August 07, 2004

Home, home out of price range

My wife and I just spent a couple months looking for a simple 1500+ sq ft, 3+ by 2, detached, with great curl appeal to call home. Our awesome agent showed us a ton of places....

Alas, the only place we actually submitted an offer for was not interested in anyone with 100% financing. The recent explosion in real estate prices combined with all-time low interest rates made for quite a volatile market. A lot of people jumped into the market with very risky loans right when interest rates started to bounce back. As mentioned in a recent New York Times article, The Ever More Graspable, and Risky, American Dream. Use account info
user: noneof
password: yourbusiness
to read the article.

At either rate, we decided to hold off our search until 2005. It's too close to the pending birth of our daughter and it allows us more time to save up, since our purchasing power is bound to shrink as interest rates start to climb back up.

- Lito

Posted by Lito at August 7, 2004 12:48 PM