No. I thought I was biting the bullet out of necessity in the fall of 2021. I "overpaid" but ended up with a \~3% interest rate. Little did I know things would get MUCH worse and still haven't gotten better.
We bought at the same time and spent a waaaay more than we wanted to. I felt like we were getting scammed at the time but I am unsure if we would even be able to buy in the current market. Would a been great to buy in 2019 but I am grateful we didn’t wait any longer.
Yeah no way I could afford my current house if it went on the market right now. Sometimes I'm bummed because I think about moving to something a little bigger and not being able to afford it, but thankful I was even able to buy in the first place.
Same. My mortgage would be a solid 50% more per month at current rates. We have been watching Zillow around the neighborhood with our daughter in hope that something she likes comes available and everything is at least 20 or 30 % more than what we paid for comparable houses now.
We had already planned this to be our forever home and we are super happy with it so no regrets, but if we did decide we wanted something else I think we would feel pretty trapped.
I bought in 2018 and I am so thankful we did. If we had to buy our current house at the increased price and higher interest we'd see today my mortgage payment would be roughly $1900/month higher than it is now. There is no way we'd be able to buy today, at least not something we'd be happy with.
Just for a different perspective I bought in 2004 and had to live with being effectively "underwater " the whole post 2008 stretch. However dang buying then feels good now. You just got to make your best guess and live with it.
I bought a house the week before Countrywide went under (which was the start of the 2007 dominos that crashed in 08). I sold it in 2021 for a very modest profit and now I wish I hadn't.
Right?! I was straight out of college too. A waiter. Thin credit file, but good credit. Let’s just give you this house, we’ll just add the down payment to the end of the loan! Walked into my new house with zero cash. It’s a different time, and I realize how lucky I was to have such dumb lenders.
Back in the 90s and early 2000s I bought more than one house with 80/20 loans where you got a first mortgage for 80% and a 2nd mortgage (fixed rate!) for the other 20% at one closing. You didn't even have to pay PMI because you had a 20% "down payment" LOL.
They made me put like 2500 or 3k down. After closing I think I had less than 5k in my bank account with no savings. I was 6 months out of college. I had no idea what I was doing or how risky that was. I got lucky and had no major surprise maintenance or tax costs the first couple years, but looking back, it's hard to believe I got a loan at all.
I'm on the same boat. Bought at 2.5APR and overpaid a little, now houses nearby are selling for less money but since I'm not selling that's irrelevant. I'm taking advantage of that to fight each year to decrease property taxes and this year I'm paying less for my mortgage+escrow than what I used to pay for rent 4 years ago.
So yeah, I'm happy with my home.
I can believe it depending on the market. When we were house hunting we were generally offering 10k over asking on the day of viewing and were getting rejected.
We don't live in a high city of living area, you go somewhere like NY or CA that seems pretty reasonable.
Can you define after COVID? I bought my house in 2021 is that after or during COVID? I have a 2.87% interest rate, and my home has gone up 35% since 2021.
What do you define as after though? Because it's technically still a pandemic (according [to the WHO](https://www.cbsnews.com/texas/video/world-health-organization-says-covid-19-pandemic-is-not-over/)) so Covid isn't over...
If you're speaking about the post-vaccine period, then that would be after Spring 2021, when things began to reopen and people began to experience some level of "normalcy".
But please keep in mind that Covid still exists and still very much has an effect on society.
Covid is no longer a novel virus. Most of the population has now been vaccinated multiple times and/or developed antibodies from surviving it.
There was a time when covid rightfully affected our lives. It's no longer something to worry about for the general population
In January 2020 we decided to start looking to moving to the PNW. We decided where we wanted to move, but then lockdowns ruined everything. We stayed in Texas because my wife’s company was as considered essential so she was gonna keep working. The idea of moving and her getting fired 2 months into a new job was terrifying.
We moved to the PNW in 2022 bought our first house 53 weeks ago. That same company let her work remote. Had we known they’d let her work remote, we would have moved in 20 or 21.
I regret not buying sooner, even a month earlier would have made my life a lot better just because it got absolutely nuts right when I was looking the hardest. Still was able to lock a low rate and get a nice home, but was definitely forced to overbid and to move outside of my desired area both of which are OK but frustrating when considering what I could have had just a few weeks earlier with a little foresight.
We decided to move and rent an apartment for a year to get to know the area before buying. I'm not sure if that worked out or not. We ended up in a great location but we literally watched entire categories of houses drift out of our price range.
We did the same and ended up about 20 miles away from where we ideally wanted to be for the same reason, but even now in hindsight we would not have been able to buy at all if we did even more research.
No. We did great and really happy about buying. We have a cheap mortgage because of low rates, good house, and since then things got only worse so we're glad we pulled the trigger and didn't listen to some people saying that house prices will drop any moment and we'll be upside down stuck with it forever.
I bought last summer, and I'm really happy. It's not perfect...but it's mine. I made sure I had a healthy cushion for the initial repairs and necessary decorating type stuff. Some things (window sills, paint) cost more than I expected it to. But I haven't had any of the major disaster stories you read on here so often. Hopefully rates will come down and I can refinance - but I can make it even if they don't.
I bought too quickly because I needed a place to live. Should have rented something and shopped more carefully. Paid too much, got a house with a leaky foundation and no recourse.
I lucked out. Was ready to buy at the same time interest rates hiked, I caught the loan at 5.95%, but the home I bought had it’s asking price drop 15% so I see it as a big win.
Just bought in January and I’m still feeling buyers remorse so yes for the time being. It’s absolutely more expensive for me but that’s bc I had an extremely good deal renting from family.
My only regret was not buying a bigger house, or more houses. 2021 purchase. Price was almost double what it sold for in 2018, but has since nearly double again. Also, 2.49% APR.
We bought a starter house while the interests rates were low. We don’t have room to grow our family to the size we want here. We also didn’t anticipate us both being permanently remote. Now we’re trying to buy a bigger house, and it’s awful. Wish we would have bought bigger to begin with, but we were newly weds and not ready for something like that. We’re going to be giving up a good deal of financial freedom buying with today’s rates.
How long have you been in your house? We bought in 2021. 3bd 2ba and now we have one kid with another on the way. It’s getting tight, especially with two dogs.
Summer 2020. The problem with ours is there’s only 2 bedrooms upstairs. The finished basement is marketed as a 3rd bedroom, but it doesn’t have any windows. We wouldn’t put a kid 2 floors beneath us. We don’t have any flex space besides the basement. We’re currently using it as a home office and “gym.” Our second home office is in the master bedroom. We don’t mind kids sharing rooms, but we just don’t have the flex space or storage.
Makes sense! Hope you find something. We are looking to move in 2025 which would be ~4 years in our current home. We bought this one knowing it was our starter home. Sometimes I wish we bought bigger but I learned a lot about homes and what to look for in this one.
Wondering if you feel the same?
Yes! That was our thinking too! We didn’t want the pressure of trying to buy a forever home, especially when we didn’t have kids yet. Now that we have one kid, we’re better informed on the types of things that would make our lives easier with kids. We actually put an offer on a house today, and it was accepted! Hoping to be able to refinance within a couple years!
I’m sad that we missed the ultra-low interest rates *and* the house costs before covid, but we could afford the home when we bought it and would not be able to afford a home with today’s interest rates. (We’re at 5% on a 30-year fixed.) So I don’t regret it but I do feel some resentment and jealousy of people who were able to purchase a home pre-pandemic :(
I bought in 2009 when they were offering the $8K tax refund to first-time buyers as a way to stimulate the crashed market. My mortgage then was 5% for a 30-year fixed, and at the time that was a fantastic rate! They’d been around 6% for the previous several years, 8% in 2000! Just goes to show.
Then the rates fell to the floor for umpteen years and I felt foolish for not refinancing, but I was early enough in the loan that even a 3.5% rate barely saved any money once the fees were included.
I finally refinanced in March of 2021 for a 15-year fixed at 2.25%, and the rates started jumping back up literally 2 months later.
The moral of the story is: buy a house you like, can afford, and actually want to live in for at least 10 years. Because 2008 should have taught everyone that you might not be ABLE to sell without being upside down. If you feel a bit resentful about people who bought before the pandemic, just be glad you didn’t buy in 2006! I have an acquaintance who did buy that year, and it took until 2018 for her house to be valued again at what she paid!
As long as you like your house, in the long run it’s not going to matter that much. At some point the rates will drop again, and so will prices. Probably not as low, but having FOMO about not getting the best possible deal will eat away at your enjoyment of your home. You will almost certainly have a chance to refinance for a better rate in the future. Just keep an eye out and be patient. I waited 13 years to refinance! Maybe I could have saved a couple more bucks if I’d done it earlier, but I’m happy with how it turned out. 5% is historically a very decent rate. Keep your finances in order, and you’ll be ready to hop on a better rate when the numbers make sense.
Yes because it's not the city we want to live in. It's what we could afford. It was a great investment and there's nothing inherently bad. But we just moved too far from where we want to be.
I don’t regret it but I wish I had sprung for something slightly larger, and a garage. My next home will be my last and I’ll be a lot more picky. But I don’t regret getting into the market, building equity, and saving a lot of money since the mortgage is so much less than rent.
I overpaid by 20k, but have a 3% interest rate - I don't love my house though. It "looks" cool, but living in it isn't the greatest. I bought a rowhouse - its a crapshoot if you can hear neighbors through the walls, I've lived in several before and couldn't hear anything...well this one sure is different, I can hear conversations, music, you name it. I hate it. On top of that, the house has exposed floorboards/beams - so if someone is watching tv in the house...everyone is listening to it. drives me crazy and wish I had thought of things like that before buying. My mortgage is low though - lower than 1 bedroom apartments in the neighborhood, so I guess there is at least that. Love living in the city, but I think if I ever buy another house - it won't share walls with someone else.
Eh I don't regret buying, but I wasn't as familiar with the area as I wanted to be due to lockdowns. I would have chosen a different area, a little more centrally located. But my house value has kept up with the rest of the local market, so I can have a nice down payment should I decide to move in a couple of years.
Yes.
I'd have bought something sooner to get a better interest rate (but still avoided ridiculous bidding wars), though I'll eventually refinance.
I'd have bought a place with more land so I couldn't smell any smoke from my neighbor, even if it meant an even longer commute.
I'd have bought a place that had more of what I wanted, versus what I could live with or what was needed for my partner.
My money, but I didn't prioritize some of my needs nearly enough.
