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Able to buy a house but feeling hesitant because of this weird market, anyone else?

Potential first time home buyer here - I'm 34 years old and take home 130k. I have a credit score of around 730 and net worth of ~700k in stocks/crypto and no debt outside of 2k I owe on a vehicle. On paper it makes sense to be ready to buy a home at this level but something just feels off to me - for example a 550k house that I'm looking at with a 100k downpayment comes out to around 4k a month with these current interest rates (7-7.5%), which seems insane. Especially since that same mortgage would be around half that if I had been house shopping two years earlier - it seems like a total rip off by comparison.

I enjoy the freedom of renting and haven't really found a good place to call "home" yet - I'm recently single, have no kids (although want some day), but I just haven't found that "I want to settle down here" yet. The house I would be buying is a family vacation spot that is about 3 hours away from where I'm currently renting. It's next to one of the best ski slopes in the country and naturally attracts a lot of wealthy families. I know for sure I'm going to want a place to call my own there - my family and I visit there about 4 times a year and it holds a lot of sentimental significance for me. My logic is that if I choose to continue traveling I can always get a third party rental company to rent it out (I've rented from this company every time I travel up there), or if I feel like retreating into the mountains for a season I can easily do that as well as I work remote.

But something just feels "off" about the current state of the real estate market - prices have gone up considerably since COVID and it seems like a lot of people have "golden handcuffs" where if they sell their house they'd have to downsize because they can no longer afford an equivalent house in this market. Quite frankly it seems untenable for many young couples to buy a normal family home, and logic would indicate that something just has to give here. Despite this, part of me still feels like I should "get on the roller coaster" of real estate and just buy *something* just in case my gut is wrong and there isn't some kind of massive correction - but just observing the market every instinct I have is telling me that this is incredibly uncertain.

I'm not sure, is anyone else in a similar boat here? Able to pull the trigger but feeling hesitant?

submitted by /u/redditregards
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source https://www.reddit.com/r/RealEstate/comments/1d3yiy1/able_to_buy_a_house_but_feeling_hesitant_because/
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