The Price of a Home

I am in the process of purchasing my first home. That’s right, I said “home,” not house. I have recently become aware, however, that there is a difference. The new real estate market is a callous beast that doesn’t care about anything but the bottom-line. If you are looking to buy right now, you are most likely going to be dealing with banks, frigid, heartless establishments that sell houses…pieces of property made of wood and nails and some paint.

These banks don’t care about that warm fuzzy feeling you get when you walk into the perfect house. They don’t understand that you can search and search and feel nothing, but when you finally find the place that makes you feel at home, you have to have it. I have been told not to get emotionally attached to anything that can’t love you back, but it’s hard. You cannot prevent yourself from envisioning your life in a new place; it’s part of the selection process when you’re buying a home. I have to be able to imagine my future in a home…Will I host my first Thanksgiving dinner here? Is this where I will start my own family?

Needless to say, it’s been a frustrating process. The banks take their sweet time trying to decide if your offer will meet their approval. After my first offer being flat-out rejected without even a counter offer, I’ve had to contemplate the price I would pay for happiness. The uncertainty of the market’s future adds an additional element of stress to any price decision. Real estate always used to be one of the most secure long-term investments you could make. But now, who knows what the future will hold.

I am supposed to hear today if my last offer was accepted. It’s a home I can see myself in for awhile, so I made the best offer I could. Let’s hope the bank thinks so too!

To a happy, healthy, and productive life!



Filed under Personal Productivity

5 responses to “The Price of a Home

  1. Congratulations on buying your first house! What an accomplishment. One of the books I’m actually reading right now is called Freefall by Joseph Stizlitz (he is the world’s leading scholarly expert on market failure). I’m actually in the middle the chapter right now about the housing crisis. What a mess! The good news for you is that you bought after the crash, I think our house worth 40% of what we bought it for or something like that. Ugh. And when we bought ours, lenders were more than happy to approve loans but that’s what got us into trouble. I guess it’s good that they’re at least trying to be a little more thorough now, even though they appear to be heartless.

    • Thanks Tiffany! I love being a homeowner (so far). It’s been a lot of work, but it is so worth it! It’s an amazing feeling to live in a home that belongs to you, and to be paying a mortgage that is your own. I’m pretty sure housing prices will continue to fall a bit more, but I bought this house as a long term investment, so I’m hoping someday things turn around. They have to right?

  2. Best of luck. Now is the time to buy if you can afford it. Make sure you get a 30 year fix and not an interest only. I have my primary residence and a couple of rentals and the banks sure make you jump through hoops to get a loan.
    Working with a good realtor who will provide comps of the area will help you decide on what price to offer.

  3. Grandma

    GPA & I are so happy that your offer was accepted – hope the escrow goes smoothly, as you are already sounding a little “stressed”!! And GPA says, what are we having for Thanksgiving dinner??

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