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

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3 years ago 09/14/2022 11:47am EDT

re: bidensinflation1515

bidensinflation1515 wrote:
I honestly dont know why everyone thinks this is fake
-Is me making 450k fake? thats pretty normal post MBA IB comp in NYC. It's also not THAT much relative to the area considering the competition and packed open houses I'm seeing for million dollar homes
-Is me getting outbid by all cash buyers fake? Has anyone here tried to buy a decent home in Seattle, NY, SF, LA over the past 2 years? I'm not the only only one experiencing this.
Link:www.reddit.com/r/FirstTimeHomeBuyer/co...
Link:www.reddit.com/r/RealEstate/comments/l...
-Yes, I could theoretically go way down market, and overbid like crazy on a 750k home to beat an all cash buyer. I don't want to do that as that seems pretty foolish.
-I am looking all around the region and not being desperate. Anytime I see a home that seems not insanely overpriced/risky to purchase the open houses are packed and all cash buyers place bids (even in the current environment). To all cash buyers rising rates mean nothing.

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

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

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

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

don’t you work in banking?

3 years ago 09/14/2022 11:57am EDT

re: Came here to write this

Just 2 examples I experienced (look at the list and closed prices differentials)

Have so many more I could dig out...

https://www.redfin.com/CT/New-Canaan/108-Gerdes-Rd-06840/home/107240171

https://www.redfin.com/CT/New-Canaan/23-Holly-Rd-06840/home/107235053

3 years ago 09/14/2022 11:58am EDT

re: bidensinflation1515

Make sure to put in a back up offer if you really like the place. Assuming people are heading towards prices of 110% asking, then some cash buyers will walk when they take a closer look at the property. If they do, make sure you get first dibs. This should cost nothing and you simply have to offer something that matches or is marginally under the accepted cash offer (make sure to waive the appraisal contingency).

Most sellers would prefer going to a standard 30day close from a good candidate buyer with a mortgage vs having to do the whole re-listing dance yet again.

3 years ago 09/14/2022 12:00pm EDT

re: Came here to write this

Came here to write this wrote:
bidensinflation1515 wrote:
I honestly dont know why everyone thinks this is fake
-Is me making 450k fake? thats pretty normal post MBA IB comp in NYC. It's also not THAT much relative to the area considering the competition and packed open houses I'm seeing for million dollar homes
-Is me getting outbid by all cash buyers fake? Has anyone here tried to buy a decent home in Seattle, NY, SF, LA over the past 2 years? I'm not the only only one experiencing this.
Link:www.reddit.com/r/FirstTimeHomeBuyer/co...
Link:www.reddit.com/r/RealEstate/comments/l...
-Yes, I could theoretically go way down market, and overbid like crazy on a 750k home to beat an all cash buyer. I don't want to do that as that seems pretty foolish.
-I am looking all around the region and not being desperate. Anytime I see a home that seems not insanely overpriced/risky to purchase the open houses are packed and all cash buyers place bids (even in the current environment). To all cash buyers rising rates mean nothing.
Nobody thinks this wasn’t happening a year ago…like in your year old link, it started to die off about 6 months ago…the other link in 7 months old. Your post is a fake because it isn’t happening now. Show us a house or two that you looked at in the last 60 days that’s closed. If you can find 3 houses that sold above asking and/or closed so quickly at/near asking that a cash offer is believable I will take back everything I said about you being a troll.

Also bid on this home

https://www.redfin.com/NJ/Glen-Ridge/4-Hamilton-Rd-07028/home/36164068

listed on 899k, sold for 1.45 (all cash!)

3 years ago 09/14/2022 12:01pm EDT

re: Free_the_thigh

Free_the_thigh wrote:
As I said, they aren’t literally buying with cash they have in the bank. They just aren’t making their offer subject to financing as they have done their due diligence and know they will get approved.
I bought my house with a “cash” subject free offer. Beat out other bidders with a higher price too because those bids weren’t subject free.
Did I have the full purchase sitting in cash in my bank? Lol, not even close. I didn’t even have enough cash for a 20% downpayment. I only put 10% down. I did however know I would get approved for the purchase price, barring some very unforeseen circumstance, so I went in condition free.
If your agent hasn’t explained this to you and recommend you get pre-approved so that you can go condition free, then you should fire them. If you don’t feel comfortable with the risk, that’s different, but your agent should explain this to you.
don’t you work in banking?