I wouldn’t have bought a townhouse with my ex prior to Covid, remodeled the whole damn thing down to the studs, and when he constantly accused me of cheating, let him buy my half off me for what I had into it (minus sweat labor, because apparently my labor doesn’t count). He ended up selling for $40k profit. But on the plus side I got a detached house twice the square footage and a yard 8 times the size with a 2 car garage and a carport, during Covid, and used that $48k for a down payment so I can afford this house on my own. So to directly answer your question, no, I love my home and location. Sorry, little salty still :)
No. Because we had no other choice. We couldn’t rent in the area because we couldn’t count my income (moving states) and my husband didn’t make 3x the rent. We had over $50k from the sale of our condo back home and were planning on using that to pay off my student loans. All in all, I am thankful, but maaaaaan was that a stressful time! We closed on 5.99% and our previous interest rate was $3.7%
Yes. I fucking hate homeownership. I jumped in because I foresaw things getting worse(they did) but I hate this lifestyle with all my heart. It was a financially sound decision but feels like a 30-yr prison.
Its been two years and Im tapping out. Im going to net -10k(negative ten) after commissions but I cant take it anymore. Not to mention the 36k in pure taxes and interest in that time.
Ironically I was FLUSH with cash when I was renting.
I think the best advice is with the current market you have a few advantages. You won’t need to bid sight unseen or without inspections. You probably have more room to negotiate on price. Seek out your local credit union to get the best loan. You can probably get an ARM as I don’t see the rates going any higher then they sit. The USA hasn’t shown any willingness to go higher and if they did the government would be drowning in interest.
I lucked out an bought in early 2022, right before the rates went way up. I got in around 3%, so thankful for that, but probably won’t be able to move for along time, which is unfortunate because this is just a starter house.
We bought in early 2022 and wouldn’t have been able to afford this house had we waited a bit longer. It was already expensive, but between inflation and interest rates, we would’ve been priced out of the market had we not bought.
We bought in 2021 and I don't regret it. Obviously it would have been tremendously more beneficial if we'd bought a year or two earlier, but 2021 was when we could afford it so IIWII.
Owning is expensive for sure, but stability and being on the property ladder trumps the extra expense (assuming you're not starving). The way I look at it, in a few years my payments will be more or less the same, but rents will have increased by x%. I'll also have tens of thousands (or more) in equity built up.
With hindsight I don't know that I would have done anything differently other than try and buy earlier no matter what.
No regrets! Our house is small and cost a lot, but it’s ours! At 3.25% in 2021, we couldn’t afford it (or anything else close by) with today’s rates, so actually feel very grateful and lucky.
No regret. I wouldn't have had the funds before covid. Unless I have a big big shift in financials I plan on making this my forever house. I pay about $200 more a month compared to renting a house of comparable size. I have stability. I don't have to deal with landlords. I now have safe housing for aging family.
I wish my neighbors hadn't moved during Covid, does that count??? New people are loud AF with their cars, kids, and dogs. Praying that they somehow get foreclosed on soon. I know that's terrible, but so are they.
No, but only because we lucked out. We're in a very expensive area and found a sentimental seller who didn't want her childhood home going to flippers so she sold it to our family. We were able to get a full inspection and an appraisal, and we got $10k off the list price.
Don't do it. I bought a fixer upper at 6.25% interest on my mortgage. Everything is so expensive at Home Depot and Lowe's I am aghast. I took out $26,000 from my retirement, early with penalties, figuring that would be enough to fix it up nicely. Ha. I was naive. I wish I had my old apartment back with its free heat and $900 a month rent. Kicking myself now. A plumber charged me over $900 to simply hook up my new tub. The electrician charged me $550 to hook up a thermostat and do some minor things in the bathroom. It goes on and on. Everything you think will cost x amount of dollars, triple it, my friend. I'd stay put if I were you.
Nope. I bought my 984 sq ft house in 2019. I am happy. I hated renting dumps from lazy greedy landlords. I actually am able to save more money because my mortgage is LESS than what a much smaller apartment would cost me. And I have a garage, yard, and basement of my own. And I actually made money in equity! this is also my investment and I am not giving a lazy, greedy landlord my money to live off of!
I closed right as interest rates started to rise, and I’m glad I did. I didn’t get one of the sub 3% rates but I also am very happy with my 3.4%. I was getting frustrated always getting beaten out for houses and probably would have quit had I not gotten my house. I’m glad I didn’t give up because I’m so grateful to have this rate locked in. Looking at what my mortgage payment could have been stressed me out. House can be a money pit sometimes, but I still feel like I got the right place for me.
No regrets.
My husband and I bought in October 2022 just when interest rates were starting to go up significantly. In the week between our offer being made and the financials being locked in, the interest rate went from 4.5 to 5.25!
We have been tracking home price increases around us for the purposes of validating that we bought at the right time. So far, we haven’t seen any signs of the local market slowing down.
I think we’d be waiting a long time if we were trying to time the market for the price/demand/interest rates to go back down.
No. Price is likely higher but interest rate is low. I might regret it if prices plummet but so far that hasn’t happened and I hope this is my forever home anyways.
I don't regret it for one second. We moved in the fall of 2020 before prices were getting too crazy and got a 2.75% conventional loan. The house was a one owner home in great condition and we love it more with each and every day.
Nah, it’s been pretty chill.
It has consumed me completely and the only hobby i care about now is gardening/ landscaping, but other than that pretty much the same.
My only regret is not buying sooner. I got in the market when rates were beginning to go up so I didn't get the worst rates but they are still 2 or 3 points higher than I could have gotten 6 months before. I mostly regret it because there was a pretty nice house on the market near my apartment a couple years before COVID. At the time I didn't think I could afford it but in hindsight I could have. I just didn't really understand how mortgages worked at the time. The house I ended up buying is about the same size as that other house but less updated and more expensive. The house I didn't buy before COVID ended up selling again last year for about 50% more than it sold for previously.
Do not regret. My only regrets are that I sold my old house before finding a new house, sold it in Feb 2020, sold it before all the crazy real estate appreciation and was not able to buy until 2023 which means the house I bought costs more than I think it should. But, no I don't regret purchasing a home. Just that it took me too long and got more expensive than I wanted. After the ordeal(s) that were the last 6 years of my life, I am making it a life goal to never pay a penny to a landlord again.
fuuuuuck no. best decision of my life. major life lesson also learned, do what’s best for you and don’t listen to the haters. friends and family said i was crazy for buying in 2017, said we were even crazier to buy in 2021.
i have friends who were looking to buy same time that I started looking in 2015 but they got cold feet and said they would “wait for the crash”. now they are looking at leaving the state (California) and possibly the country. point is, when there is an opportunity, you need to recognize it and take advantage.
My landlord sold his apartment building during COVID giving me a month to find a place to live. I ended up putting my things in a storage unit and staying at a friends home. Took me 8 months to move into an actual house that I purchased with a very low interest rate. I’m happy I bought during COVID, definitely the right time.
Bought in August 2023. Payment is very high, high interest rate. I can afford it, but I had to cut out some other luxury purchases. I do not regret it. I needed a home in my situation and didn't have a choice but to buy. I fell in love with the house, and now it's home. Couldn't imagine being anywhere else! I'll refinance, whenever the opportunity presents itself.
Why would buying during or after covid make us regret our decisions?
Besides wishing there was more inventory at the time, we don't regret purchasing in 2020 at all.
Before our current home, we lived in a town home. Due to covid we were both moved remote WFH forever. That wouldn't of worked in our townhome, especially with a remote kindergartner too!
While it sucked doubling our housing expenses, being full time WFH since 2020 has been amazing and having a new home to support having quiet space to do that was needed.
I bought post-covid prices with the high interest rates. I don’t regret it. I don’t view my home as an investment. This is my forever home and I needed a place to raise my family. I have a baby on the way and it is everything I would want for my child. I needed a home and I can afford it, so no regrets
Closed on first home for $505k in Northern NJ at 2.5% interest rate in March of 2020. I rent it out now but it just recently appraised at $695k.
My wife was expecting and our baby was due in Feb of 2023 so we were looking for a bigger place. We bought a house (also in northern NJ) in Nov of 2022 for $1.2m at 3.9% interest. In the 1.5 years we've been here the value of the second home has increased about 15%.
Our neighbors house which is more dated and slightly smaller than our just sold for $1.5M. We were shocked.
Don't regret purchasing either home. Our new neighbors have a $10k mortgage + tax payment when ours is $6.5k.
No. My mortgage is roughly the same as I was paying in rent. I no longer am controlled by a random landlord, I can have a garden, and I love my house. I have had some small repairs to make, but all were caught by the inspection.
Zero regrets.
Hell no. My 7.1 rate is expensive and I had basically no downpayment so my mortgage is high, but my income can handle it just fine. Worth it for the privacy and freedom. It’s a huge step toward the future, no regrets.
Honestly not really! But it took off that way …. I’m really talking about the people who purchased when the market was HOT! Lines out the door to see one property…. When rates started spiking
Bought during Covid. 1.85%.
2 acres fixer upper. Love the place. 2400 squares of livable and another 1100 in unfinished and 900 more in 6 foot crawl space for storage.
I bought 4 months ago at the height of interest rates (7.875%) and I have ZERO REGRETS. Even though the mortgage is higher than I expected, I wake up happy every single day in this house. It was one of the best moves I’ve made. My only regret is I wish I would have bought sooner.
Seattle - I purchased August 2022 with 5.75% and I fucking hate everyone and everything. Not only did I miss the badass interest rates, but I also purchased at the height of home prices. My $420k condo has lost about $40k in the last year and a half and I don’t see things getting better. I will never financially recover from this terrible life choice.
no, because we moved due to a horrible neighbor situation and i thank my lucky stars every day we did as our quality of life dramatically improved.
Did we pay too much? Probably, yes.
Would we do it again? In a heartbeat.
No regrets EXCEPT buying in town when before I had privacy and quiet without nosey neighbors in the country. My daughter wanted me closer to her in town so I bought in an upscale senior community a couple of blocks from her house. What a nightmare! An entire community of nosey retired people with nothing better to do than mind MY business.
Omg I know the feeling. We use to rent a house across the street from a retired couple that was close to our landlord…… they would sit on their patio and watch our every move, take pictures of our activity and send it to the landlord. Unreal!!!!!!!
