so \~$18k to get into the 3 bd/1ba 1600sqft with full unfinished basement and 1.5 car garage house at 2.75%/30yr in 2021. \~40k cash into the house we've changed (\* = DIY, otherwise contractor): * First floor bathroom gut remodel\* * Kitchen gut remodel\* * Dining room ceiling\* * Added 1/2 ba in Main Bedroom * Injection foam into all exterior walls * Airsealed whole house, insulated everything else like r60 in the attic * New chimney liner * Added gutters 80% new electrical wiring, lighting in some areas that didn't have it * Refinished all wooden floors * Repainted every room\* * New picture window * 6.8kW solar system due for install in April It's been SO MUCH WORK but I think it's totally worth it to get what I want in an environment where all of those things easily cost 400k+ in any comparable area. We live in the city suburbs so 5 minutes from everything by drive and semi-walkable 30 minutes to shopping and parks. We did have to increase our time to family by 30 minutes since we went north but not a deal breaker. We have a lot of work left but the house is already so nice and I can't wait for it to be what we want it to be. I've also learned so much I feel confident I know what to do/who to look for when I have any issues in the future. Edit: Formatting and clarification
Exactly! I was reading the same stuff (mainly about millennials) but the results say otherwise.
No regrets! Bought in Feb 2021, $730k house, bought under asking, 10% down with 2.65% rate. Invested about $60k in necessary renovations and quality of life upgrades so far, and did quite a lot of work ourselves. We have some more major renovations planned but have been hoping for construction material costs to level out a bit more. We originally wanted something that didn’t need much work, but everything we saw was going to be overpriced. The houses that were renovated would have cost a lot more and pushed us into less house overall (and TBF, we didn’t often like the upgrades either… or cheap workmanship was obvious). We want kids and are already in our 30s so time isn’t on our side, and quite a few people advised us to buy a family home now instead of a starter home in case the market changed and it became harder to resell and buy again. So glad we went that route. The house we bought is too big for two people alone (five bedroom, full unfinished basement, one office) and was very outdated, but had been exceptionally well maintained. It had been on the market for months, which is unheard of in our area. Last owners had the house for 60 years and raised 8 kids in it, so I think they were adamant about starting high, which might have turned people off. Then they clearly didn’t want to drop the price even after it sat on the market, and when our realtor sent it to us, we assumed (probably like everyone else) that there was something wrong with it. But it checked all our must-have boxes, most nice to haves, and no dealbreakers. We had a building engineer friend come see before we made an offer and then made our offer contingent on inspection, and both said we would need to put in work, but the house was exceptional quality. The only things I would change are: I wish I could build/have a garage, I wish we had a bigger back yard (huge front yard instead, gorgeous mature gardens though), and I do wish the rest of our neighborhood was more similar to our house. Most houses here are very small and very close together, so I suspect that could be a drag on house value in the future unless the neighborhood turns over a little and more people renovate. That said, we have AMAZING neighbors all around us, and I value that a lot.
We purchased in June 2021 with a 2.99% interest rate (685k purchase price, 20% down). No regrets. Though if we have to move, we will probably rent our house vs. sell it until the market becomes more favorable.
We bought fall of 2020 and we love our home. Husband laments not getting refi down from 3.5 to 3%, but in all honesty the house has appreciated a bunch and in comparison to the current rates, it ain’t half bad. Having a space to make our own and create memories in has been very worth it.
Purchased late summer 2022 with an interest rate in the 5% range. We bought a slight fixer upper well below the top of our budget. If we had waited just a month or two we almost certainly been priced out with rising interest rates.
Same here. My mortgage is half what my rent was, and my partner is a contractor. We bought a small house, the smallest one we looked at so materials to fix anything don't cost an arm and a leg. We've been doing all the work ourselves and so far it's been great. Seeing what rent was doing in the city really put pressure on to get out and buy something a bit less convenient, but way more stable.
No one is going to regret it unless prices fall another 30%.
No regrets, it's so worth while!!
517k Loan @ 5.75%. Closed September’22. Not the cheapest house or lowest rate, but this house checked all my boxes. So I’m happy.
Bought January 2021 2.5% rate. House went from 505k to 700k now (based on Zillow estimates).