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

3 years ago 09/14/2022 12:04pm EDT

re: Free_the_thigh

Free_the_thigh wrote:
bidensinflation1515 wrote:
I honestly dont know why everyone thinks this is fake
-Is me making 450k fake? thats pretty normal post MBA IB comp in NYC. It's also not THAT much relative to the area considering the competition and packed open houses I'm seeing for million dollar homes
-Is me getting outbid by all cash buyers fake? Has anyone here tried to buy a decent home in Seattle, NY, SF, LA over the past 2 years? I'm not the only only one experiencing this.
Link:www.reddit.com/r/FirstTimeHomeBuyer/co...
Link:www.reddit.com/r/RealEstate/comments/l...
-Yes, I could theoretically go way down market, and overbid like crazy on a 750k home to beat an all cash buyer. I don't want to do that as that seems pretty foolish.
-I am looking all around the region and not being desperate. Anytime I see a home that seems not insanely overpriced/risky to purchase the open houses are packed and all cash buyers place bids (even in the current environment). To all cash buyers rising rates mean nothing.
As I said, they aren’t literally buying with cash they have in the bank. They just aren’t making their offer subject to financing as they have done their due diligence and know they will get approved.
I bought my house with a “cash” subject free offer. Beat out other bidders with a higher price too because those bids weren’t subject free.
Did I have the full purchase sitting in cash in my bank? Lol, not even close. I didn’t even have enough cash for a 20% downpayment. I only put 10% down. I did however know I would get approved for the purchase price, barring some very unforeseen circumstance, so I went in condition free.
If your agent hasn’t explained this to you and recommend you get pre-approved so that you can go condition free, then you should fire them. If you don’t feel comfortable with the risk, that’s different, but your agent should explain this to you.
don’t you work in banking?

This is NOT ALL CASH you idiot.

You waived a mortgage contigency. The issue is the house may not appraise at these elevated levels and then you are on the hook for the difference (which may be very costly). I think thats absolutely insane to do these days with the elevated levels.

I am not willing to waive that and hope it appraises at my stupid over bid offer.

3 years ago 09/14/2022 12:43pm EDT

re: bidensinflation1515

You're being picky and you have clearly outlined what you will and won't do. That's fine, it's your business. However, if you're picky and aren't willing/able to take a risk, you must be more patient in the buying process. I bought a house in 2015 and had to make 11 offers to finally get one. It's a matter of luck, strategy, and having a good realtor.

Do another look around the market, ignore price, but look for houses that match your criteria that have been on the market longer than a week and are not under contract. You might have a better chance on one of these not getting a full cash offer on you. Also talk to your realtor about alternative strategies. Either they should have some or just explain how you've been extremely unlucky and keep at it. If they don't, talk to another realtor.

3 years ago 09/14/2022 12:57pm EDT

re: Derp Nation

I 100% believe the OP is telling the truth.

I recently was outbid on a home. My condolences.

What I don't get it is why buyers care if you are all cash or not. If you have the loan approval letters and proof of downpayment, if you are offering 50k more, they should go with you. So next time it happens, tell your real estate agent, I'll give them $50,000 more. Or even 100k. It sounds crazy but isn't 100k on a mortage something like $500 a month so it's less than $20 a day.

When we lost the most recent house, I told my wife, "I know we already are overbidding but we wanted THAT house. It would have been worth an extra $8 a day (50k)."

3 years ago 09/14/2022 12:59pm EDT

re: rojo

rojo wrote:
I 100% believe the OP is telling the truth.
I recently was outbid on a home. My condolences.
What I don't get it is why buyers care if you are all cash or not. If you have the loan approval letters and proof of downpayment, if you are offering 50k more, they should go with you. So next time it happens, tell your real estate agent, I'll give them $50,000 more. Or even 100k. It sounds crazy but isn't 100k on a mortage something like $500 a month so it's less than $20 a day.
When we lost the most recent house, I told my wife, "I know we already are overbidding but we wanted THAT house. It would have been worth an extra $8 a day (50k)."