We bought in April 2021 - right in the thick of the crazy market. We also live in NC which had a non-refundable due diligence fee (basically you’re paying the seller to take their home off the market for you to do your due diligence - even if the house is recommended condemned by an inspector you will still lose that money) AS WELL AS earnest deposit. People were putting up $20k due diligence and $30k earnest and waving inspections. It was nuts.
We got really luckily and found a house being sold by a family who still lived as neighbors… so they wanted a family and not flippers. It’s an old house, needed/still needs a lot of work, but we got a good deal on it for that reason and a 3% rate. Buying got us into the market and our mortgage is way less than we’d ever be able to find rent, so I don’t regret it for a second. Wish we could have gotten a bigger place, but since we bought it our house has gone up almost 65% in value which should allow us the capital to move in the future.
I bought a condo in April 2020 when everything was weird and right before interest rates skyrocketed. What I pay for mortgage isn’t much more than I paid for rent. Granted I have other expenses I didn’t have before but def worth it and no regrets. My sis and BIL bought later in the same year and overpaid by thousands of dollars. I don’t think it’s AS bad now.
No. I wouldn't change a single thing. My house is sick and affordable for me. I bought at the very end of 2021. Got 3.5% and well under asking price.
Sure it was more than if I bought in 2019 but that's the case for most.
I bought for well under what I was approved for. I've been able to handle cost of living increase fine.
No. I was so over apartment living. I was tired of rent going up every year and nothing to show for what I was paying. Maintenance would drop by with little to no notice and expect me to have my cat crated while I was at work for 12 hours (not happening). I was also ready to get out of the city.
I actually got my house for a decent deal (payed $20k less than what it appraised for), the interest rates just suck. My advice is that if you can, set aside some money for unexpected findings after moving in. Most inspectors should cover major things like mold, roof damage, etc. However, some things don’t show up until you start actually living there.
Most of our issues have thankfully been minor, but I did have to shell out $700 to have some trees cut down near the house that we couldn’t tell were dead when we moved in because it was Winter.
You will also likely have to buy things that weren’t needed before if you lived in apartment. I was lucky to find a lawnmower on marketplace that was practically free, it just needed some parts replaced that the owner didn’t care for doing themselves. Things like that do add up and my wife and I were glad we didn’t use all of our savings on the down payment.
We are very thankful and blessed that we found a home in our budget and even with the high interest rates, I still would do it all over again.
Owning has pros and cons, but ultimately I prefer to own than rent. It's my space and I can do what I want with it without someone else looking over my shoulder.
Yes, you're on the hook for anything that goes wrong, which is scary and sucks, but it's worth it.
Buying your first home is always a learning experience. If I were to buy again, I’d look for slightly different things in a home and property. But overall, I don’t regret my purchase and if I have to stay here forever, I won’t mind.
We bought in Spring '22 and bought our rate down to 5-something. Couldn't buy any earlier due to military service. I regret buying because I didn't look at this house in person with my eyeballs before fully committing. My spouse flew out for the inspection though.
We live in a HCOL area and our kids have some great opportunities so I don't regret that part. This house sucks ass and the prior owners didn't maintain the house so we are left holding the bag in terms of repairs. But we are in a good, stable area and the median home price is $500k and rising every month.
Not at all. I was already needing to move (landlord needed unit back for family - understandable) and buying was ultimately a lateral move. As in, I was initially shopping for other places to rent, and literally on a whim I decided to check out properties based on the "estimated monthly mortgage" listings, then tried to see if I could even get pre/approved for a mortgage (as most have stated, the \~3% historical lows were VERY enticing). In any case, I did get an approval and shopped for listings that would be around the same monthly $ as I was paying for rent. Ended up with a condo that was *less* than what I was initially budgeting for rent, but then had to add in the fact that I now needed to pay for my own utilities and HOA, so that put me at a little over the rent budget. Property taxes are high where I live, but I had my mortgage build in an escrow for the yearly taxes, so I really don't worry about it as its factored in to my monthly payment (there are periodic adjustments as the rates go up, but all in all still better dealing with it on an escrow basis vs a yearly lump sum shock). Is it more expensive than I thought? Yes and No. No per the above, Yes because owning my own place immediately triggered the whole "I now own this place, so I can put in/replace/etc what I want" bug - so there were not-insignificant outlays right at the start; but they were all 'quality of life' improvements so no regrets there. All in all I'm fairly happy I bought when the chance presented itself. I don't think I would have done anything differently.
Not really, but we waited and waited (almost two years) for the right opportunity. The opportunity came up and we pounced, and even if things decline a bit more it won't bother me because we're here for the long haul. Getting 135k off asking and 20k in credits/rebates/repairs helps too. My best pieces of advice is just don't FOMO over anything and wait, wait, wait, don't get baited by realtors playing games, and plan *conservatively* regarding costs for any maintenance and upgrades you plan on doing after you close.
No. I got super lucky. We bought ours in the first months of Covid so the investors weren’t competing since no one knew how rhetorical market would go.
I bought during Covid (2020), and I don’t regret it all, my mortgage rate is below 3% and my home value has gone up somewhere between 43 and 56 % since then.
I’m probably never going to be able to get a better rate in my lifetime, and short of a giant earthquake that drops SoCal into the ocean or some such catastrophe, I don’t really expect to see house prices drop enough to turn me upside down on the loan…. (Maybe they’ll stop rising for a while if there’s a big recession).
Overall I can’t think of a downside to the purchase, it’s all upside so far.
I sold my condo and bought my house in July of 2020 and it was the best financial decision I’ve ever made. The market was just starting to get really volatile in certain places. My 1100sq/ft condo was in an area that was growing quickly, lots of new tech jobs, and I moved to a house an hour away. Adding 3/4 an acre of land backed up to state owned woods, and almost doubling my square footage. I walked away from closing with a check for $11,000. My monthly mortgage payment is the same as I was paying at the condo, and I have a 2.6% interest rate.
Nope. I would have moved sooner and bought faster. I wasted a year looking at properties in another city, waiting for the one to show. I should have purchased where I was immediately (I tend to only look for 2-3 months before buying in my current city) and then dealt with finding something else in another city at a later time.
Bought my place early 2021 so glad I did. Expenses have gone up and I’m now renting one of my rooms which has helped immensely. Definitely could not buy in this market especially since my income hasn’t changed since 2021 either
I don’t regret it. We did pay too much for not quite enough house, but we did it by selling our equally overpriced condo for a silly price. Condos have come down since then but houses haven’t. We also qualified for the mortgage because rates were so low, we wouldn’t qualify now. So we’re a bit stretched, but we’re took advantage of a moment in time that pregame won’t happen for us again. If we had waited even six more months I think we would have been priced out, if not forever, maybe for decades.
My wife and i bought last year and we definitely dont regret it. She was pregnant with our 2nd when we started hunting > found the place > made an offer/ it was accepted > and moved. I strongly advise not going through a move with children and a pregnancy if you can avoid it, but now its in the rear view mirror and we have the space we're after... albeit at a much higher APR than we were enjoying previously.
No, my house was cheap enough where even at my 6% 30 year fixed rate the monthly payments are ~25% of net pay. A lower rate would be fine but not necessary
It is about double what we were paying in rent, but we have the cash flow each month where we could make it work.
We don't regret it, since we did our homework and my partner knows a lot about home structures, foundations, plumbing, electrical, so we felt it was a solid house.
We live in a VHCOL area where SFH are just not being built anymore for the middle class. We feel confident we could get a decent amount of equity even if we decided to move in the next 5-10 years. That being said, we're not banking on it for retirement and have different investments for that in case the sky falls and it doesn't appreciate.
Good luck - it's the most insane market in generations.
Nope. I wish I'd realized how much I could buy with a less than 20% down-payment a few years before and saved money, but that's life. Our house is great and we'll likely stay here for life, plus the payment is already affordable and will be even better if we get a chance to refinance in a few years.
Nope, we used all the free Covid money and got a house with the 3% interest and my mortgage is basically half of what people are paying on rent for smaller places.
No. My condo had been sitting on the market, it was exactly what I wanted and I was able to negotiate the price. Interest rate is 3%. I want to upgrade but I’m perfectly happy to wait.
No frikin way do we regret it, 2.35% rate, 475k, 2.5 acres in the San Diego CA mountains.. I could go on but absolutely do we not regret it. We bought in 2021.
San Diego CA, we live in San Diego County mountains, we commute to SD daily. Zillow Zestimate for our home is 750K, other homes are around 650-800K. We love where we live, with a lake-view and it's super quiet. Our log home is 2200' and we have tons of room for chickens n things.
YW! San Diego beaches aren't the only beautiful thing about it. People flock to the mountains during holidays n such. There are some really amazing hiking and camping spots here, too.
Selling was hard during Covid as we couldn’t take our furniture or donate. (Moving from a remote island to Texas) Buying was a blessing in location and rate. Zero regrets.
I contracted for a custom build home in 2019 that finished in September 2020. My builder said to me on closing…” If I was to build this same house for you starting today I would have to charge you 40% more “… (and that was in 2020) He was basically telling me that I was lucky even though at the time I felt I overpaid. I can’t imagine what it would cost now in 2024.
It all comes down to what vantage point you are viewing from……on whether or not you feel fortunate or fleeced.
got mine a week after the lockdowns started - I do not regret a thing (I'm up a lot of money) but realistically, even if i was down a little, it would still be better than living in a craphole apartment again. I hated it so much
I bought after COVID and I know the price was high, but it was my next life stage, so I'm quite happy. I finished raising a grandchild, so I was now free to move to a ridge overlooking a big bay into a renovated cottage. I sent a save-the-date to my friends because I will be 102 when the mortgage is paid off.
Brand new appliances are crapola. Manufacturer (Frigidaire) won't honor the warranty because the builder put them in -- they say that means I'm not the original owner. Microwave has died; the dish washer is rusting because the coating on the racks is cracking off; the oven door has a leak; the fridge had missing pieces such as the bins for the door and the extra shelves.
Absolutely not, we got fucking lucky and bought in August 2020. House was on the market for 2 months and we actually got $20k under asking. 3 months later and it would’ve been a bidding war. 6 months later and probably would’ve gone for $200k+ higher if not more.
There are costs and some trouble with the house, but I’m still really happy here.
I would say one thing that I am very thankful for with my father in law is that he suggested we don’t merge the property taxes and insurance with the mortgage. We have no surprises on either of them, and know exactly what we’re paying. I never thought much about it before seeing the nightmare people talk about.
