Y’all, buying a house is crazy right now! I’ve done a few posts with different realtors from NOVA, and I will say all the realtors I follow on social media talk about how insane the market is. From my untrained eye, I will say that the market seems to be slowing down a little. I’m no longer seeing houses going to pending within 24 hours every single time. For the past few months, I’ve spent more time on Zillow than I care to admit to.
I’ve been poking around since last June (2020) into buying a home. There are a lot of people who are buying homes sight unseen and apparently not doing their research either. One house was on the market two months ago and is back on the market. Supposedly, the person who bought it was overseas and didn’t realize how far their commute would be to their job. I honestly don’t know how someone wouldn’t have checked into this before spending multiple hundreds of thousands of dollars on a house, but here we are.
I’ve looked at a minimum of 10 houses. Some listings weren’t correct: I have seen at least 3 that were listed as ranches but were really modular homes. One house has visible mold in the basement (and was being sold as is). The others just didn’t feel at home or had something else wrong with them. We’ve seen one that was close to being the right home. However, it didn’t feel like home and was at the very tip-top of my price range.
Being a first-time home buyer, I only have a bit of a nest egg to use. I also don’t want to have mortgage insurance. It’s a pain in the butt and an extra expense I don’t want. This has made it harder because the houses we’re finding in my price range are just not making the cut.
Buying a house is a huge decision, especially financially. I do not like to be rushed. Especially when making such a big decision and with this market, it’s hard not to feel that way. I don’t want to make the wrong decision or overpay for a house. I’ve widened my search to include lots that I could build on. Some sellers’ agents are literally closing offers after 24 hours of the house going on the market. That stresses me out that I’m supposed to make a decision that quickly and know that it is the right one.
I have not put a contract in on any house because none of them are the right one yet. This process feels really long and almost hopeless. It seems like every time I walk into a house that might work, I get a weird feeling. Not quite like anxiety, but a weird feeling in my stomach that is like, “what if I miss out on this one but it’s still not right?” I realize that I will find a house, it’s just a matter of when. I’m fortunate that I’m not in a rush because I do not have a lease anywhere.
Have you bought a house recently? What was your process like? What advice do you have?