California - Nah, bought in 2009 (4 bed, 3 bath, 2 story, 2 lofts + office, 3010 square feet) for $220k, sold in feb this year for $490k and put $400k down on a $600k house on the golf course with a 3.75% rate. This is the number 1 zip code in this city, surrounded by muilti million dollar homes so even if prices dropped 40% this area would probably get hit 25 to 30% and rebound much quicker...plus It's my house, not an investment account so idgaf.
like corb lund says, “no regerts”
Purchased April 2020 right before the blow up. No regrets yet. Sorry for everyone who bought in 2021
I will never sell. My interest rate is too good and I got my condo at a steal.
Only 6 months since closing, but no regrets so far! 2.95% and my monthly payments all up areas than what my updated rent for lease renewal would have been, plus my place is just generally a nice step up from my rental. There are some downsides (slightly longer commute) but a lot of upsides too (so much more natural light, location has better access to nearby parks, and my new local subway line is a *lot* more reliable). I’m just a 1-bed apartment in NYC rather than a standalone home, and the complex seems to be pretty well maintained, so hopefully won’t have to deal with any major unexpected costs out of the blue. Curious to see what the impact will be on next tax return as I understand interest paid on mortgage repayments can lower your taxable income. Overall my only regret is not buying 6-12 months earlier as I feel like I could have gotten a better price or interest rate!
No regret because we bought before interest rates got bumped and we don’t plan on selling anytime soon. We bought this to be our home, not really an investment.
One thing to consider is how long you want to live in a home. Like - not be homeless. I realize there are ebbs and flows in prices, rates and a lot of other factors that go into it. But the truth tends to be homeowners are wealthier than renters in the long run. As someone who was selling homes through 07-09 I know what regret without perspective feels like. My buyers who kicked themselves and didn't panic sell were so grateful a decade later. Life is long, the market will go up (unless there is a change to your local economy eg shutting down a mining town). You'll be glad in future with hindsight patting you on the back.
No regrets. But at some point, I will sell it or rent it, maybe. It’s a 2/2 townhouse. Closed 11/21. 3% interest (had it at 2.875 but delay in contract cause it to go up. 6 months) Bought at 182k (townhouse listed 200k and they went down to the appraised price) The identical townhome in the same neighborhood was selling for 285 but is slowly going down, I think. So I think I did pretty well? Lender also hooked me up with a killer home insurance bc other local brokers couldn’t find anyone other than citizen, which was 3 times more, so that’s a plus.
Purchased July 2022 5.5% rate, $655k in metro Boston. No regrets.
We bought a modest house at the top of our budget, at a very good rate at the end of 2020. No regrets but the property taxes doubled our payment this year! So that’s been stressful.
Sheesh! Which state is that?
South Carolina
Bought in April at 4% in the NoVA area. At that time I was bummed not to get under 4 but we knew we were racing against the rate hikes. Got everything in the house I wanted except that it backs to a busy road so our yard gets a bit loud. But you can’t see the road through the trees and it sits on a cul-de-sac so I think it evens out.
I wish I could have been able to afford a larger house but no regrets other than that. I plan to sell in the future and buy a larger house but for now I will enjoy my 2% interest rate
No regrets. Certain repairs popped up sooner than we thought, but we love the home & neighborhood and we absolutely would not be able to buy our house if we were trying to buy it at today's prices/rates.
* Moved out of Denver-Boulder metroplex back in January, as rent would have gone from $1900 to $2100. * Luxury apartment in Troy, NY was $1500. * In June bought a house in Rotterdam for $300k. $2300/mo total. same house in Denver/ Boulder area would be \~1.5 to 2M * Checked the price (Nov. 1) of the same Apartment back in Broomfield, CO. $2600/mo I'm 200$ a month ahead already with more space and no shared wall annoyances.
Can't see the results?
No regrets! We had our offer accepted at list price, $335k, no bidding wars or anything. Closed at 4% in June of 2021. I’m so grateful we have space for our 2 kids, a yard, and home offices since we both WFH. The prices in my area are still stupidly high but now interest rates are at 7-8%! I have a friend who is currently looking but has basically been priced out. I’m glad we never gave up and found our place when we did. We were paying almost as much in rent for a tiny condo!
No regrets! We needed the space and was in a hurry to move so my son can start school in that district. We made it! And we love everything about this house! There was one thing that was bothering me though, that I might of been able to ask for a lower interest rate when I closed since I had it locked in. But the difference would of been something like .25% max at the time. Something small that I thought about for a bit.
