My latest gripe - my husband and I have scrimped and saved (no thanks to my jewelry habit) for a down payment on a house for a few years
We also aggressively paid of nearly six figures of student loans + medical debt in that time
We've made extraordinary sacrifices to do so, namely - we've lived in a teeny tiny 1 bedroom apartment with 3 cats and now a dog for 3.5yrs - all with the dream that one day, finally, we'd have our first modest house together
We are <6 months away from being able to enter the real estate market. But the market we are after is one of the hottest markets in the nation now. One of the reasons we picked it was due to affordability + amenities, but prices have increased 12.5% in the last year, and are projected to increase another ~10% this year. Rumors of people with full cash offers, bidding 10-40k over asking and getting denied....
Basically, we are getting priced out. And can't do anything about it. We can't compete with 2nd, 3rd time buyers with cash in hand or developers just swallowing up anything in sight.
I am gutted...and darn mad!
Congratulations on all your hard work on paying down student loans and medical debt, that is very impressive! Is there any way you can accelerate your timeline to enter the housing market to get in sooner with lower interest rates than later? I would also recommend writing a letter to accompany your offers as it may pull on some heart strings! Another thought is looking a bit more into the outskirts of the town you are looking in for more affordability. Sometimes it's best to pay a bit more now than chase the market up. But, know hot real estate markets can also quickly cool as well. I wouldn't worry too much about all cash offers, when I've sold my houses I always went for the highest offer with solid financing and low risk.