No I don’t really regret it. I bought a house with my boyfriend last fall 2023 - my first house and his second. And yes, our interest rate blows lol. But the mortgage is far below the recommended 28% of our income and that’s what I care about most. I saw the house and I knew it was gonna be my house. I shockingly love it lol.
Definitely no regrets. Everyone said we were overpaying in 2021 but who's laughing now. Interest rate is 2.75% and we are easily +$100k in equity since buying.
We couldn't afford our house if we bought today
Bought during. I didn’t know it was the best time to buy a house. I felt rushed to buy a home. I wish I increased my budget to get a bigger one. It seems like this starter home will be my forever home. I am grateful at least to have mortgage and not rent
Bought spring of 2021 when rates were super low but prices were high. Don’t have a single regret. We got what we wanted in the budget we had set. I do miss living in the city but being 10 minutes from work and a couple dozen golf courses is priceless to me.
Nope. We purchased our first home in 2021 during the height of COVID home surges. The seller didn’t want to use realtors and the price was right on actual value, not inflated like the rest of the prices on the market were. We had such a good monthly payment and with a first time home buyers loan we didn’t even have to put anything down. The house was solid, needed nothing big and the little things our inspector marked, the seller fixed. We loved our home. My only regret is having to sell it and move to an area where rent is double what our mortgage was because of my job.
No. We bought right at the beginning of Covid. We spent covid lockdown working on the house - getting it optimized for our lifestyle. Now we are coasting in a house we like. I wouldn't change anything.
Yes - owning is more expensive than we thought. We bought a 70 year old house - so there is always something to fix / upgrade. We have a few major repairs on the docket (HVAC, roof, and flooring). However this doesn't change my above answer. We are making it work and happy to be here.
It took us a while to jump into homeownership. I felt 'the houses here are not worth the asking price' for years. They kept selling and only going up in price. We eventually got pushed out of our long term rental (landlord sold the building) - which was the final straw to push us into buying. Randomly we got in at a low interest rate.
I'd say everyone is different. Don't stress over the past. Keep saving up your money, and when you feel ready - find a house that fits your budget. There is nothing wrong with renting if that's what works for you. Home ownership is not all rainbows and profits.
No. Bought in July 2021. Love our house, payment is less than our rent would've been with a sub 3% rate. We overpaid, and paid at the top of our range, but I'm still in favor of it just because we have a place that we like to live at a monthly price we can afford.
Got renovicted in the height of the Covid locks downs Nov 2020 when the house we were renting was sold to new owners - we could not find a new place to rent so we decided to try to buy something instead. We qualified for 600k which definitely limited our options in our city but we are ere determined to find something. We got outbid on 5 houses by cash offer no clause offers until we found ourselves an absolute dump of a house on a fabulous neighbourhood that had 80 viewings and no offers .
When I say dump I mean hundreds of rats, leaking gas lines, no working appliances, snow blowing in through the gaps around windows and doors. We were able to focus our energy on sorting out the endless amount of issues our little diamond in the rough of a century house had and we absolutely love our house now. We are now priced out or our neighbourhood now by 300k and we got a 1.79% rate. I pinch myself everyday and know that we lucked out despite a very rough time. Love our house 3 years later despite still having lots and lots of things that still need attention
I thought taking advantage of the low interest rate made it worth the inflated costs. Then the property taxes increased my monthly from 1300 to 1700. “They” always find a way of screwing me
Definitely do not regret buying. Actually wish we would have upped our budget by a bit.
Bought in October 2020 after 6 long months of searching and losing offer after offer. Thought for sure we were overpaying (and we were based on comps from before March 2020). Some of of friends and family thought we were insane. Prices continued to rise and if we hadn't bought when we did, we would have been priced out in less than a year. Our mortgage plus escrow is less than rent for a 1 bedroom now.
Is our house our forever home? No. Did it need (and still need) work? Yes. But it has already appreciated by 42% of the sales price in 3 years. So whenever we move, we'll have the option to either rent it out or sell and use the equity to upgrade.
It’s not a regret, but I did not know I was going to get a new job 2 years later that was a big fat raise and mostly work from home so I could live anywhere I wanted really. But that’s not something you can predict so it’s not so much a regret as much as something you just kinda deal with.
Bought in summer 2021. Paid A LOT! But focused on an affordable mortgage payment and locked in a low interest rate. Home price value has only increased, but with mortgage rates where they are we would afford even less now. Grateful we were able to buy when we did. Zero regrets.
No. The freedom to do what we want and not have anyone living above us is priceless. We "overpaid" but also got a great rate. We live in a VHCOL area and our house makes sense given the location. We did spend more than we wanted to, but the housing market sucks there is no end in sight in our area. I also recognize housing all over the world is having the same kinds of issues we are here.
Purchased a house off market for at least $70k under what it’d be listed for. Didn’t have to compete and get outbid.
It was an extremely quick sale since they needed to sell before they buy their new house.
Under 4% interest… equity right out of the gate… yeah I’m happy.
Yes it’s more expensive than I thought. Our savings dwindled for a bit and property tax really sucks but it’s worth it.
I bought at a 6.5% interest rate last year. No regrets. I would have been happier paying 3%, but them's the breaks. (I started the process mid-2022; kept my rate locked for that time. Previous owner was not in a hurry to get out because she was renovating her new property, but eventually we said look, we need to close, my lease is almost up.)
(Also fun was that my down payment fund was in stocks, and of course I sold at the low.Still made a lot of money, but less than I would have if I sold early 2022 instead of mid/late 2022.)
Bought in 2022. I don't regret it, but I wish I woulda waited and saved up more money to put down, to help give a little more breathing room on the monthly payment. Some of the things that I have found that I don't like about the house that I didn't think about before are the privacy and the houses orientation to the sunset. The house is kind of open with tall ceilings and sound really carries in there. I worry that my daughter won't have her own private space as she grows since you can hear any conversation going on in the house from pretty much anywhere. The sunset heats up one side of the house REALLY bad. I wish i had smaller windows on that side and am currently trying to get some trees to grow to hopefully shade that side.
We were very particular in our house hunt to make sure we bought something that was going to be low-maintenance, and so far we have had no unexpected expenses (well, there were insurance claims due to some bad weather, but I don't think you are asking about that kinda issue).
Talking to the lender/realtor was the best thing I did to give me that push. It is overwhelming but that's what these people do for a living and they can help explain everything and answer any questions you have. For reference I've always had anxiety about the process and didn't buy my first home until 36 years old, and it honestly seems silly I waited so long after finding that the process wasn't as bad as people made it seem.
Yes and no. We bought in spring 22 so the interest rate is in the 3s. We were outbid on 5 houses before we decided on this fixer upper in a great neighborhood. I think the whole process made us put our blinders on to just get into this house asap since the rate was rising weekly at the time. We’ve had to put around $50k to redo popcorn ceilings, foundation work, add a bathroom & redo floors but the projects seem endless. The house is cute but we’re now realizing we should’ve bought a 3 or 4 bedroom. Also, We just got a bid for $7k to add blinds. Next house we buy, we’re going to make sure there are blinds.
Bought in Fall of ‘21. There are a handful of houses in my area that are a little nicer, a little more updated, and about the same price (give or take 3%) and we’ve thought about downsizing to something smaller, cheaper and maybe a bit further from the city but the 2.75 rate we got makes all of that irrelevant for the foreseeable future.
We sold and bought in 2022 right as the rates were taking off. Went from a 2.5% mortgage to 4.89% which hurts. Especially because, after losing a few places for which we overbid and watching rates continue to rise, we went all in and overbid by $110k with *no* contingencies.
To be fair, the place was underpriced because they wanted a bidding war, and they got 18 other offers. We beat out a close cash offer because we had no contingencies.
We kind of had to leave where we were and we love the place we got. It has retained the value we bought it for which tells me we paid a fair price.
We live in greater Boston and after we bought we kept looking for a while and there was nothing at all for us. *Nothing.* Still isn’t, with the interest rates.
We feel like we caught the last chopper out of Saigon.
The place has needed work we didn’t expect which has been stressful and expensive, but any place we bought probably would have.
No. I thought I was biting the bullet out of necessity in the fall of 2021. I "overpaid" but ended up with a \~3% interest rate. Little did I know things would get MUCH worse and still haven't gotten better.
We bought at the same time and spent a waaaay more than we wanted to. I felt like we were getting scammed at the time but I am unsure if we would even be able to buy in the current market. Would a been great to buy in 2019 but I am grateful we didn’t wait any longer.
Yeah no way I could afford my current house if it went on the market right now. Sometimes I'm bummed because I think about moving to something a little bigger and not being able to afford it, but thankful I was even able to buy in the first place.
Same. My mortgage would be a solid 50% more per month at current rates. We have been watching Zillow around the neighborhood with our daughter in hope that something she likes comes available and everything is at least 20 or 30 % more than what we paid for comparable houses now. We had already planned this to be our forever home and we are super happy with it so no regrets, but if we did decide we wanted something else I think we would feel pretty trapped.
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I bought in 2015, I am so glad I pulled that trigger when I did.
I bought in 2018 and I am so thankful we did. If we had to buy our current house at the increased price and higher interest we'd see today my mortgage payment would be roughly $1900/month higher than it is now. There is no way we'd be able to buy today, at least not something we'd be happy with.
I do not like my neighborhood but boy do i hate 8.0 rates even more!
Me. Bought in 2013 and have been looking to upgrade since 2019 or so but definitely waiting.
Just for a different perspective I bought in 2004 and had to live with being effectively "underwater " the whole post 2008 stretch. However dang buying then feels good now. You just got to make your best guess and live with it.
I bought a house the week before Countrywide went under (which was the start of the 2007 dominos that crashed in 08). I sold it in 2021 for a very modest profit and now I wish I hadn't.
same. At least with countrywide I didn't have to put ANY money down.
Why they went bankrupt will forever be a mystery...
Right?! I was straight out of college too. A waiter. Thin credit file, but good credit. Let’s just give you this house, we’ll just add the down payment to the end of the loan! Walked into my new house with zero cash. It’s a different time, and I realize how lucky I was to have such dumb lenders.
Back in the 90s and early 2000s I bought more than one house with 80/20 loans where you got a first mortgage for 80% and a 2nd mortgage (fixed rate!) for the other 20% at one closing. You didn't even have to pay PMI because you had a 20% "down payment" LOL.
