True story.
Targeting homes in the 1.2 million range in areas with nice school districts (daughter starting school). NYC suburbs. I have a down payment saved up and other savings. No debt.
I haven't had this salary for that long so im not super cash rich (but currently saving like 150k+ a year after tax).
Every house I have put a bid on goes like this:
1. Selling agent tells me 5 other bids on house. I up my bid 50 to 100k
2. Selling agent calls to tell me unfortunately someone placed an all cash bid and unless I am all cash I'm out.
This has happened to me 5 times in the past year. Every time an all cash buyer steps in. I cannot buy a home right now unless I'm all cash (ridiculous!).
Anything below 1.2 in my area is either totally tiny/cramped / needs a TON of work, has a failing school district, or requires over an hour commute. I decided to settle, found a home far away that I wasn't crazy about but seemed fine and again an ALL CASH BUYER appeared.
I honestly don't think I will be able to buy a home until I'm all cash. (in 5-7 years I think).
Are mortgages things of the past? Honestly never thought I would have such a hard time buying a home when my income was this high. I even tried renting a nice home and someone outbid my lease and offered 2 years upfront rental payments (not exaggerating!).