Monday, March 03, 2008

notes on the current housing market

In a nutshell, it sucks. But you all knew that. We knew that too. But we got a wicked good deal on a beautiful house in a great neighborhood and we thought we were on our way to the American dream. I mean, we still are, but there has been a rather large, heavy, spike-and-acid-covered wrench thrown into the mix.

So it seems that since December, when we wrote the contract on the house, the mortgage lender has changed their terms. They've removed one of the options they offered that made the house such a good deal. This little change in policy will raise the house payment by almost $400/month. Um, DEALBREAKER. I'm told it's just the "uncertain market" and "fluctuating interest rates" and blahblahblah -- but I still feel like they just pulled the rug out from under me.

So after the initial freakout this afternoon, Robert and I spent some time online assessing other options. I'm telling you, we freaked the hell out. Wouldn't you?? We decided to make a drive up to Longmont to see a different community by the same builder. The price points there were lower but the houses were comparable if not a little bigger. Imagine our surprise to arrive and find that one of the realtors we've been working with in our neighborhood had JUST been transferred to this new neighborhood! So much for checking it out under the radar! However, it turned out well; she was able to show us some of the homes that will be available in about a month, but she also said she was going to try and "work some magic" and find a way to get us in the other house (OUR house) despite the change in terms. She might have mentioned "seller incentives" she might be able to throw our way... so, yay!

My gut feeling is that we'll end up in the house we love, the house we've watched from the ground up. Looking at the other homes in this other neighborhood was weird; some of them are bigger, maybe have a larger closet, a roomier basement...but it's not "MY" house. I didn't hand-pick the carpet, the hardwood, the cabinets and countertops. My house is just perfect. It's exactly my style and I lurve eet.

So. Keep your fingers and toes crossed for me, k? Should know something in the next couple of days......

1 comment:

Nicole said...

Wow. That sucks. I can't believe they could do that! Isn't that breaking the contract? Well no matter what happens I'm sure you'll end up with a great place to live. Cliche or not, everything happens for a reason ;-)