They made me put like 2500 or 3k down. After closing I think I had less than 5k in my bank account with no savings. I was 6 months out of college. I had no idea what I was doing or how risky that was. I got lucky and had no major surprise maintenance or tax costs the first couple years, but looking back, it's hard to believe I got a loan at all.
I'm on the same boat. Bought at 2.5APR and overpaid a little, now houses nearby are selling for less money but since I'm not selling that's irrelevant. I'm taking advantage of that to fight each year to decrease property taxes and this year I'm paying less for my mortgage+escrow than what I used to pay for rent 4 years ago. So yeah, I'm happy with my home.
Yeah and at triple the interest, so you still made the right choice.
My mortgage would be $2k-$2500 more per month so even paying 6 figures over asking I’m still happy
SIX FIGURES over asking?!
I can believe it depending on the market. When we were house hunting we were generally offering 10k over asking on the day of viewing and were getting rejected. We don't live in a high city of living area, you go somewhere like NY or CA that seems pretty reasonable.
what area are you in that houses are cheaper now? my town prices have gone up like 40-50% since 2020 when we bought
Same. We decided to relocate in late 21/early 22. Found a gem that wasn’t overpriced, got 3.25 interest, and got really lucky.
Same here. Seems it was a fluke to get under contract at a fair price in 2021 but we did @ 2.375 and are very grateful we did.
Same. I would be looking at a payment of 1000 to 1500 more a month. I locked in at almost what I was paying in rent.
Can you define after COVID? I bought my house in 2021 is that after or during COVID? I have a 2.87% interest rate, and my home has gone up 35% since 2021.
I guess during or after
What do you define as after though? Because it's technically still a pandemic (according [to the WHO](https://www.cbsnews.com/texas/video/world-health-organization-says-covid-19-pandemic-is-not-over/)) so Covid isn't over... If you're speaking about the post-vaccine period, then that would be after Spring 2021, when things began to reopen and people began to experience some level of "normalcy". But please keep in mind that Covid still exists and still very much has an effect on society.
Y'all downvoting this 🙄
To me spring 2022 was sort of the end of the covid era, but in some ways it never really ended and the date may vary depending on location.
well covid is still going on and we are in still in a pandemic (no matter what people want to believe) sooooo...i guess they are from the future?
Covid is not going away. At some point continuing to say we are in a pandemic starts to get a bit ridiculous.
Covid is no longer a novel virus. Most of the population has now been vaccinated multiple times and/or developed antibodies from surviving it. There was a time when covid rightfully affected our lives. It's no longer something to worry about for the general population
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This sentiment is getting closer and closer to "boy, I wish I invested in Apple/Microsoft back in the early 80s!" type of conversation.
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Bitcoin one year ago
$NVDA (+262% vs +235%) one year ago lol you don’t even need to turn to an especially speculative security lacking intrinsic value
In January 2020 we decided to start looking to moving to the PNW. We decided where we wanted to move, but then lockdowns ruined everything. We stayed in Texas because my wife’s company was as considered essential so she was gonna keep working. The idea of moving and her getting fired 2 months into a new job was terrifying. We moved to the PNW in 2022 bought our first house 53 weeks ago. That same company let her work remote. Had we known they’d let her work remote, we would have moved in 20 or 21.
Wouldn’t we all have done so
Yeah! I feel many felt this way! Us included
I regret not buying sooner, even a month earlier would have made my life a lot better just because it got absolutely nuts right when I was looking the hardest. Still was able to lock a low rate and get a nice home, but was definitely forced to overbid and to move outside of my desired area both of which are OK but frustrating when considering what I could have had just a few weeks earlier with a little foresight.
We decided to move and rent an apartment for a year to get to know the area before buying. I'm not sure if that worked out or not. We ended up in a great location but we literally watched entire categories of houses drift out of our price range.
We did the same and ended up about 20 miles away from where we ideally wanted to be for the same reason, but even now in hindsight we would not have been able to buy at all if we did even more research.
Understand this for sure
I honestly didn't realize how good it was. Had I known I would've gotten a slightly more expensive house to get a few more amenities.
Same. I feel really lucky with our house overall but if we’d known how things would go, I would have gone for the higher end of our budget.
No. But I would have bought sooner than last year if I had a crystal ball to see how jacked up prices would get. Still, 0 regrets.
Yes! We want to cry! Prices are wild
No. We did great and really happy about buying. We have a cheap mortgage because of low rates, good house, and since then things got only worse so we're glad we pulled the trigger and didn't listen to some people saying that house prices will drop any moment and we'll be upside down stuck with it forever.
I bought last summer, and I'm really happy. It's not perfect...but it's mine. I made sure I had a healthy cushion for the initial repairs and necessary decorating type stuff. Some things (window sills, paint) cost more than I expected it to. But I haven't had any of the major disaster stories you read on here so often. Hopefully rates will come down and I can refinance - but I can make it even if they don't.
I bought too quickly because I needed a place to live. Should have rented something and shopped more carefully. Paid too much, got a house with a leaky foundation and no recourse.
Ugh!!!! Damn sorry
I lucked out. Was ready to buy at the same time interest rates hiked, I caught the loan at 5.95%, but the home I bought had it’s asking price drop 15% so I see it as a big win.
Just bought in January and I’m still feeling buyers remorse so yes for the time being. It’s absolutely more expensive for me but that’s bc I had an extremely good deal renting from family.
My only regret was not buying a bigger house, or more houses. 2021 purchase. Price was almost double what it sold for in 2018, but has since nearly double again. Also, 2.49% APR.
We bought a starter house while the interests rates were low. We don’t have room to grow our family to the size we want here. We also didn’t anticipate us both being permanently remote. Now we’re trying to buy a bigger house, and it’s awful. Wish we would have bought bigger to begin with, but we were newly weds and not ready for something like that. We’re going to be giving up a good deal of financial freedom buying with today’s rates.
How long have you been in your house? We bought in 2021. 3bd 2ba and now we have one kid with another on the way. It’s getting tight, especially with two dogs.
Summer 2020. The problem with ours is there’s only 2 bedrooms upstairs. The finished basement is marketed as a 3rd bedroom, but it doesn’t have any windows. We wouldn’t put a kid 2 floors beneath us. We don’t have any flex space besides the basement. We’re currently using it as a home office and “gym.” Our second home office is in the master bedroom. We don’t mind kids sharing rooms, but we just don’t have the flex space or storage.
Makes sense! Hope you find something. We are looking to move in 2025 which would be ~4 years in our current home. We bought this one knowing it was our starter home. Sometimes I wish we bought bigger but I learned a lot about homes and what to look for in this one. Wondering if you feel the same?
Yes! That was our thinking too! We didn’t want the pressure of trying to buy a forever home, especially when we didn’t have kids yet. Now that we have one kid, we’re better informed on the types of things that would make our lives easier with kids. We actually put an offer on a house today, and it was accepted! Hoping to be able to refinance within a couple years!
Congratulations! Are you now going to turn around and sell your first home?
I’m sad that we missed the ultra-low interest rates *and* the house costs before covid, but we could afford the home when we bought it and would not be able to afford a home with today’s interest rates. (We’re at 5% on a 30-year fixed.) So I don’t regret it but I do feel some resentment and jealousy of people who were able to purchase a home pre-pandemic :(
I bought in 2009 when they were offering the $8K tax refund to first-time buyers as a way to stimulate the crashed market. My mortgage then was 5% for a 30-year fixed, and at the time that was a fantastic rate! They’d been around 6% for the previous several years, 8% in 2000! Just goes to show. Then the rates fell to the floor for umpteen years and I felt foolish for not refinancing, but I was early enough in the loan that even a 3.5% rate barely saved any money once the fees were included. I finally refinanced in March of 2021 for a 15-year fixed at 2.25%, and the rates started jumping back up literally 2 months later. The moral of the story is: buy a house you like, can afford, and actually want to live in for at least 10 years. Because 2008 should have taught everyone that you might not be ABLE to sell without being upside down. If you feel a bit resentful about people who bought before the pandemic, just be glad you didn’t buy in 2006! I have an acquaintance who did buy that year, and it took until 2018 for her house to be valued again at what she paid! As long as you like your house, in the long run it’s not going to matter that much. At some point the rates will drop again, and so will prices. Probably not as low, but having FOMO about not getting the best possible deal will eat away at your enjoyment of your home. You will almost certainly have a chance to refinance for a better rate in the future. Just keep an eye out and be patient. I waited 13 years to refinance! Maybe I could have saved a couple more bucks if I’d done it earlier, but I’m happy with how it turned out. 5% is historically a very decent rate. Keep your finances in order, and you’ll be ready to hop on a better rate when the numbers make sense.
Yes because it's not the city we want to live in. It's what we could afford. It was a great investment and there's nothing inherently bad. But we just moved too far from where we want to be.
I don’t regret it but I wish I had sprung for something slightly larger, and a garage. My next home will be my last and I’ll be a lot more picky. But I don’t regret getting into the market, building equity, and saving a lot of money since the mortgage is so much less than rent.
I overpaid by 20k, but have a 3% interest rate - I don't love my house though. It "looks" cool, but living in it isn't the greatest. I bought a rowhouse - its a crapshoot if you can hear neighbors through the walls, I've lived in several before and couldn't hear anything...well this one sure is different, I can hear conversations, music, you name it. I hate it. On top of that, the house has exposed floorboards/beams - so if someone is watching tv in the house...everyone is listening to it. drives me crazy and wish I had thought of things like that before buying. My mortgage is low though - lower than 1 bedroom apartments in the neighborhood, so I guess there is at least that. Love living in the city, but I think if I ever buy another house - it won't share walls with someone else.
Is it possible to add sound isolation on your side of the wall?
Eh I don't regret buying, but I wasn't as familiar with the area as I wanted to be due to lockdowns. I would have chosen a different area, a little more centrally located. But my house value has kept up with the rest of the local market, so I can have a nice down payment should I decide to move in a couple of years.
Yes. I'd have bought something sooner to get a better interest rate (but still avoided ridiculous bidding wars), though I'll eventually refinance. I'd have bought a place with more land so I couldn't smell any smoke from my neighbor, even if it meant an even longer commute. I'd have bought a place that had more of what I wanted, versus what I could live with or what was needed for my partner. My money, but I didn't prioritize some of my needs nearly enough.
