Road to Home Ownership: What’s New Is New Again

I begin by noting the start of ValDayVersary. As I’ve written before, this is our own personal holiday that starts on our wedding anniversary (1/27) and ends on the first Saturday after my wife’s birthday unless her birthday (2/18) is also on a Saturday. It of course encompasses Valentine’s Day as well. This year, as last, we are spending it relatively quietly with ordered dinners, flowers and other stuff for her, and the reflections that four years of marriage bring. Ah I miss those first two years when trips to Florida were involved, but for now I travel vicariously through books. I am doubtless aware that what we have is a beautiful thing, and I couldn’t be more fortunate, though we’re hoping maybe we’ll be able to get rockin’ and rollin’ again for Number 5. These blasted Covid variants will largely dictate that, though.
Along with, of course, whether or not we have decided to purchase a house by then. There have been some crazy occurrences in that department, not surprising given that the Raleigh market is the 3rd most in-demand in the country and, well, we are still learning how this whole process works.
First, a couple weeks ago we came close to getting an offer. It was going to be sight unseen, meaning that we hadn’t even walked into the property and had seen few pictures of it. We were going on assurances that things were new and updated, and that there were no serious structural problems. The issue was its price. The would-be seller wanted nearly 20% more than Zillow said the property was worth. If the appraiser said it was indeed worth a lot less, we would be on the hook for the difference immediately as our loan wouldn’t cover it. We were told that the seller would be willing to negotiate in the event of this happening, but with there being no telling if he would get anywhere near the appraised price we were not willing to assume such risk. It likely would have been a nice place, but I’m not sure any place is worth sticking one’s neck out to that extent. Truthfully though, you almost have to roll the die in such a way to get a spot up here, thus jumping the bidding line that will occur once the home is put on the market. Unless…
Now we’re considering purchasing a new townhome that hasn’t even been constructed yet. It would have 3 bedrooms and two baths, thus meeting our needs, and be well-located near the interstate in Southeast Raleigh. Projected move-in is September or October, giving us more time to stack some dough in preparation. But we had to place our names on a wait list and see if we get called about one being available, as I think determined through a lottery. We shall see if we are so fortunate. Till then or barring some other unexpected happening, we’ll likely just deal with this too-high rent for a little longer.

3 Responses to Road to Home Ownership: What’s New Is New Again

Leave a Reply

Your email address will not be published.