I don't think it's many low-networth first time buyers like us driving the market. People who were rich pre-COVID are even richer, I just looked at the S&P and it's up ~20% since early last year. Maybe it's all landlords/investors trying to expand while rates are at historic lows
I think the government should try to control this: first time buyer vs secondary buyer etc...this makes it extremely difficult for people who are broke like us, first time buyer and those who want to buy a house to live instead of investment. This is nightmare!!!
I mean it sucks but we most definitely don’t need more government control
We offered 10% above asking price, and still were only the 2nd highest bid. The top bid was an investor who offered 22k more than our bid (the seller liked that we were were going to be owner-occupants and so wanted to give us the chance to match). We aren't about to get into a bidding war over a condo that may or may not recoup its value in 5 years, but we still raised our bid 10k just in case. Apparently the seller is gonna sleep on it...I am guessing we aren't going to get it, but you never know.😋
Yes, this
In our city at least there is a HUGE difference in property taxes for buildings occupied by the owner vs. rental properties. The later are taxed basically double due to tax breaks for the former.
Well idk if this war zone market is any better.
I am sure you know but condo HOA is ridiculous. I looked at one gorgeous condo, HOA is 570 a month 🤣🤦♀️
You surely cannot be serious. A crazy sellers market for a variety of legit factors does not ever warrant government takeover. They literally break everything they touch
Idk if giving incentive to first time buyer vs someone who purchase houses for investment is really government takeover. Look at current market: the rich are getting richer and the poor are getting poorer. People like us who want to buy a house to live during residency instead of renting are having difficult time to buy a house even though it costs 20-30K more than what they costs.
They are already doing that. The rates of investment properties are terrible, while primary residence rates are low. So unless everyone’s lying about their intentions and leaving themselves liable that way, or they truly will live there at minimum 3 weeks yearly then they’re getting the lower rate. It’s purely supply and demand.
The last week has felt like 3 months. I put off onboarding paperwork and just did house hunting stuff for a week straight usually driving 4 hours round trip a day. Did that drive 10 times. It's been absolutely brutal but I set up my schedule nice so I don't really have to worry about much "schoolwork".
Basically where I'm at. Plus i know I won't be in this town after a three year residency and on top of that, it's a flood zone and has a plethora of new build apartment complexes. I was really flirting with the idea of buying about a month ago but it's an easy decision for me now. Also just me and a fiance which helps too.
Amen I cannot even fathom trying to purchase a home right now lmao. Props to everyone that is though
If you're going from M4-> PGY-1 you most likely do not except if you're @ Your program should be giving you login credentials to an onboarding site where you're going to have to apply for numerous things, fill out endless paperwork, and complete a bajillion modules
Lean on the PC. Things vary per program. You should state your degree is MD/DO unless they are asking you if you are applying for a training license or MD full license in which case you pick training license.
You say that but they probably got 5 offers for 20% above asking price before they even had their open house
You really shouldn’t call your in-laws that...
Yeah maybe, I’m thinking of keeping it longer term as a rental for new residents that come in. That’s the plan as of now but who knows. We’re gonna put a little work into it before residency so if it’s a flip it’s a flip if the market ends up calming down
I have a 75lb golden retriever and 4 cats. Finding a place that'll let us rent would be a challenge at best. It'll be much easier for us to purchase. Plus I plan to be there for 4 years, maybe longer.
This has to be the best comment on SDN thus far.
Not going to lie, I forgot what today was and was VERY confused logging on today for the first time in a while...
Consolidate > IBR > REPAYE is my plan for residency.
Thanks. I am debating between PAYE and REPAYE. Can you share your reasoning on choosing REPAYE?
Thanks. Will check out dictoredmoney.org. I think my challenge is that my situation is dynamic, not static. Am single now, but plan to get married in ~5 years. My SO will be making the same money as I as an attending in about 5 years. REPAYE makes great sense for me now, but down the road in the future, I don’t think it is the best option. So, what to do for dynamic situation like this?
Don’t make a decision based on what your maybe spouse will maybe be making in maybe 5 years.
I think you need to read about how repaye and paye works and how you can switch between them. It will expose why your line of thinking is faulty here. I think you should also take the above advice about relationships. You don't make 5 years of payments under a suboptimal payment plan for you based on the fact that you can switch payment programs and based on what your (to be perfectly blunt) maybe? spouse maybe? makes in 5 years....
I am listening. Can you please elaborate instead of just making a blanking statement that "none of that makes any sense"? What is not making sense? When you refer to a suboptimal payment plan, which one are you referring to? PAYE or REPAYE? Re: my SO, her salary is not maybe, she will be out of residency by the time I am done. So she will be making attending salary. She is also not a maybe spouse. We are committed to each other (have been for the past 7+ years).
You can switch between REPAYE and other payment plans as you go. Each time you switch the accrued interest will be capitalized but it's still a common thing to do. For example, I'm engaged now but we don't plan to get married for another 2-3 years. She makes roughly the same income as me as an intern resident. I still plan to do REPAYE to start then switch once we're married. And who knows? The engagement can blow up in my face in a few years.
So if you were married now, making roughly the same income (let's say mid-50s-mid 60s each), you would do PAYE from the start? I have been trying to figure this out for myself.
typically, yes. Unless you're okay with the combined salary that then calculates the REPAYE monthly payment. I think that's an individual decision. Also depends on your loans. The benefit of PAYE is that it allows you to either file jointly or separately. REPAYE always combines spouses salary.
I matched here!
I matched here!
House showing happened on a Saturday. 3 offers by the end of the day. Had to pay 20k above asking. Not ideal :/
