Can’t sleep because of the financial stress and commitment

[Swatkat]

2 minutes ago, sri_sri999 said:

nelantodee sumundram meeda aligadata. Manam chesi pani thappu kanapudu epani chesthe entii. Inni cheppavu nevvu athaniki oka dollar estava free ga. evadi back ade kadukovali vaadu chustunadu veedu emanukundadoo anukuntee back endi potundi 

Oka nijamina sri sri unadu neeelo.. epudu neku vachi support chesthadu soodu pottancul

[terminator_desi]

Peer pressure tho my neighbor both a 300k$ 25 year old home in Cumming,Georgia for 525k 6months back at 4% interest rate..His reason was home prices will double next year and he wanted to avoid bidding wars on new homes.I think there was lot of FOMO last years among our desi community

[areyentiraidhi]

1 hour ago, terminator_desi said:

Peer pressure tho my neighbor both a 300k$ 25 year old home in Cumming,Georgia for 525k 6months back at 4% interest rate..His reason was home prices will double next year and he wanted to avoid bidding wars on new homes.I think there was lot of FOMO last years among our desi community

almost 75% increase 🥴

[terminator_desi]

43 minutes ago, areyentiraidhi said:

almost 75% increase 🥴

that too on a 25 year old home.His point was he wants to avoid bidding on new homes.I doubt if that home will even worth 300k after 5 years(30 years old home by then). Atleast 300k loss on principal and interest payments.Single pay check household 

[areyentiraidhi]

2 minutes ago, terminator_desi said:

that too on a 25 year old home.His point was he wants to avoid bidding on new homes.I doubt if that home will even worth 300k after 5 years(30 years old home by then). Atleast 300k loss on principal and interest payments.Single pay check household 

depends on area, schools also. Immediate ga ante pettina price ki konnaru emo , but long term lo we never know. overall risky. 

[Deadp0ol2]

3 hours ago, terminator_desi said:

Peer pressure tho my neighbor both a 300k$ 25 year old home in Cumming,Georgia for 525k 6months back at 4% interest rate..His reason was home prices will double next year and he wanted to avoid bidding wars on new homes.I think there was lot of FOMO last years among our desi community

poor guy. bad decision 25 year old homes meeda resale value takkuva plus a lot of repairs and renovation ki pettukovale. manollaki aathram ekkuva, illu lekapothe sachipoyela unnaru

[areyentiraidhi]

6 minutes ago, Deadp0ol2 said:

poor guy. bad decision 25 year old homes meeda resale value takkuva plus a lot of repairs and renovation ki pettukovale. manollaki aathram ekkuva, illu lekapothe sachipoyela unnaru

2020 before konna vallu lucky ,  refinance tho low interest rate and great home prices (non inflated) vallaki.

valla appreciation chusi chala madi konesaru flow lo.

true that old homes konna some people are not happy , they feel stuck with it.

Bidding war lo, without inspection on old homes konnesaru.

[Gaali_Gottam_Govinda]

50% of H1b's are like this........ Before and even during the pandemic evadiki asala Home konali ane thought kooda ledu....... since 2021 after seeing their friends and cousins home price increase........ they're buying even with their temporary visa status and job status don't require it do so

 

Pure greed anthe. Like sheep mentality. 

[shaw183]

I never had enough money to risk in buying home..dost ganlu anta konesaru last yr lo..I am the only left in our gang..

 

[former]

On 12/1/2022 at 8:52 AM, sarfaroshi said:

General Rule, dont exceed ur mortgage more than 25-30% of your household income.

its not possible at all.

[pakeer_saab]

20 minutes ago, shaw183 said:

I never had enough money to risk in buying home..dost ganlu anta konesaru last yr lo..I am the only left in our gang..

 

you will be the only lucky one, luck and time and bound by times

sometimes inaction is a better choice than running behind sheep

[pakeer_saab]

6 minutes ago, former said:

its not possible at all.

Mortgage upper limit is 38% for single paycheck even before covid, this only applicable if one has capacity to increase income in the next 2-3 yrs after buying home

Desis will be impacted pretty bad this time compared to 2008 when Indians were very conservative

 

[pakeer_saab]

On 12/1/2022 at 10:37 AM, rmJU72 said:

Many people in this situation now.
 

what’s the best solution for such people?

my ideas:

1. Keep 6mo buffer and invest rest in stock market

2. When market recovers start paying off mortgage until mortgage payment comes to 40% of monthly paycheck

3. Start investing amounts beyond that

big risk is obviously if economy goes down much further then this plan would suck

 

except 401K, investing in stock market at this time is big no

start saving cash, cash is the ultimate king in times of uncertainty

dont listen to those youtube videos where those idiots claim cash should be invested at all times, which is total lie atleast when no one know how long uncertainity remains

keep the cash in CD and get some interest, once can pay part penaly and withdraw during urgencies

 

[Swatkat]

4 hours ago, terminator_desi said:

Peer pressure tho my neighbor both a 300k$ 25 year old home in Cumming,Georgia for 525k 6months back at 4% interest rate..His reason was home prices will double next year and he wanted to avoid bidding wars on new homes.I think there was lot of FOMO last years among our desi community

Arrham kale 300k na 525 k na

[Beerboob123]

1 minute ago, Swatkat said:

Arrham kale 300k na 525 k na

Oh myy dhed

neek sadavadam kooda radh ani proved