My husband and I just started the process of building a home (set to break ground early next week) and although we were able to lock in the interest rate by putting an additional 1% down, the rate did jump before we knew it was an option to lock it in.
We live in AZ and despite what google may say, it’s become extremely expensive here with the average home around $450k, possibly more. Our real estate agent told us that the home we’re building may be worth $610 by the end of the year. We have heard that the market isn’t sustainable and is going to crash, we’ve heard the exact opposite as well.
Because the interest rate jumped, our mortgage payment went up by about $450 per month putting the mortgage payment at $3,300 per month. Although we do okay financially this is such a large payment.
We have the opportunity to back out of the house and move in with my parents rent-free for a few years. We’re about to be first time parents and could potentially use the opportunity to finish schooling and hopefully get into better paying careers that we don’t absolutely hate.
What do we do? Will we be priced out in a couple of years? If we back out now will we ever be able to afford anything? Anxiety is at an all time high. Losing sleep, and beyond stressed which is not great considering I’m 6 months pregnant.
Thank you in advance for your advice!
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source https://www.reddit.com/r/RealEstate/comments/udsftu/desperate_advice_needed/
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