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  • Lordosis
    replied
    Originally posted by VagabondMD View Post
    I look at it differently. A $600k house is a relatively inexpensive house for a doctor to live in. I do not know a single doc who lives in a house valued for less, and I know many whose house(s) exceed $1M in value and quite a few over $2M, too.
    Depends where you are of course. My house was a shade over 400k. And all the rest of the docs in the neighborhood have similar priced homes.
    there is a neurosurgeon who has monster down the road. And an orthopedic who has a very nice place on the water but they are in their late 60s and still working pretty hard.

    Leave a comment:


  • childay
    replied
    Originally posted by Tim View Post

    Paid for several years ago or current value?
    “Be wary of the company you keep for they are a reflection of who you are, or who you want to be..."
    There are many single income physicians that choose to spend less than $1m. Most probably did actually spent much less.
    I do agree that it is hard to call $600k house out of line for a physician. Probably on the lower end.
    Agree but depends on where you live obviously
    I'll put up a poll..

    Leave a comment:


  • Tim
    replied
    Originally posted by VagabondMD View Post
    I look at it differently. A $600k house is a relatively inexpensive house for a doctor to live in. I do not know a single doc who lives in a house valued for less, and I know many whose house(s) exceed $1M in value and quite a few over $2M, too.
    Paid for several years ago or current value?
    “Be wary of the company you keep for they are a reflection of who you are, or who you want to be..."
    There are many single income physicians that choose to spend less than $1m. Most probably did actually spent much less.
    I do agree that it is hard to call $600k house out of line for a physician. Probably on the lower end.

    Leave a comment:


  • VagabondMD
    replied
    I look at it differently. A $600k house is a relatively inexpensive house for a doctor to live in. I do not know a single doc who lives in a house valued for less, and I know many whose house(s) exceed $1M in value and quite a few over $2M, too.

    Leave a comment:


  • White.Beard.Doc
    replied
    The market may soften by next year. But the rise in mortgage interest rates means you will likely be paying more in monthly payments, even if you wait. And given inflation these days, there is a fairly good chance that prices will continue to rise over time. No one knows with any certainty. Right now, demographics, a flush economy, and low mortgage interest rates are all continuing to drive up prices.

    Again, if your budget is In good shape and your plan is to stay in the house a long time, now is a good time for you to buy.

    Leave a comment:


  • Tim
    replied
    I think the real question is if this particular house is close to the best value purchase available.
    Have you shopped enough? Don’t anchor price on prices 2 years ago. The price you pay and value to you is the decision point. There will always be houses for sale. No clue if you will like them or at what price.

    Leave a comment:


  • Tangler
    replied
    I would buy it and not look at home prices for the next 10 years and if they drop, so what, you needed a house & it was the right time for you to buy.

    Timing housing market is impossible.

    If you were paying cash i suppose you could wait to see if prices drop as rates rise but you plan to finance so I would just do it and move on.

    Leave a comment:


  • Tangler
    replied
    What does your spouse want?

    You want to live in place for > 10 years and you must live somewhere.

    Job is stable & u plan to finance the home, if you buy.

    You cannot time the market for a primary residence any better than you can time the stock market.

    If you are getting a loan now is the time.

    Rates are 100% going up this year.

    I would buy it.

    Why did you look at the house?

    Again, what does your spouse want?

    Happy spouse is key to good life!

    Leave a comment:


  • Larry Ragman
    replied
    Originally posted by nastle View Post

    Can but cons are
    slightly less payment but boss much less happy

    no idea when or if market goes down so how long should we rent ? As it’s timing it again
    Since this is where we want to be > 20 yrs so I’m seriously considering buying
    All the tongue in cheek aside, most of the posters agree with you. If you are planning on living there for 20 years then no need to fuss about the fact there has been a recent run up. If you like it, buy it. Otherwise, rent until the crash might work but it is literally unpredictable when that might be.

    Leave a comment:


  • IlliniGopher
    replied
    Housing is a hedge against inflation. Housing prices won’t come down again, I think people are just going to normalize this.

    Leave a comment:


  • Ozarka
    replied
    I would likely do it as it checks a lot of boxes. Where are you seeing that it's "overpriced" by $140K? As others have said, the worth of something is what another person is willing to pay.

    As long as all of your financials ducks are in a row then go for it. Hopefully you're able to do more than 5% down but that's all that's needed for the interest rate you're comfortable with. I was wondering what the financial picture looked like if you've been an attending for 10 years with $300k income. There's a big difference between the 5% down being all you can put down vs. what you're willing to put down. Good luck!

    Leave a comment:


  • WorkforFIRE
    replied
    Originally posted by nastle View Post

    20k debt
    income 300k
    attending approx 10 yrs
    You can clearly afford it. Great income. Minimal debt. And it’s primary home. I wouldn’t worry too much about housing bubble. If you need it and it’s primary home, then it doesn’t really matter. And no way to predict market. plus money is still cheap, won’t be as cheap at the end of the year or next year.

    Leave a comment:


  • nastle
    replied
    Originally posted by StateOfMyHead View Post
    I appreciate your line of thinking because things are overpriced right now and I feel it is wise to view your residence as an investment. In this example all the boxes are checked. I would do it and just accept that it is possible you are paying a 24% premium to get exactly what you want. You might also be pleasantly surprised and see it increase in value if you stay there for a while.
    Thanks
    it’s really hard to compete with cash buyers so no guarantee I’ll get it

    Leave a comment:


  • nastle
    replied
    Originally posted by cards67 View Post
    It is what it is. If your family needs it, what other option do you have? You can still easily afford it.
    Rent indefinitely or until a crash 💥

    Leave a comment:


  • nastle
    replied
    Originally posted by StarTrekDoc View Post
    OP, if your mindset is that you're paying a 24% premium for the house; you're not ready for home ownership at this time. Like the stock market, if you're not in it, you're not in it and just timing the market -- the stakes are just more concentrated like owning single stocks. -- know your investment.
    So what will make me ready ?

    Leave a comment:

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