Inspired by Reemul’s moving adventures, I’d thought I’d discuss some of the excitement around our recent home purchase (our 3rd primary residence). Apologies if there’s already a thread on this—my search-fu isn’t the best.
So after 8 years in the current house, my wife and I have been thinking about whether we’ll 1) do a major update on the current house or 2) buy a new house in our same town. While we really love the location of our current house, there’s a lot of stuff that we don’t love. We’ve been complaining about those things for the last 8 years.
We’re bad at making decisions. Really bad. So we decided to get serious about the housing market to see what’s available, as part of deciding whether a move is worth it. We defined a very specific set of criteria for a possible new house. A really tough set, frankly, that we thought would be very hard to hit, given the smallish size of our town (we’re in the East SF Bay Area) and the low housing inventory it’s been seeing.
Looking at the market, I’m blown away by how hot it is, given the craziness of 2020. 10%+ year over year price increases for the past few years, including 2020. The aforementioned low inventory and, of course, historically low interest rates. I honestly have no clue how any new homebuyers can get in this market, at least in our area.
On our end, we interview a few agents, find one that we like, and decide to get back on the house-viewing horse—no more open houses, just scheduled showings. Our new agent says she has a house or two that might meet our criteria and schedules to show them to us the day after we sign up with her. Sunday viewing, 30 minutes or so walking around the first house. Second house can’t do Sunday, so we end up seeing only the one. We love the house. Literally hits all of the criteria on our list. It’s not on the market yet—they’re gearing to go to market in a week. A flurry of calls with our agent after looking at disclosures and such. Long story short, come Monday, we’ve made an offer and the offer is accepted. We’re now in contract. First. Friggin’. House. What idiot does that? I’m nervous as hell, but we’ve been to this rodeo before and we know what we’re looking for. Now we’re working our way to clearing our contingencies (getting a loan lined up on short notice is no fun) close of escrow.
So how’s the housing market in your neck of woods?