Rojo can you share the Zillow/Redfin listing?

3 years ago 09/14/2022 1:42pm EDT

re: bidensinflation1515

bidensinflation1515 wrote:
True story.
Targeting homes in the 1.2 million range in areas with nice school districts (daughter starting school). NYC suburbs. I have a down payment saved up and other savings. No debt.
I haven't had this salary for that long so im not super cash rich (but currently saving like 150k+ a year after tax).
Every house I have put a bid on goes like this:
1. Selling agent tells me 5 other bids on house. I up my bid 50 to 100k
2. Selling agent calls to tell me unfortunately someone placed an all cash bid and unless I am all cash I'm out.
This has happened to me 5 times in the past year. Every time an all cash buyer steps in. I cannot buy a home right now unless I'm all cash (ridiculous!).
Anything below 1.2 in my area is either totally tiny/cramped / needs a TON of work, has a failing school district, or requires over an hour commute. I decided to settle, found a home far away that I wasn't crazy about but seemed fine and again an ALL CASH BUYER appeared.
I honestly don't think I will be able to buy a home until I'm all cash. (in 5-7 years I think).
Are mortgages things of the past? Honestly never thought I would have such a hard time buying a home when my income was this high. I even tried renting a nice home and someone outbid my lease and offered 2 years upfront rental payments (not exaggerating!).

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

3 years ago 09/14/2022 1:43pm EDT

re: rojo

rojo wrote:
I 100% believe the OP is telling the truth.
I recently was outbid on a home. My condolences.
What I don't get it is why buyers care if you are all cash or not. If you have the loan approval letters and proof of downpayment, if you are offering 50k more, they should go with you. So next time it happens, tell your real estate agent, I'll give them $50,000 more. Or even 100k. It sounds crazy but isn't 100k on a mortage something like $500 a month so it's less than $20 a day.
When we lost the most recent house, I told my wife, "I know we already are overbidding but we wanted THAT house. It would have been worth an extra $8 a day (50k)."

Because if you’re overbidding there’s a chance it won’t appraise. Then either the deal gets scuttled or you come back asking for a lower price.

3 years ago 09/14/2022 1:48pm EDT

re: bidensinflation1515

bidensinflation1515 wrote:
Came here to write this wrote:
Nobody thinks this wasn’t happening a year ago…like in your year old link, it started to die off about 6 months ago…the other link in 7 months old. Your post is a fake because it isn’t happening now. Show us a house or two that you looked at in the last 60 days that’s closed. If you can find 3 houses that sold above asking and/or closed so quickly at/near asking that a cash offer is believable I will take back everything I said about you being a troll.
Also bid on this home
https://www.redfin.com/NJ/Glen-Ridge/4-Hamilton-Rd-07028/home/36164068
listed on 899k, sold for 1.45 (all cash!)

I stand corrected. You are actually poor, particularly for your income. So let’s figure out what you’re doing wrong. Whatcha driving? How about the Mrs? Like I said, I make half of what you’re making, but live in a considerably more expensive house. We drive old cars, but can walk to the beach. If you can get $100,000 or more for selling your cars, I’d suggest you do that and throw it towards your down payment. If you’re embarrassed to drive a sub $20,000 car, you need to do some serious soul searching about what’s important to you in life.

3 years ago 09/14/2022 1:54pm EDT

re: bidensinflation1515

You are the reason inflation is so high. You contribute effectively nothing to the economy and yet extract a tremendous amount.

3 years ago 09/14/2022 1:58pm EDT

re: seems like a mismatch here

seems like a mismatch here wrote:
Right. You're intelligent enough to make $450,000, yet you start idiotic threads.

Ignore this Jackbutt. Yes 450K is not at all out of the realm of being able to afford crazy high prices in certain areas. Esp if you have other student loans etc.. 1mill homes are what i thought of as 250k homes just 5 years ago and im in the midwest! I think all you can do is realize that you are going to spend 1mill + on a house thats a let down. So, just do everything you can do to hedge against a complete meltdown. Buy the least expensive house in the best neighborhood? Buy a foreclosure (if those still exist), buy a condo and rent half..at least if it loses value you have one or 2 renters paying most of the mortgage. Not exactly what you hoped for at 450k in life. But it will all come around and you will be sitting pretty eventually. We gonna run out of boomers running up the market some day.