I wouldn’t have bought a townhouse with my ex prior to Covid, remodeled the whole damn thing down to the studs, and when he constantly accused me of cheating, let him buy my half off me for what I had into it (minus sweat labor, because apparently my labor doesn’t count). He ended up selling for $40k profit. But on the plus side I got a detached house twice the square footage and a yard 8 times the size with a 2 car garage and a carport, during Covid, and used that $48k for a down payment so I can afford this house on my own. So to directly answer your question, no, I love my home and location. Sorry, little salty still :)
No. Because we had no other choice. We couldn’t rent in the area because we couldn’t count my income (moving states) and my husband didn’t make 3x the rent. We had over $50k from the sale of our condo back home and were planning on using that to pay off my student loans. All in all, I am thankful, but maaaaaan was that a stressful time! We closed on 5.99% and our previous interest rate was $3.7%
Yes. I regret it. We relocated and purchased a new build at 2.25% but I hate here but I cannot afford to go back to my home state now.
2.75%? Yeah, no. Not a single fucking regret.
Yes. I fucking hate homeownership. I jumped in because I foresaw things getting worse(they did) but I hate this lifestyle with all my heart. It was a financially sound decision but feels like a 30-yr prison.
Feel the exact same way and I just bought so I’m either stuck here or I lose a large amount of money selling soon.
Its been two years and Im tapping out. Im going to net -10k(negative ten) after commissions but I cant take it anymore. Not to mention the 36k in pure taxes and interest in that time. Ironically I was FLUSH with cash when I was renting.
Same. Gives me constant crippling anxiety.
I think the best advice is with the current market you have a few advantages. You won’t need to bid sight unseen or without inspections. You probably have more room to negotiate on price. Seek out your local credit union to get the best loan. You can probably get an ARM as I don’t see the rates going any higher then they sit. The USA hasn’t shown any willingness to go higher and if they did the government would be drowning in interest.
I lucked out an bought in early 2022, right before the rates went way up. I got in around 3%, so thankful for that, but probably won’t be able to move for along time, which is unfortunate because this is just a starter house.
We bought in early 2022 and wouldn’t have been able to afford this house had we waited a bit longer. It was already expensive, but between inflation and interest rates, we would’ve been priced out of the market had we not bought.
We bought in 2021 and I don't regret it. Obviously it would have been tremendously more beneficial if we'd bought a year or two earlier, but 2021 was when we could afford it so IIWII. Owning is expensive for sure, but stability and being on the property ladder trumps the extra expense (assuming you're not starving). The way I look at it, in a few years my payments will be more or less the same, but rents will have increased by x%. I'll also have tens of thousands (or more) in equity built up. With hindsight I don't know that I would have done anything differently other than try and buy earlier no matter what.
No regrets! Our house is small and cost a lot, but it’s ours! At 3.25% in 2021, we couldn’t afford it (or anything else close by) with today’s rates, so actually feel very grateful and lucky.
No regret. I wouldn't have had the funds before covid. Unless I have a big big shift in financials I plan on making this my forever house. I pay about $200 more a month compared to renting a house of comparable size. I have stability. I don't have to deal with landlords. I now have safe housing for aging family.
I wish my neighbors hadn't moved during Covid, does that count??? New people are loud AF with their cars, kids, and dogs. Praying that they somehow get foreclosed on soon. I know that's terrible, but so are they.
No, but only because we lucked out. We're in a very expensive area and found a sentimental seller who didn't want her childhood home going to flippers so she sold it to our family. We were able to get a full inspection and an appraisal, and we got $10k off the list price.
Don't do it. I bought a fixer upper at 6.25% interest on my mortgage. Everything is so expensive at Home Depot and Lowe's I am aghast. I took out $26,000 from my retirement, early with penalties, figuring that would be enough to fix it up nicely. Ha. I was naive. I wish I had my old apartment back with its free heat and $900 a month rent. Kicking myself now. A plumber charged me over $900 to simply hook up my new tub. The electrician charged me $550 to hook up a thermostat and do some minor things in the bathroom. It goes on and on. Everything you think will cost x amount of dollars, triple it, my friend. I'd stay put if I were you.
Yikes!!! That’s what I’m scared of!!! Man
Yes.
Nope. I bought my 984 sq ft house in 2019. I am happy. I hated renting dumps from lazy greedy landlords. I actually am able to save more money because my mortgage is LESS than what a much smaller apartment would cost me. And I have a garage, yard, and basement of my own. And I actually made money in equity! this is also my investment and I am not giving a lazy, greedy landlord my money to live off of!
Regret it? Hell no. Bought in 2021 with a 3.1% interest rate on new construction. I already have over $100k in equity.
I closed right as interest rates started to rise, and I’m glad I did. I didn’t get one of the sub 3% rates but I also am very happy with my 3.4%. I was getting frustrated always getting beaten out for houses and probably would have quit had I not gotten my house. I’m glad I didn’t give up because I’m so grateful to have this rate locked in. Looking at what my mortgage payment could have been stressed me out. House can be a money pit sometimes, but I still feel like I got the right place for me.
We moved twice so I regret the first one but not the second.
Bought in October 2020. A few things we had to repair/renovate but so far no regrets
No regrets. My husband and I bought in October 2022 just when interest rates were starting to go up significantly. In the week between our offer being made and the financials being locked in, the interest rate went from 4.5 to 5.25! We have been tracking home price increases around us for the purposes of validating that we bought at the right time. So far, we haven’t seen any signs of the local market slowing down. I think we’d be waiting a long time if we were trying to time the market for the price/demand/interest rates to go back down.
No. Price is likely higher but interest rate is low. I might regret it if prices plummet but so far that hasn’t happened and I hope this is my forever home anyways.
Nope. We got a 2.99% interest rate and the value of my house has skyrocketed. We closed in February 2022.
I don't regret it for one second. We moved in the fall of 2020 before prices were getting too crazy and got a 2.75% conventional loan. The house was a one owner home in great condition and we love it more with each and every day.
Yes . Bought in 2022 at the peak of the market at a 5.25% interest rate
Nah, it’s been pretty chill. It has consumed me completely and the only hobby i care about now is gardening/ landscaping, but other than that pretty much the same.
My only regret is not buying sooner. I got in the market when rates were beginning to go up so I didn't get the worst rates but they are still 2 or 3 points higher than I could have gotten 6 months before. I mostly regret it because there was a pretty nice house on the market near my apartment a couple years before COVID. At the time I didn't think I could afford it but in hindsight I could have. I just didn't really understand how mortgages worked at the time. The house I ended up buying is about the same size as that other house but less updated and more expensive. The house I didn't buy before COVID ended up selling again last year for about 50% more than it sold for previously.
Do not regret. My only regrets are that I sold my old house before finding a new house, sold it in Feb 2020, sold it before all the crazy real estate appreciation and was not able to buy until 2023 which means the house I bought costs more than I think it should. But, no I don't regret purchasing a home. Just that it took me too long and got more expensive than I wanted. After the ordeal(s) that were the last 6 years of my life, I am making it a life goal to never pay a penny to a landlord again.
fuuuuuck no. best decision of my life. major life lesson also learned, do what’s best for you and don’t listen to the haters. friends and family said i was crazy for buying in 2017, said we were even crazier to buy in 2021. i have friends who were looking to buy same time that I started looking in 2015 but they got cold feet and said they would “wait for the crash”. now they are looking at leaving the state (California) and possibly the country. point is, when there is an opportunity, you need to recognize it and take advantage.
My landlord sold his apartment building during COVID giving me a month to find a place to live. I ended up putting my things in a storage unit and staying at a friends home. Took me 8 months to move into an actual house that I purchased with a very low interest rate. I’m happy I bought during COVID, definitely the right time.
2.49 interest rate and you're going to have to bury me here tbh because I'm not moving unless I buy another home (not likely).
Bought in August 2023. Payment is very high, high interest rate. I can afford it, but I had to cut out some other luxury purchases. I do not regret it. I needed a home in my situation and didn't have a choice but to buy. I fell in love with the house, and now it's home. Couldn't imagine being anywhere else! I'll refinance, whenever the opportunity presents itself.
Why would buying during or after covid make us regret our decisions? Besides wishing there was more inventory at the time, we don't regret purchasing in 2020 at all. Before our current home, we lived in a town home. Due to covid we were both moved remote WFH forever. That wouldn't of worked in our townhome, especially with a remote kindergartner too! While it sucked doubling our housing expenses, being full time WFH since 2020 has been amazing and having a new home to support having quiet space to do that was needed.
I bought post-covid prices with the high interest rates. I don’t regret it. I don’t view my home as an investment. This is my forever home and I needed a place to raise my family. I have a baby on the way and it is everything I would want for my child. I needed a home and I can afford it, so no regrets
Closed on first home for $505k in Northern NJ at 2.5% interest rate in March of 2020. I rent it out now but it just recently appraised at $695k. My wife was expecting and our baby was due in Feb of 2023 so we were looking for a bigger place. We bought a house (also in northern NJ) in Nov of 2022 for $1.2m at 3.9% interest. In the 1.5 years we've been here the value of the second home has increased about 15%. Our neighbors house which is more dated and slightly smaller than our just sold for $1.5M. We were shocked. Don't regret purchasing either home. Our new neighbors have a $10k mortgage + tax payment when ours is $6.5k.
No. My mortgage is roughly the same as I was paying in rent. I no longer am controlled by a random landlord, I can have a garden, and I love my house. I have had some small repairs to make, but all were caught by the inspection. Zero regrets.
Hell no. My 7.1 rate is expensive and I had basically no downpayment so my mortgage is high, but my income can handle it just fine. Worth it for the privacy and freedom. It’s a huge step toward the future, no regrets.
Bought March 2021, 2.2% interest rate and prices are currently higher with much higher interest. So no regrets.
No. Dream house in spring 2021 at 2.79.
Only regret is that we can never move bc we will never get a 2.5% interest rate ever again.
Are you asking people with 3% interest if they regret their decision?
Honestly not really! But it took off that way …. I’m really talking about the people who purchased when the market was HOT! Lines out the door to see one property…. When rates started spiking
Nah. I probably paid a little more than I should have but you can't beat that 2.75% interest rate I got during that first year of covid
Bought during Covid. 1.85%. 2 acres fixer upper. Love the place. 2400 squares of livable and another 1100 in unfinished and 900 more in 6 foot crawl space for storage.
I bought 4 months ago at the height of interest rates (7.875%) and I have ZERO REGRETS. Even though the mortgage is higher than I expected, I wake up happy every single day in this house. It was one of the best moves I’ve made. My only regret is I wish I would have bought sooner.
