Hacker News Reader

Comment by tathougies | Hacker News Reader

As someone who is interested in buying a home. This scares me. We have lots of money saved for our down payment, but I don't want to end up in a bidding war with someone who isn't as good financially, and then end up purchasing for more than the house is really worth. Also, cheap money inflates the prices of homes anyway.

Grumble grumble... we will have to stay disciplined and be honest with ourselves as to what the home is truly worth to us.

View on HN

I bought my house in Austin 4 years ago in a pretty hot market. The advice I can give is don't let yourself get emotional. If you get outbid on a house, there will always be another one you can bid.

I ended up putting in offers on 8 houses before I didn't get out bid.

I've been watching one particular neighborhood within my city (to be more specific, a specific section within a neighborhood), and it's had about 4 sales in the past 3 years. I can only imagine how many of those were investors were deep pockets, and if I'll ever have my day to compete with them. In the meantime, I'll continue building my down payment fund.

The neighborhood is predominantly aging Boomers, so it's possible in a decade there will be increasing sales volume, providing a better opportunity to get in.

In many ways, if you can wait, this is good for you. It means at some point in the fairly near future, people will take advantage of this, the lenders will realize they made a terrible mistake, a crash will happen, and prices will deflate a lot.

Save even harder now :)

Reply on news.ycombinator.com