I call bs. I grew up in NYC suburbs and know tons of people who still live there (family included). Plenty of houses in great school districts for under 1.2 mil and that meet your other alleged requirements. You are a troll. If not, what cities/counties are you looking in?
And OP, I do empathize: Getting a house in a "nice" neighborhood AND good public schools is a priority if you have a family, but it's not easy!
TBH I don't know what we would have done if our kids hadn't been able to get into good public schools in Manhattan. I don't think we would have moved, but paying for decent non-religious private schools would have pushed us to the wall.
I call bs. I grew up in NYC suburbs and know tons of people who still live there (family included). Plenty of houses in great school districts for under 1.2 mil and that meet your other alleged requirements. You are a troll. If not, what cities/counties are you looking in?
these homes exist, but when they pop up (under 1.2.nice schools, not horrible looking inside), there is a bidding war and the winner is often all cash.
If you make the salary you claim, that means you earn probably 30k/month after tax which is just a guess off the top of my head.
If you had 2 months of your annual salary you could easily put a down payment on a home and find a mortgage. You know you could buy a home but you don't want to for whatever reasons.
half my income is bonus. so thats 225k base which is like 13.8k a month after taxes cash flow
Have fun with that bonus this year. I wouldn’t base home decision on it.
Anyway, you don’t need to actually have the full purchase price on hand to make a cash offer, you just need to know you will get approved. Yes, it is risky, but if you do you homework and get preapproved the risk gets smaller.
I call bs. I grew up in NYC suburbs and know tons of people who still live there (family included). Plenty of houses in great school districts for under 1.2 mil and that meet your other alleged requirements. You are a troll. If not, what cities/counties are you looking in?
I believe the OP who mentioned specific neighborhoods. He just has to expand his search which he has been doing.
half my income is bonus. so thats 225k base which is like 13.8k a month after taxes cash flow
Have fun with that bonus this year. I wouldn’t base home decision on it.
Anyway, you don’t need to actually have the full purchase price on hand to make a cash offer, you just need to know you will get approved. Yes, it is risky, but if you do you homework and get preapproved the risk gets smaller.
Ditto that. Of course, this is a troll post. Nobody is outbidding you on any house you’ve looked at in the last 3 or 4 months. You’re like a year too late with this story.
Expand your search. Research the better school districts in Nassau, Westchester, and Jersey, and commute times. The south shore is less expensive than the north shore and close to the beach if that is what you like.
Until then, as you and another responder mentioned, rent.
Why are you looking at $1.2 million houses? I make half what you’re making and have a house that’s a good deal more expensive than that. A $10,000 a month payment would be nothing for you if you’re saving $150k a year and currently paying rent.
Right. You're intelligent enough to make $450,000, yet you start idiotic threads.
Im not trolling. I have tried buying homes above my comfort zone in price, far below so I can bid way above....every time I've had a cash buyer appear and kill the deal.
the only way I can buy a home is buy all cash (and sub 500k homes here are truly awful).
I am forced to rent until these all cash buyers dissapear or I save up more.
Take a deep breath, my man. You will absolutely regret buying a home right now. Don’t just bid on any random home for the sake of getting one. Next year homes will be on sale for a 30-50% discount depending on the area. Do you really want to bid up a home you don’t really like when you can wait a year and get a huge discount on a home you love. Don’t be concerned about a higher mortgage rates. Yes, rates will be higher, but you can refinance when they drop back down after a year or two. The huge discount on the home price more than offsets a couple years of marginally higher interest. Anyways, don’t make the mistake of rushing into a home just for the sake of it. I don’t know how stable your job and income is, but also consider if you push into a home above your comfort level and lose your job or suffer a decrease in income then you will default and you will really regret rushing into a home at the market peak.
Why are you looking at $1.2 million houses? I make half what you’re making and have a house that’s a good deal more expensive than that. A $10,000 a month payment would be nothing for you if you’re saving $150k a year and currently paying rent.
Take a deep breath, my man. You will absolutely regret buying a home right now. Don’t just bid on any random home for the sake of getting one. Next year homes will be on sale for a 30-50% discount depending on the area. Do you really want to bid up a home you don’t really like when you can wait a year and get a huge discount on a home you love. Don’t be concerned about a higher mortgage rates. Yes, rates will be higher, but you can refinance when they drop back down after a year or two. The huge discount on the home price more than offsets a couple years of marginally higher interest. Anyways, don’t make the mistake of rushing into a home just for the sake of it. I don’t know how stable your job and income is, but also consider if you push into a home above your comfort level and lose your job or suffer a decrease in income then you will default and you will really regret rushing into a home at the market peak.
Why are you looking at $1.2 million houses? I make half what you’re making and have a house that’s a good deal more expensive than that. A $10,000 a month payment would be nothing for you if you’re saving $150k a year and currently paying rent.
nice home. my base salary is 225k, which is a little under 14k a month after health care and taxes. buying that would leave me with only 4k a month AFTER paying the mortgage, interest, and property taxes. Not for me to extend that far. Yes, I get a big bonus year end buts I need monthly cash flow.
my base jumps up to 275 shortly, but even then 10k is too rich for my blood
nice home. my base salary is 225k, which is a little under 14k a month after health care and taxes. buying that would leave me with only 4k a month AFTER paying the mortgage, interest, and property taxes. Not for me to extend that far. Yes, I get a big bonus year end buts I need monthly cash flow.
my base jumps up to 275 shortly, but even then 10k is too rich for my blood
and to mention I wouldnt be surprised if an all cash buyer hops in anyways(has happened to me 5 times previously. In New Canaan Ct, Tenafly NJ, Ridgewood NJ, Glen Head NJ, Glen Ridge NJ.
Targeting homes in the 1.2 million range in areas with nice school districts (daughter starting school). NYC suburbs. I have a down payment saved up and other savings. No debt.
I haven't had this salary for that long so im not super cash rich (but currently saving like 150k+ a year after tax).
Every house I have put a bid on goes like this:
1. Selling agent tells me 5 other bids on house. I up my bid 50 to 100k
2. Selling agent calls to tell me unfortunately someone placed an all cash bid and unless I am all cash I'm out.
This has happened to me 5 times in the past year. Every time an all cash buyer steps in. I cannot buy a home right now unless I'm all cash (ridiculous!).
Anything below 1.2 in my area is either totally tiny/cramped / needs a TON of work, has a failing school district, or requires over an hour commute. I decided to settle, found a home far away that I wasn't crazy about but seemed fine and again an ALL CASH BUYER appeared.
I honestly don't think I will be able to buy a home until I'm all cash. (in 5-7 years I think).
Are mortgages things of the past? Honestly never thought I would have such a hard time buying a home when my income was this high. I even tried renting a nice home and someone outbid my lease and offered 2 years upfront rental payments (not exaggerating!).
Interesting choice of username (I thought inflation was going to tank home prices?) When I bought a home 6 years ago, most people were putting in all cash offers.
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