Really is just stupid - bought our townhome in 2020 for $270k

Mar 18, 2022
2:47:05pm

wannnacruise All-American

Just got an offer from Opendoor to purchase it for $460k - and it's a dinky townhome built over 25 years ago. I thought we overpaid when we bought it.

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wannnacruise

Previous username: magical cow0
Bio page: wannnacruise
Joined: Aug 31, 2007
Last login: Jun 3, 2024
Total posts: 5,388 (1 FO)

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Messages

Author

Time

Update on trying to buy a home in Utah

Julius Pepperwood

3/18/22 2:34pm

We ended up buying a nicer home in a less desirable zipcode. All our offers

Kauai

3/18/22 2:41pm

Where are you looking to buy?

Ikuna

3/18/22 2:41pm

SL County mainly, with Lehi

Julius Pepperwood

3/18/22 2:48pm

Our neighbors house is going on the market next month I believe, in Saratoga Springs.

BlueBlood94

3/18/22 3:10pm

What exactly do you mean by "in Utah"?

VeryGerry

3/18/22 2:41pm

Yeah - Happy Wife = Happy Life

Julius Pepperwood

3/18/22 2:48pm

There's a lot of townhomes being built in Saratoga Springs & Eagle Mtn

RockyBalboa

3/18/22 3:16pm

I disagree with that trope.

Bovine University

3/18/22 3:18pm

I know this has been repeated a bunch.. and its not super helpful for your case

cougfanz

3/18/22 2:45pm

Absolutely bail on Utah. A lot of great places to live

TNT

3/18/22 3:10pm

Thanks Joe 😊

GA_Coug

3/18/22 2:45pm

Really is just stupid - bought our townhome in 2020 for $270k

wannnacruise

3/18/22 2:47pm

This happened to a friend of mine in Lehi

Julius Pepperwood

3/18/22 2:49pm

The federal reserve destroyed the little guy. What happened is tragic.

Backcountry

3/18/22 2:59pm

Rent and wait - prices should cool down eventually. Housing is cyclical.

Abe Froman

3/18/22 3:07pm

I dont think so. Wages are just gonna have to catch up. Imo.

Backcountry

3/18/22 4:09pm

I agree, but the drop can cone from inflation instead of dropping prices

Spine

3/18/22 11:10pm

As much as it feels like it will always be like this, it won't. This ends in

grosven

3/18/22 4:56pm

There are some pretty big differences from now and 2008

Julius Pepperwood

3/18/22 5:17pm

Price is one reason inventories are low. No one wants to find something in this

dtownCoug

3/18/22 5:28pm

Ask yourself if you can live with a 50% decline in the value of your home

grosven

3/18/22 6:22pm

I agree with a lot of what you say but not the Fed being serious about inflation

johnnybyu

3/18/22 10:47pm

Housing prices have never dropped 50%.

chivo

3/19/22 9:06am

I bet Detroit and quite a few mining towns have seen those drops.

Shore10

3/19/22 9:24am

Well, I don't think Holliday is 2008 Detroit, but even then

chivo

3/19/22 3:46pm

This just isn't sustainable.

VACOUGFAN

3/18/22 5:02pm

My in-laws recently bought their first home

BYU Fan

3/18/22 5:03pm

Shades of 2007/8. History doesn't repeat but it rhymes.

grosven

3/18/22 5:09pm

Agree on history but this is more like the 70s than 2008. It is going to be

johnnybyu

3/18/22 10:51pm

I am a definite optimist. Our best days are ahead.

grosven

3/18/22 11:07pm

We are in for a bumpy ride with stagflation. We are going to have a recession

johnnybyu

3/18/22 11:19pm

I might have a solution

byubryce

3/18/22 5:37pm

Ask your realtor about adding an escalation clause into your offer

Traveling Coug

3/18/22 6:13pm

I don't they even put in offers without escalation clauses anymore. SOP now.

Kauai

3/18/22 7:42pm

I think it was Homie that announced a new financing program where they basically

OldFogey

3/18/22 6:26pm

I just went under contract on the first home offered on in the Seattle area.

Tim Riggins

3/18/22 8:26pm

Move 🙂 I grew up in Utah and love it there but it is just not sustainable for

Cougphysio

3/18/22 8:47pm

Where did you guys go?

Kolipoki

3/18/22 8:49pm

We moved to South Texas. Corpus Christi. It's coastal so we have the beach just

Cougphysio

3/18/22 9:12pm

It’s insane right now. We just went under contract on our starter home. After a

Tuskaloosa Cougar

3/18/22 10:10pm

At this rate, Utah will be a dust bowl in a few decades. I'd look elsewhere.

Shore10

3/19/22 7:12am

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