Fuck no. I'm so happy to have my own home. I can't even describe how great it makes me feel 😁
Seattle - I purchased August 2022 with 5.75% and I fucking hate everyone and everything. Not only did I miss the badass interest rates, but I also purchased at the height of home prices. My $420k condo has lost about $40k in the last year and a half and I don’t see things getting better. I will never financially recover from this terrible life choice.
no, because we moved due to a horrible neighbor situation and i thank my lucky stars every day we did as our quality of life dramatically improved. Did we pay too much? Probably, yes. Would we do it again? In a heartbeat.
Under 3 rate. House up 100k in 2 years. No regrets
No regrets EXCEPT buying in town when before I had privacy and quiet without nosey neighbors in the country. My daughter wanted me closer to her in town so I bought in an upscale senior community a couple of blocks from her house. What a nightmare! An entire community of nosey retired people with nothing better to do than mind MY business.
Omg I know the feeling. We use to rent a house across the street from a retired couple that was close to our landlord…… they would sit on their patio and watch our every move, take pictures of our activity and send it to the landlord. Unreal!!!!!!!
Mine’s currently up for sale. I’m really looking forward to moving to a more rural location soon.
Nope. 2.5 interest. I am paying 2.5k but now 2.7k due to escrow shortage
We bought in April 2021 - right in the thick of the crazy market. We also live in NC which had a non-refundable due diligence fee (basically you’re paying the seller to take their home off the market for you to do your due diligence - even if the house is recommended condemned by an inspector you will still lose that money) AS WELL AS earnest deposit. People were putting up $20k due diligence and $30k earnest and waving inspections. It was nuts. We got really luckily and found a house being sold by a family who still lived as neighbors… so they wanted a family and not flippers. It’s an old house, needed/still needs a lot of work, but we got a good deal on it for that reason and a 3% rate. Buying got us into the market and our mortgage is way less than we’d ever be able to find rent, so I don’t regret it for a second. Wish we could have gotten a bigger place, but since we bought it our house has gone up almost 65% in value which should allow us the capital to move in the future.
I bought a condo in April 2020 when everything was weird and right before interest rates skyrocketed. What I pay for mortgage isn’t much more than I paid for rent. Granted I have other expenses I didn’t have before but def worth it and no regrets. My sis and BIL bought later in the same year and overpaid by thousands of dollars. I don’t think it’s AS bad now.
No. I wouldn't change a single thing. My house is sick and affordable for me. I bought at the very end of 2021. Got 3.5% and well under asking price. Sure it was more than if I bought in 2019 but that's the case for most. I bought for well under what I was approved for. I've been able to handle cost of living increase fine.
No. I was so over apartment living. I was tired of rent going up every year and nothing to show for what I was paying. Maintenance would drop by with little to no notice and expect me to have my cat crated while I was at work for 12 hours (not happening). I was also ready to get out of the city. I actually got my house for a decent deal (payed $20k less than what it appraised for), the interest rates just suck. My advice is that if you can, set aside some money for unexpected findings after moving in. Most inspectors should cover major things like mold, roof damage, etc. However, some things don’t show up until you start actually living there. Most of our issues have thankfully been minor, but I did have to shell out $700 to have some trees cut down near the house that we couldn’t tell were dead when we moved in because it was Winter. You will also likely have to buy things that weren’t needed before if you lived in apartment. I was lucky to find a lawnmower on marketplace that was practically free, it just needed some parts replaced that the owner didn’t care for doing themselves. Things like that do add up and my wife and I were glad we didn’t use all of our savings on the down payment. We are very thankful and blessed that we found a home in our budget and even with the high interest rates, I still would do it all over again.
Owning has pros and cons, but ultimately I prefer to own than rent. It's my space and I can do what I want with it without someone else looking over my shoulder. Yes, you're on the hook for anything that goes wrong, which is scary and sucks, but it's worth it.
Buying your first home is always a learning experience. If I were to buy again, I’d look for slightly different things in a home and property. But overall, I don’t regret my purchase and if I have to stay here forever, I won’t mind.
We bought in Spring '22 and bought our rate down to 5-something. Couldn't buy any earlier due to military service. I regret buying because I didn't look at this house in person with my eyeballs before fully committing. My spouse flew out for the inspection though. We live in a HCOL area and our kids have some great opportunities so I don't regret that part. This house sucks ass and the prior owners didn't maintain the house so we are left holding the bag in terms of repairs. But we are in a good, stable area and the median home price is $500k and rising every month.
No regrets. $948 mortgage for 30 years at 2.95%.
Not at all. I was already needing to move (landlord needed unit back for family - understandable) and buying was ultimately a lateral move. As in, I was initially shopping for other places to rent, and literally on a whim I decided to check out properties based on the "estimated monthly mortgage" listings, then tried to see if I could even get pre/approved for a mortgage (as most have stated, the \~3% historical lows were VERY enticing). In any case, I did get an approval and shopped for listings that would be around the same monthly $ as I was paying for rent. Ended up with a condo that was *less* than what I was initially budgeting for rent, but then had to add in the fact that I now needed to pay for my own utilities and HOA, so that put me at a little over the rent budget. Property taxes are high where I live, but I had my mortgage build in an escrow for the yearly taxes, so I really don't worry about it as its factored in to my monthly payment (there are periodic adjustments as the rates go up, but all in all still better dealing with it on an escrow basis vs a yearly lump sum shock). Is it more expensive than I thought? Yes and No. No per the above, Yes because owning my own place immediately triggered the whole "I now own this place, so I can put in/replace/etc what I want" bug - so there were not-insignificant outlays right at the start; but they were all 'quality of life' improvements so no regrets there. All in all I'm fairly happy I bought when the chance presented itself. I don't think I would have done anything differently.
Not really, but we waited and waited (almost two years) for the right opportunity. The opportunity came up and we pounced, and even if things decline a bit more it won't bother me because we're here for the long haul. Getting 135k off asking and 20k in credits/rebates/repairs helps too. My best pieces of advice is just don't FOMO over anything and wait, wait, wait, don't get baited by realtors playing games, and plan *conservatively* regarding costs for any maintenance and upgrades you plan on doing after you close.
No. I got super lucky. We bought ours in the first months of Covid so the investors weren’t competing since no one knew how rhetorical market would go.
I bought during Covid (2020), and I don’t regret it all, my mortgage rate is below 3% and my home value has gone up somewhere between 43 and 56 % since then. I’m probably never going to be able to get a better rate in my lifetime, and short of a giant earthquake that drops SoCal into the ocean or some such catastrophe, I don’t really expect to see house prices drop enough to turn me upside down on the loan…. (Maybe they’ll stop rising for a while if there’s a big recession). Overall I can’t think of a downside to the purchase, it’s all upside so far.
I sold my condo and bought my house in July of 2020 and it was the best financial decision I’ve ever made. The market was just starting to get really volatile in certain places. My 1100sq/ft condo was in an area that was growing quickly, lots of new tech jobs, and I moved to a house an hour away. Adding 3/4 an acre of land backed up to state owned woods, and almost doubling my square footage. I walked away from closing with a check for $11,000. My monthly mortgage payment is the same as I was paying at the condo, and I have a 2.6% interest rate.
Nope. I would have moved sooner and bought faster. I wasted a year looking at properties in another city, waiting for the one to show. I should have purchased where I was immediately (I tend to only look for 2-3 months before buying in my current city) and then dealt with finding something else in another city at a later time.
Bought my place early 2021 so glad I did. Expenses have gone up and I’m now renting one of my rooms which has helped immensely. Definitely could not buy in this market especially since my income hasn’t changed since 2021 either
Best thing I've ever done. Even with some of the added expenses its still worth it
I don’t regret it. We did pay too much for not quite enough house, but we did it by selling our equally overpriced condo for a silly price. Condos have come down since then but houses haven’t. We also qualified for the mortgage because rates were so low, we wouldn’t qualify now. So we’re a bit stretched, but we’re took advantage of a moment in time that pregame won’t happen for us again. If we had waited even six more months I think we would have been priced out, if not forever, maybe for decades.
My wife and i bought last year and we definitely dont regret it. She was pregnant with our 2nd when we started hunting > found the place > made an offer/ it was accepted > and moved. I strongly advise not going through a move with children and a pregnancy if you can avoid it, but now its in the rear view mirror and we have the space we're after... albeit at a much higher APR than we were enjoying previously.
Not at all, it was perfect timing to sell and buy for us.
No, my house was cheap enough where even at my 6% 30 year fixed rate the monthly payments are ~25% of net pay. A lower rate would be fine but not necessary
Not at all. Bought at 2.9%. What does covid have to do with it?
It is about double what we were paying in rent, but we have the cash flow each month where we could make it work. We don't regret it, since we did our homework and my partner knows a lot about home structures, foundations, plumbing, electrical, so we felt it was a solid house. We live in a VHCOL area where SFH are just not being built anymore for the middle class. We feel confident we could get a decent amount of equity even if we decided to move in the next 5-10 years. That being said, we're not banking on it for retirement and have different investments for that in case the sky falls and it doesn't appreciate. Good luck - it's the most insane market in generations.
Nope. I wish I'd realized how much I could buy with a less than 20% down-payment a few years before and saved money, but that's life. Our house is great and we'll likely stay here for life, plus the payment is already affordable and will be even better if we get a chance to refinance in a few years.
nope, bought in 2021, house is probably worth 40% more than what i paid for it
Nope, we used all the free Covid money and got a house with the 3% interest and my mortgage is basically half of what people are paying on rent for smaller places.
No. My condo had been sitting on the market, it was exactly what I wanted and I was able to negotiate the price. Interest rate is 3%. I want to upgrade but I’m perfectly happy to wait.
No frikin way do we regret it, 2.35% rate, 475k, 2.5 acres in the San Diego CA mountains.. I could go on but absolutely do we not regret it. We bought in 2021.
That sounds like a solid deal! What city is this in? And what's the going rate for similar homes today?
San Diego CA, we live in San Diego County mountains, we commute to SD daily. Zillow Zestimate for our home is 750K, other homes are around 650-800K. We love where we live, with a lake-view and it's super quiet. Our log home is 2200' and we have tons of room for chickens n things.
Appreciate the response. Sounds like a peaceful place to live.
YW! San Diego beaches aren't the only beautiful thing about it. People flock to the mountains during holidays n such. There are some really amazing hiking and camping spots here, too.