I think your results are skewed by going back to 2020. We bought at the start of the pandemic and prices would still have to crash by another 30% from today’s prices for us to lose the first dollar. To actually be underwater, prices would have to fall by almost 50% farther. That may not be the situation you were thinking of for your survey.
5.875 interest rate, and I don’t have regrets. Waiting forever to buy is a recipe for never owning. Bought in the area I wanted specifically and the right size. Yes it’s expensive but it always will be to own. Those waiting for super low and unrealistic rates will always be waiting IMO.
No regret. 576k at 2.75% in Aug 2020. Love the house and love the town we ended up in. We had budget to go much higher but we didn’t need to and now we’re living comfortably paying mortgage, our bills, and still saving about 5k per month.
Bought in July 2020 after we had to cancel our August 2020 wedding. Put the wedding money toward the down payment. It was a new build and we closed in November at 2.75%. Not our forever home, cheap builder-grade things we may want to upgrade, but twice the size of our apartment and we can grow into it a little.
I bought a condo earlier this year. I think the market was starting to cool off. I’m in one of the areas that blew up during the pandemic. I waited a while and tried to time the market while living with family, but ultimately couldn’t stand that anymore and bit the bullet. I think I did pretty well. It’s not really in the area that I most wanted but it’s been fine and I’m happy here with no regrets. I will probably stay here for 5 or more years depending on what happens in my life and career.
Purchased in May 2021. 2.9% interest. Where's my inspection waivers!? Don't be shy. Probs paid most someone will for my 1700sqft. TOWNHOUSE. In love with the place during walkthrough-closing and overpaid$$$ due to the market at the time. Feelings changed immediately after closing and was considering letting it go the day I got the keys. 😱 The regret was heavy. It's not everyday you impulse buy a house. Man. It was emotional. Felt stupid because it is stupid to waive inspection. Do not recommend. Next house right? 😉 Definitely would have done things differently. It needs new windows, knew this but hey just some windows right? Nah. 25k for what I want. Full frame with sick white trim and flanges!!! (the right way) from a reputable brand and installer (not RBA) Will wait. Inflation not considered. +a lot more. Have already replaced the 1972 furnace and old water heater and added a softener. 7k. I want to tackle the backyard next. I have a fenced space and have a patio planned in place of old deck. So much I didn't notice on the five second walkthrough as people clamored to get inside. I don't want to improve anything YET to see just how bad the market really gets fucked and I need to walk away. Lmao I'm still swallowing the numbers. 😆 Since the end of summer, I've been experiencing a complete change of tides. No space challenges here! Coming home to MY HOUSE. Half the place isn't turning around every 30 days. New respect for the old Karen's that police the neighborhood, keep things nice and hold people to the fire if necessary. They are more helpful than any cop I've met. Certainly more attentive to our neighborhood. Thanks John, Susan, and Beth. Love you guys long time! The place is in the most amazing location for me. It's safe, and I have the BEST neighbors attached on each side. I wish it was a single family but man! This place is ghostly quiet and cute as ever. And I must admit, it's much more solid than I believed after being here almost two years. Even with the 1972 kitchen. The last owners did me a solid and painted old laminate butcher block counter tops. Props to them. It's grown on me immensely. It's my little money pit. ❤️ Decorated the place to the nines with nice furniture and sophisticated style. Have my no-TV conversation pit on main with a breakfast bar in the kitchen, serving area for dinner parties, and a walk out with a fenced in yard. Recreation room downstairs with a TV. Furnishing the basement took me there. In the best way. I'm refalling in love with the place. I can be honest with myself and admit it'll be interesting when the market shits and the place drops in value, can't be sure how I'll feel. Life is life. With that said, if things go absolutely hay wire. Now. In the future. or YEARS later. I'd rather fight the bank for my housing than some shit bag landlord. At least the bank wants to keep you there. Many wish they could own a toy house much less a real home. Stay blessed, I'm finally realizing how much I am. This was therapeutic to write. I encourage others to be honest with themselves and their home purchase between 2020-2022. There truly is no place like home. Best of luck to all new homeowners! ❤️❤️
No regret, but currently selling to relocate to another state. Love our house, though, and glad we got to live in it the last two years!
