Housing market and frustrated husband

[bankris]

Dbains,

An acquaintance of me feeling dejected looking at the housing market. Added to this, his wife is after him to buy a house in these crazy times when the mortgage rates are at peak. They are a family with two toddlers and a family income of about $220K. His wife wants a house in Atlanta area where the prices are north of 500K even for a basic house. What do you all suggest? do you want him to wait or go ahead and buy the house? They recently purchased a very big property in India and so have very less cash in hand right now. 

I personally asked him to wait for couple of years and continue in rental property. But, he is being tortured by his wife to move into a single-family home. With two toddlers, their 2bed 2 bath apartment is very inconvenient is what her frustration point. 

Please flow your opinions here....

[Vaampire]

Family income 220k should be able to afford 500-600k home.

with 2 todlers(toys, clothes), 2 bedroom could be inconvenient. I agree with ur friends wife

[Spartan]

ikkada 220K to bay area lo ne nadustundi..1M home ki..

me odu 500K ki bayapadite ela vayya

[Spartan]

1 minute ago, Vaampire said:

Family income 220k should be able to afford 500-600k home.

with 2 todlers(toys, clothes), 2 bedroom could be inconvenient. I agree with ur friends wife

[kevinUsa]

25 minutes ago, Spartan said:

ikkada 220K to bay area lo ne nadustundi..1M home ki..

me odu 500K ki bayapadite ela vayya

Sitti nee Laga vallaki gc ledu emo

[bankris]

1 minute ago, kevinUsa said:

Sitti nee Laga vallaki gc ledu emo

GC untey maatram konettara bayya?  with 6.25 rate for 600K home, they will end up paying around 600-700K just for interest for 30 year mortgage....

[kevinUsa]

Just now, bankris said:

GC untey maatram konettara bayya?  with 6.25 rate for 600K home, they will end up paying around 600-700K just for interest for 30 year mortgage....

Ikkada Canada lo Uber driver purchased million $$ home

[Anta Assamey]

31 minutes ago, Vaampire said:

Family income 220k should be able to afford 500-600k home.

with 2 todlers(toys, clothes), 2 bedroom could be inconvenient. I agree with ur friends wife

[Anta Assamey]

500K ee kada.... with 220K income... koni padieyachu.... @Vaampire laga nenu kuda valla wife ne support chestanu ...

[Sarvapindy]

17 minutes ago, bankris said:

GC untey maatram konettara bayya?  with 6.25 rate for 600K home, they will end up paying around 600-700K just for interest for 30 year mortgage....

interest rate enthundali? ipudu 6.25 unda? adem rate? manam teeskune bank loan rate vere na malla? throw lite uncles..

[Vaampire]

36 minutes ago, bankris said:

GC untey maatram konettara bayya?  with 6.25 rate for 600K home, they will end up paying around 600-700K just for interest for 30 year mortgage....

Interest rate thaggaka refinance option okkati untadi gaa?

[AFDB__REBEL]

check chesko mee friend toh, 220k vadu 500k home konadu first of all i say ..

[Kurrodu1]

1 hour ago, bankris said:

Dbains,

An acquaintance of me feeling dejected looking at the housing market. Added to this, his wife is after him to buy a house in these crazy times when the mortgage rates are at peak. They are a family with two toddlers and a family income of about $220K. His wife wants a house in Atlanta area where the prices are north of 500K even for a basic house. What do you all suggest? do you want him to wait or go ahead and buy the house? They recently purchased a very big property in India and so have very less cash in hand right now. 

I personally asked him to wait for couple of years and continue in rental property. But, he is being tortured by his wife to move into a single-family home. With two toddlers, their 2bed 2 bath apartment is very inconvenient is what her frustration point. 

Please flow your opinions here....

Home prices padutunte konataniki em problem me friend ki. Papam ayana wife valla friends status tho match cheyalanukovatam tappa? If interest rates are the problem refinance cheyochu or 5-ARM options unnai.

 

[perugu_vada]

30-30-3 rule follow aithe .. regardless of interest rates, they shall be fine 

https://www.businessinsider.com/use-30303-rule-determine-what-house-you-can-afford-2020-9

[VictoryTDP]

1 hour ago, kevinUsa said:

Ikkada Canada lo Uber driver purchased million $$ home

Congrats anna