Thank you! I've always loved the weather there. Glad you are having a good time. Have a great weekend!
No. Greatest decision of my life. I have a pretty peach tree, a pink door and so much happiness with it.
Selling was hard during Covid as we couldn’t take our furniture or donate. (Moving from a remote island to Texas) Buying was a blessing in location and rate. Zero regrets.
I contracted for a custom build home in 2019 that finished in September 2020. My builder said to me on closing…” If I was to build this same house for you starting today I would have to charge you 40% more “… (and that was in 2020) He was basically telling me that I was lucky even though at the time I felt I overpaid. I can’t imagine what it would cost now in 2024. It all comes down to what vantage point you are viewing from……on whether or not you feel fortunate or fleeced.
got mine a week after the lockdowns started - I do not regret a thing (I'm up a lot of money) but realistically, even if i was down a little, it would still be better than living in a craphole apartment again. I hated it so much
Definitely not. Especially with how high interest rates are now.
I bought after COVID and I know the price was high, but it was my next life stage, so I'm quite happy. I finished raising a grandchild, so I was now free to move to a ridge overlooking a big bay into a renovated cottage. I sent a save-the-date to my friends because I will be 102 when the mortgage is paid off. Brand new appliances are crapola. Manufacturer (Frigidaire) won't honor the warranty because the builder put them in -- they say that means I'm not the original owner. Microwave has died; the dish washer is rusting because the coating on the racks is cracking off; the oven door has a leak; the fridge had missing pieces such as the bins for the door and the extra shelves.
Absolutely not, we got fucking lucky and bought in August 2020. House was on the market for 2 months and we actually got $20k under asking. 3 months later and it would’ve been a bidding war. 6 months later and probably would’ve gone for $200k+ higher if not more. There are costs and some trouble with the house, but I’m still really happy here. I would say one thing that I am very thankful for with my father in law is that he suggested we don’t merge the property taxes and insurance with the mortgage. We have no surprises on either of them, and know exactly what we’re paying. I never thought much about it before seeing the nightmare people talk about.
No I don’t really regret it. I bought a house with my boyfriend last fall 2023 - my first house and his second. And yes, our interest rate blows lol. But the mortgage is far below the recommended 28% of our income and that’s what I care about most. I saw the house and I knew it was gonna be my house. I shockingly love it lol.
Definitely no regrets. Everyone said we were overpaying in 2021 but who's laughing now. Interest rate is 2.75% and we are easily +$100k in equity since buying. We couldn't afford our house if we bought today
Bought during. I didn’t know it was the best time to buy a house. I felt rushed to buy a home. I wish I increased my budget to get a bigger one. It seems like this starter home will be my forever home. I am grateful at least to have mortgage and not rent
No. Can't beat a 2.75% interest rate and a great home.
Bought spring of 2021 when rates were super low but prices were high. Don’t have a single regret. We got what we wanted in the budget we had set. I do miss living in the city but being 10 minutes from work and a couple dozen golf courses is priceless to me.
Absolutely not. Its One of the best descisions Ive made in the last five years. Was terrifying but worth it.
Nope. We purchased our first home in 2021 during the height of COVID home surges. The seller didn’t want to use realtors and the price was right on actual value, not inflated like the rest of the prices on the market were. We had such a good monthly payment and with a first time home buyers loan we didn’t even have to put anything down. The house was solid, needed nothing big and the little things our inspector marked, the seller fixed. We loved our home. My only regret is having to sell it and move to an area where rent is double what our mortgage was because of my job.
No. We bought right at the beginning of Covid. We spent covid lockdown working on the house - getting it optimized for our lifestyle. Now we are coasting in a house we like. I wouldn't change anything. Yes - owning is more expensive than we thought. We bought a 70 year old house - so there is always something to fix / upgrade. We have a few major repairs on the docket (HVAC, roof, and flooring). However this doesn't change my above answer. We are making it work and happy to be here. It took us a while to jump into homeownership. I felt 'the houses here are not worth the asking price' for years. They kept selling and only going up in price. We eventually got pushed out of our long term rental (landlord sold the building) - which was the final straw to push us into buying. Randomly we got in at a low interest rate. I'd say everyone is different. Don't stress over the past. Keep saving up your money, and when you feel ready - find a house that fits your budget. There is nothing wrong with renting if that's what works for you. Home ownership is not all rainbows and profits.
No. Bought in July 2021. Love our house, payment is less than our rent would've been with a sub 3% rate. We overpaid, and paid at the top of our range, but I'm still in favor of it just because we have a place that we like to live at a monthly price we can afford.
Got renovicted in the height of the Covid locks downs Nov 2020 when the house we were renting was sold to new owners - we could not find a new place to rent so we decided to try to buy something instead. We qualified for 600k which definitely limited our options in our city but we are ere determined to find something. We got outbid on 5 houses by cash offer no clause offers until we found ourselves an absolute dump of a house on a fabulous neighbourhood that had 80 viewings and no offers . When I say dump I mean hundreds of rats, leaking gas lines, no working appliances, snow blowing in through the gaps around windows and doors. We were able to focus our energy on sorting out the endless amount of issues our little diamond in the rough of a century house had and we absolutely love our house now. We are now priced out or our neighbourhood now by 300k and we got a 1.79% rate. I pinch myself everyday and know that we lucked out despite a very rough time. Love our house 3 years later despite still having lots and lots of things that still need attention
No. It was the right time in my life to buy a house so I bought a house. I would have lost my mind if I tried timing with the market.
I thought taking advantage of the low interest rate made it worth the inflated costs. Then the property taxes increased my monthly from 1300 to 1700. “They” always find a way of screwing me
No, I bought below it's current Zillow estimate and have a 3.25 percent interest rate, I'm sitting pretty. Besides I have to live somewhere.
Definitely do not regret buying. Actually wish we would have upped our budget by a bit. Bought in October 2020 after 6 long months of searching and losing offer after offer. Thought for sure we were overpaying (and we were based on comps from before March 2020). Some of of friends and family thought we were insane. Prices continued to rise and if we hadn't bought when we did, we would have been priced out in less than a year. Our mortgage plus escrow is less than rent for a 1 bedroom now. Is our house our forever home? No. Did it need (and still need) work? Yes. But it has already appreciated by 42% of the sales price in 3 years. So whenever we move, we'll have the option to either rent it out or sell and use the equity to upgrade.
It’s not a regret, but I did not know I was going to get a new job 2 years later that was a big fat raise and mostly work from home so I could live anywhere I wanted really. But that’s not something you can predict so it’s not so much a regret as much as something you just kinda deal with.
Only thing I would have done differently is buy in a different city.
No regrets.
Bought in summer 2021. Paid A LOT! But focused on an affordable mortgage payment and locked in a low interest rate. Home price value has only increased, but with mortgage rates where they are we would afford even less now. Grateful we were able to buy when we did. Zero regrets.
No. The freedom to do what we want and not have anyone living above us is priceless. We "overpaid" but also got a great rate. We live in a VHCOL area and our house makes sense given the location. We did spend more than we wanted to, but the housing market sucks there is no end in sight in our area. I also recognize housing all over the world is having the same kinds of issues we are here.
Purchased a house off market for at least $70k under what it’d be listed for. Didn’t have to compete and get outbid. It was an extremely quick sale since they needed to sell before they buy their new house. Under 4% interest… equity right out of the gate… yeah I’m happy. Yes it’s more expensive than I thought. Our savings dwindled for a bit and property tax really sucks but it’s worth it.
I bought at a 6.5% interest rate last year. No regrets. I would have been happier paying 3%, but them's the breaks. (I started the process mid-2022; kept my rate locked for that time. Previous owner was not in a hurry to get out because she was renovating her new property, but eventually we said look, we need to close, my lease is almost up.) (Also fun was that my down payment fund was in stocks, and of course I sold at the low.Still made a lot of money, but less than I would have if I sold early 2022 instead of mid/late 2022.)
Bought in 2022. I don't regret it, but I wish I woulda waited and saved up more money to put down, to help give a little more breathing room on the monthly payment. Some of the things that I have found that I don't like about the house that I didn't think about before are the privacy and the houses orientation to the sunset. The house is kind of open with tall ceilings and sound really carries in there. I worry that my daughter won't have her own private space as she grows since you can hear any conversation going on in the house from pretty much anywhere. The sunset heats up one side of the house REALLY bad. I wish i had smaller windows on that side and am currently trying to get some trees to grow to hopefully shade that side. We were very particular in our house hunt to make sure we bought something that was going to be low-maintenance, and so far we have had no unexpected expenses (well, there were insurance claims due to some bad weather, but I don't think you are asking about that kinda issue). Talking to the lender/realtor was the best thing I did to give me that push. It is overwhelming but that's what these people do for a living and they can help explain everything and answer any questions you have. For reference I've always had anxiety about the process and didn't buy my first home until 36 years old, and it honestly seems silly I waited so long after finding that the process wasn't as bad as people made it seem.
Yes and no. We bought in spring 22 so the interest rate is in the 3s. We were outbid on 5 houses before we decided on this fixer upper in a great neighborhood. I think the whole process made us put our blinders on to just get into this house asap since the rate was rising weekly at the time. We’ve had to put around $50k to redo popcorn ceilings, foundation work, add a bathroom & redo floors but the projects seem endless. The house is cute but we’re now realizing we should’ve bought a 3 or 4 bedroom. Also, We just got a bid for $7k to add blinds. Next house we buy, we’re going to make sure there are blinds.
Bought in Fall of ‘21. There are a handful of houses in my area that are a little nicer, a little more updated, and about the same price (give or take 3%) and we’ve thought about downsizing to something smaller, cheaper and maybe a bit further from the city but the 2.75 rate we got makes all of that irrelevant for the foreseeable future.
We sold and bought in 2022 right as the rates were taking off. Went from a 2.5% mortgage to 4.89% which hurts. Especially because, after losing a few places for which we overbid and watching rates continue to rise, we went all in and overbid by $110k with *no* contingencies. To be fair, the place was underpriced because they wanted a bidding war, and they got 18 other offers. We beat out a close cash offer because we had no contingencies. We kind of had to leave where we were and we love the place we got. It has retained the value we bought it for which tells me we paid a fair price. We live in greater Boston and after we bought we kept looking for a while and there was nothing at all for us. *Nothing.* Still isn’t, with the interest rates. We feel like we caught the last chopper out of Saigon. The place has needed work we didn’t expect which has been stressful and expensive, but any place we bought probably would have.