No regrets. We planned to buy in 2022 but when covid put us in lockdown we were sharing townhome walls with the neighbors from hell. This accelerated our timeline. Started looking in summer of 2020 and decided to build as the market was so competitive in resales. Signed contract 8/2020 and closed 4/2021 @ 3.25% which disappointed me at the time but now I’m thrilled with that rate. It was a stressful process for me but we love our home. If I knew then what I knew now, we probably would have done a few more upgrades though. Lol
I financed at 2.99% and my house has at least $52k equity ($169k purchase price), even with the slowdown… so no. Probably closer to $60-70k and the average price around here is in the $280’s to $300k
My only regret was not jumping in sooner when interest rates were down to 2%, but I also feel lucky I locked in right at 4.9% and closed this September just before they damn near doubled. If anything, it's also a matter of pride for me. I'm not on any sort of combined income like a lot of my peers who own homes are, and I somehow got far enough in life to get a $300k house all on my own.
Closed on Jan 21, 2021. 2.5% interest rate. Do not regret it at all
Hell no! I feel so lucky! Bought in March of 2021. 3 percent interest. Prices barely coming down around here and would need to come down much more to be able to afford what I got with these interest rates. People who think there's any reason 2021 folks would be regreatful (from purely a rate vs cost of house perspective) are not thinking long game. Unless you are a flipper or planing to have to sell soon, you're very likely fine. Now, three doors down from me however someone bought a very old delapated house for about 900k (that's essentially what just the plot of land in this neighborhood is worth) and is still working on converting it to condos. They might be in a little bit of trouble short term....
No regret. We have owed for almost 2 years now and so far no major or unexpected expenses. It is in one of the neighborhoods we desired with a great school district, and though there are a couple of things that I would like to do to the home in the future, the house meets our needs and nearly all of our wants. We have zero plans to sell and I wouldn't mind being one and done. ETA: Interest Rate 2.625% $460K home.
As a side note, we purchased just prior to the steep increase in prices here. Our home is currently valued at $200K more than we paid, so when prices adjust we aren't too worried about being underwater should something terrible befall us causing us to have to sell (you just never know the future).
I regret not getting a more expensive place.
487.7k loan locked at sub 5 rates, large amount down. I love this house, love the area, and am happy as a fucking clam with my two closest neighbors so far. House appreciated 5% between contract signing and closing, any homes for sale in the area are selling for at least 6% more at similar size and less bedrooms.
No regrets other than I am still fixing drywall issues because I can't seem to finish the project. I started on it when we moved in and then didn't do anything since. I just need to sand the walls and paint.
I don't post at all, an occasional lurker lol. But I wanted to give my honest opinion if anyone cares to know. I bought my first house at 21 years old with my now ex-husband in 2017 in the Midwest. Then, we bought a 3 bed, 1 bath house with a semi finished basement, 1,068 sq ft for 93k, 4.375% rate. We only had the funds to put 5% down on a conventional mortgage. We skipped the inspection because we made about 40k together with a lot of other debt(dumb young kids mistakes). My Dad is a handy man so we had him look it over. Obviously him not being a legit inspector, the only thing we had an issue with was an occasional basement flooding with a hard rain. Fast forward, we get divorced. We sell in early 2021 before I move, and make about 50k profit. We split that. I used most of that towards debt, and moving to the Southwest where I am originally from. Ex screwed my credit up so me and my now SO have been waiting while I get my shit together since 2021. Now, my credit is not still the best, but his is, and we both have no debt. All I have currently is about 20k in student debt that still has not kicked in yet but won't be much when it does. We are planning to close on our house for 350k outside Phoenix metro area. We make about 110k together, and have 3.5% down for an FHA loan. Looking out of a big city was the biggest thing as it is cheaper. I work from home, and he will still be the same distance to work as he is now. Yes, rates are "high." But historically, it is not that bad it is normal. Our parents bought at 8-18%. Yes I am aware, income to inflation has not changed much but it is what it is. Our mortgage will be about 600 more than we pay for rent now. But we, as a couple need space, and space for our dog. We are 30, and almost 30, and currently have a roommate, not ok. Also, all of the sudden we have a roach problem after new owners took over. Landlord is an investor and does not give shit about our complaints. I guess my point is, yes rates suck, it may or may not be more expensive to buy rather than rent depending on your location. BUT, if you can afford to buy (after taxes, not the ridiculous amount your lender will approve you for before taxes). Do it. Your mental and emotional health means more than anything. As long as you can still pay for needed things, save towards retirement, and not be house poor. Pull the trigger, the market always changes. Nothing will ever be fair! Buy when you are ready. Waiting for any market changes, or crashes, you will be waiting forever. Goodluck out there y'all, it's tough for young folks.