Put an offer on a house this weekend. 40k over ask, waived all appraisals. We have 25% down and 50k cash extra for appraisal gap.
We lost because someone else bid 100k over list. That’s 20% over list.
How are “normal” people supposed to buy a home? I feel like we are in a pretty good place having the cash we do and we could have offered more but we thought our offer was strong and still within the realm of reason to what the house is really worth.
unsustainable insanity wrote:
Put an offer on a house this weekend. 40k over ask, waived all appraisals. We have 25% down and 50k cash extra for appraisal gap.
We lost because someone else bid 100k over list. That’s 20% over list.
How are “normal” people supposed to buy a home? I feel like we are in a pretty good place having the cash we do and we could have offered more but we thought our offer was strong and still within the realm of reason to what the house is really worth.
Welcome in the under class.
The guy who bought "your house" will rent it too you for a nice lease.
This is capitalism at it's worst. But American's seem to love it.
Until they end up on the street themselves.
Middle class is screwed. Inflation leaves them behind. They generally don't get the wage increases but they have to pay more for everything now. Rich get richer. Poor are still poor despite min wage going way up, the classes and division are always present. They could make minimum wage 100 bucks and hour and the there would still be the same amount of lower class people. Inflation would just do the work. Since min wage increases, the price of everything else does the same in a linear manner at least.
Younger generations get nothing from asset appreciation (since they own none), but get all the debt and high prices, are the most screwed.
Then why has inequality been both high and low in the past? Read a book for sweet baby jesus sake!
unsustainable insanity wrote:
Put an offer on a house this weekend. 40k over ask, waived all appraisals. We have 25% down and 50k cash extra for appraisal gap.
We lost because someone else bid 100k over list. That’s 20% over list.
How are “normal” people supposed to buy a home? I feel like we are in a pretty good place having the cash we do and we could have offered more but we thought our offer was strong and still within the realm of reason to what the house is really worth.
Normal people would look around for another house to put a bid on.
Maybe you should be thankful you've avoided buyer's remorse.
Whatever rule you found that said middle class people need to own a home is just wrong. Plow that cash into other assets.
On another note, yes the middle class is screwed. Have been since the 80's.