I make 450k and I can't buy a home right now

Came here to write this wrote:

bidensinflation1515 wrote:

I honestly dont know why everyone thinks this is fake

-Is me making 450k fake? thats pretty normal post MBA IB comp in NYC. It's also not THAT much relative to the area considering the competition and packed open houses I'm seeing for million dollar homes

-Is me getting outbid by all cash buyers fake? Has anyone here tried to buy a decent home in Seattle, NY, SF, LA over the past 2 years? I'm not the only only one experiencing this.

Link:www.reddit.com/r/FirstTimeHomeBuyer/co...

Link:www.reddit.com/r/RealEstate/comments/l...

-Yes, I could theoretically go way down market, and overbid like crazy on a 750k home to beat an all cash buyer. I don't want to do that as that seems pretty foolish.

-I am looking all around the region and not being desperate. Anytime I see a home that seems not insanely overpriced/risky to purchase the open houses are packed and all cash buyers place bids (even in the current environment). To all cash buyers rising rates mean nothing.

Nobody thinks this wasn’t happening a year ago…like in your year old link, it started to die off about 6 months ago…the other link in 7 months old. Your post is a fake because it isn’t happening now. Show us a house or two that you looked at in the last 60 days that’s closed. If you can find 3 houses that sold above asking and/or closed so quickly at/near asking that a cash offer is believable I will take back everything I said about you being a troll.

Free_the_thigh wrote:

As I said, they aren’t literally buying with cash they have in the bank. They just aren’t making their offer subject to financing as they have done their due diligence and know they will get approved.

I bought my house with a “cash” subject free offer. Beat out other bidders with a higher price too because those bids weren’t subject free.

Did I have the full purchase sitting in cash in my bank? Lol, not even close. I didn’t even have enough cash for a 20% downpayment. I only put 10% down. I did however know I would get approved for the purchase price, barring some very unforeseen circumstance, so I went in condition free.

If your agent hasn’t explained this to you and recommend you get pre-approved so that you can go condition free, then you should fire them. If you don’t feel comfortable with the risk, that’s different, but your agent should explain this to you.

don’t you work in banking?

Free_the_thigh wrote:

bidensinflation1515 wrote:

I honestly dont know why everyone thinks this is fake

-Is me making 450k fake? thats pretty normal post MBA IB comp in NYC. It's also not THAT much relative to the area considering the competition and packed open houses I'm seeing for million dollar homes

-Is me getting outbid by all cash buyers fake? Has anyone here tried to buy a decent home in Seattle, NY, SF, LA over the past 2 years? I'm not the only only one experiencing this.

Link:www.reddit.com/r/FirstTimeHomeBuyer/co...

Link:www.reddit.com/r/RealEstate/comments/l...

-Yes, I could theoretically go way down market, and overbid like crazy on a 750k home to beat an all cash buyer. I don't want to do that as that seems pretty foolish.

-I am looking all around the region and not being desperate. Anytime I see a home that seems not insanely overpriced/risky to purchase the open houses are packed and all cash buyers place bids (even in the current environment). To all cash buyers rising rates mean nothing.

As I said, they aren’t literally buying with cash they have in the bank. They just aren’t making their offer subject to financing as they have done their due diligence and know they will get approved.

I bought my house with a “cash” subject free offer. Beat out other bidders with a higher price too because those bids weren’t subject free.

Did I have the full purchase sitting in cash in my bank? Lol, not even close. I didn’t even have enough cash for a 20% downpayment. I only put 10% down. I did however know I would get approved for the purchase price, barring some very unforeseen circumstance, so I went in condition free.

If your agent hasn’t explained this to you and recommend you get pre-approved so that you can go condition free, then you should fire them. If you don’t feel comfortable with the risk, that’s different, but your agent should explain this to you.

don’t you work in banking?

bidensinflation1515 wrote:

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!).

dogwood wrote:

bidensinflation1515 wrote:

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!).

You make 450k in what currency? Rubles? Venezuelan Bolivares? If you make that much in US$ and know the basics of financial management, you won't have a problem.

It is not rocket science wrote:

Free_the_thigh wrote:

As I said, they aren’t literally buying with cash they have in the bank. They just aren’t making their offer subject to financing as they have done their due diligence and know they will get approved.

I bought my house with a “cash” subject free offer. Beat out other bidders with a higher price too because those bids weren’t subject free.

Did I have the full purchase sitting in cash in my bank? Lol, not even close. I didn’t even have enough cash for a 20% downpayment. I only put 10% down. I did however know I would get approved for the purchase price, barring some very unforeseen circumstance, so I went in condition free.

If your agent hasn’t explained this to you and recommend you get pre-approved so that you can go condition free, then you should fire them. If you don’t feel comfortable with the risk, that’s different, but your agent should explain this to you.

don’t you work in banking?

Yeah, that's what makes it smell of a troll post, but perhaps the OP is for real. Someone working in investment banking that does not know the ABC of buying a house and isdesperate to buy at the peak of the housing market; I guess these people may exist. Whatever... BTW I just bougth a small apartment in a nice area of Manhattan, 20K below asking price; not sure about other offers, but mine was accepted within 12 hours. Don't think there was a bidding war going on.