3 years ago 09/14/2022 2:03pm EDT

re: dogwood

dogwood wrote:
bidensinflation1515 wrote:
True story.
Targeting homes in the 1.2 million range in areas with nice school districts (daughter starting school). NYC suburbs. I have a down payment saved up and other savings. No debt.
I haven't had this salary for that long so im not super cash rich (but currently saving like 150k+ a year after tax).
Every house I have put a bid on goes like this:
1. Selling agent tells me 5 other bids on house. I up my bid 50 to 100k
2. Selling agent calls to tell me unfortunately someone placed an all cash bid and unless I am all cash I'm out.
This has happened to me 5 times in the past year. Every time an all cash buyer steps in. I cannot buy a home right now unless I'm all cash (ridiculous!).
Anything below 1.2 in my area is either totally tiny/cramped / needs a TON of work, has a failing school district, or requires over an hour commute. I decided to settle, found a home far away that I wasn't crazy about but seemed fine and again an ALL CASH BUYER appeared.
I honestly don't think I will be able to buy a home until I'm all cash. (in 5-7 years I think).
Are mortgages things of the past? Honestly never thought I would have such a hard time buying a home when my income was this high. I even tried renting a nice home and someone outbid my lease and offered 2 years upfront rental payments (not exaggerating!).
You make 450k in what currency? Rubles? Venezuelan Bolivares? If you make that much in US$ and know the basics of financial management, you won't have a problem.

Sounds like you dont know basic market economics.

3 years ago 09/14/2022 2:04pm EDT

re: It is not rocket science

It is not rocket science wrote:
Free_the_thigh wrote:
As I said, they aren’t literally buying with cash they have in the bank. They just aren’t making their offer subject to financing as they have done their due diligence and know they will get approved.
I bought my house with a “cash” subject free offer. Beat out other bidders with a higher price too because those bids weren’t subject free.
Did I have the full purchase sitting in cash in my bank? Lol, not even close. I didn’t even have enough cash for a 20% downpayment. I only put 10% down. I did however know I would get approved for the purchase price, barring some very unforeseen circumstance, so I went in condition free.
If your agent hasn’t explained this to you and recommend you get pre-approved so that you can go condition free, then you should fire them. If you don’t feel comfortable with the risk, that’s different, but your agent should explain this to you.
don’t you work in banking?
Yeah, that's what makes it smell of a troll post, but perhaps the OP is for real. Someone working in investment banking that does not know the ABC of buying a house and isdesperate to buy at the peak of the housing market; I guess these people may exist. Whatever... BTW I just bougth a small apartment in a nice area of Manhattan, 20K below asking price; not sure about other offers, but mine was accepted within 12 hours. Don't think there was a bidding war going on.

There's a huge difference between buying an apartment in the city or buying a house in a nice suburb.

3 years ago 09/14/2022 2:05pm EDT

re: goprunnerboi

goprunnerboi wrote:
Came here to write this wrote:
Buy this:
Link:www.zillow.com/homedetails/1-Castle-Vi...
You’re welcome.
31k property taxes? wow, democrats, you can keep your states to yourself.

Deal! You get the piss poor states with dead last ratings in education, health and poverty though! Wait you already have those redstater.

3 years ago 09/14/2022 2:07pm EDT

re: Moo G

Moo G wrote:
Greg wrote:
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.
Making 450K in NYC area is pretty much nothing these days. He is only taking home half that after taxes here. Buying house/condo/co-op in NYC area is not like most places in US.

Stop making sense.

3 years ago 09/14/2022 2:08pm EDT

re: bigmig19

How fast can you run a mile bigmig?

Some people are IDIOTS and the OP is one of them wrote:
The OP is a chucklehead liar. In the very first post of this thread he states this:
“I haven't had this salary for that long so im not super cash rich (but currently saving like 150k+ a year after tax).
So which is it? He hasn’t had the job “that long” or he saves 150k a year? What, exactly, does “that long” mean?
Also, OP, if you’re only making 450k a year in NYC as an investment banker perhaps you should be looking for a new occupation.

Amazing, not one thing you said makes sense.

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