Who here is a homeowner?

Merry
2023-05-17T17:15:56Z

After my lease is up in my current apartment, I am hoping to purchase a home somewhere in the US and am just now in the beginning stages. I'm not too far into my search but am generally looking for 2-3 bedroom with 1.5 bath, a basement, and a decent backyard. My budget is <$250k and I am looking at east Tennessee, North Carolina, Virginia, and maybe Michigan. Fortunately, I work from home and am not terribly dependent on being near a job, but unfortunately it seems like all houses have exploded in price the past 3 years in pretty much every area. It is crazy to look at a house that sold in 2019 for $100k being listed now at the top of my budget at $250k! It kind of makes me want to put in an offer at 65% of the listing price for some of these egregious increases. Especially as the higher interest rates making the house way more expensive than what they originally purchased at when the rates were at all time lows. It seems like the market for a $150k starter home is non-existent for most parts of the country these days.

Anyways, I was curious who here is a homeowner?

What is your experience like going from renting to buying, or if you were a homeowner and went back to renting?

What are some things you wish that you had known to do prior and what advice would you give yourself back then?

How long did you search and how long are you planning to stay in your home?

What do you think of the current market dynamics? Is there any hope for prices to come back down to Earth?

Any other thoughts you want to share?

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