[ad_1]
In the post, an anonymous user said that after four months of searching and five unsuccessful offers, they still haven’t been able to buy a home.
“My wife and I have just heard that we have not succeeded in our fifth home offering. Every home that we have lost has been purchased for a far removed market valuation and RV. The latter was specifically for $ 250,000 more than last year’s RV and $ 100,000 more than the bank’s valuation. ”
They said the lawsuit has put them “in a difficult situation” because their bank will only grant them loans based on their valuation.
“How is it expected to compete with people who buy based on speculative prices in the coming years?”
“The housing market in this country is in bad shape, even talking to colleagues who think it’s completely normal to have two or three houses as investment properties and all we want is a place to call our own to raise our family.
“My wife and I earn a decent living, which makes me wonder how worse off people are expected to get by,” they said.
The post resonated with Kiwis and hundreds of people shared similar experiences.
One person said he had the same problem in Auckland, where the median home price in August was $ 948,800.
“We have been looking in Auckland for over two years. Same story. I keep thinking it will get better and then get worse,” they said.
“I have been watching the market … for four years and it is currently the worst I have seen in that period.”
Another said he had the same problem when buying his first home a couple of years ago.
“Our first offer was more than $ 55,000 below the winning offer, and we were offering at the higher end of the market value. We had the same problem for our second (successful) offer, in which the expected price of the house it was going to be way above the bank’s valuation. “
“Fortunately, we had a great mortgage broker who was able to make everything work with the bank.”
However, they said they were sad to see how much the value of their home increased in a short period of time.
“The downside (for the country) is that after just two years, our home has gained so much in equity value that we are now advised to buy our first investment property based on the equity we now have.
“The divide between the haves and the have-nots in New Zealand is outrageous and largely related to homeownership (or the lack of it),” they said.
