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My wife and I live ‘an average life’ in the Bay Area making $320K. Last year, we bought a house for $200K over asking — now we don’t want to live in it. Should we get professional help?
MarketWatch ^ | 02/18/2023 | Alisa Wolfson

Posted on 02/18/2023 7:22:50 AM PST by SaxxonWoods

Question: I was a victim of FOMO during the housing market craziness and bought a house for $200,000 over the asking price. Now house prices are coming back to reality, and I feel like I lost my hard-earned money. I don’t know what to do as I am living with constant stress thinking that I made a big financial mistake, and I’m not sure if I should consult a financing adviser for better decision-making and long-term investment planning.

My wife and I are in our 30s and are working in the Bay Area and making about $320,000 combined yearly. We live an average life and watch every dollar that we spend.

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To: SaxxonWoods

What is a “FOMO”?

Is that an offshoot of the LGBTQWERTY cult? Is it a branch of HOMO?


21 posted on 02/18/2023 7:37:09 AM PST by ProtectOurFreedom (There is lots of money and power in Green Communism and we all know where Communism ends.)
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To: GreenHornet

Fear Of Missing Out.


22 posted on 02/18/2023 7:37:17 AM PST by AceMineral (One day men will beg for chains.)
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To: GreenHornet

FOMO = Fear of missing out

It is an easy way to go broke in a hurry.


23 posted on 02/18/2023 7:38:02 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: SaxxonWoods

He should take whatever skills they have that provide that kind of income and find some place where they can earn half as much that is at least a days drive from San Franshitsco.


24 posted on 02/18/2023 7:38:29 AM PST by bigbob
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To: SaxxonWoods

“Question: I was a victim of FOMO during the housing market craziness and bought a house for $200,000 over the asking price. “

Victim? No. Fool.


25 posted on 02/18/2023 7:38:48 AM PST by plain talk
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To: GreenHornet

FOMO: Fear Of Missing Out.

Saying that started in the Stock Market.


26 posted on 02/18/2023 7:39:13 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: plain talk

“Question: I was a victim of FOMO during the housing market craziness and bought a house for $200,000 over the asking price. “

Victim? No. Fool.”

Liberals don’t make mistakes, they are “victimized” by life and other people.


27 posted on 02/18/2023 7:40:52 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: P.O.E.

“””Whoever’s paying you that much money should fire you because you’re obviously a dunce.”””


BINGO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


28 posted on 02/18/2023 7:41:18 AM PST by Presbyterian Reporter
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To: HonkyTonkMan

You have to wonder about the job security for the guy and his wife in the Bay Area.

If their careers are in tech areas then their employer may eventually figure out they can hire remote workers who live in lower cost areas—and make these two go away....and save a ton of company money.

Living in high cost areas will continue to make less and less financial sense....


29 posted on 02/18/2023 7:42:03 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: SaxxonWoods
I would engage a fiduciary financial advisor who makes investment decisions with your best interest in mind. A financial advisor who isn't a fiduciary may recommend products for which they receive a commission or other form of payment.
30 posted on 02/18/2023 7:42:50 AM PST by bertmerc1 (Conservative Buddhist)
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To: SaxxonWoods

After my mom died, my brother decided to sell her 20-year-old doublewide and two acres in the country near me in rural TN. The doublewide was immaculate, but it was still 20 years old. He bought it from her before she passed for $30,000 to give her some spending money but she lived there rent free until she passed.

Well, he asked over $100,000 for it on a whim and advertised it in CA. The people that flew in from CA to look at it bought it on the spot and gave him $10,000 over asking price.

They sure are dumb, or desperate.

My brother laughed all the way to the bank.


31 posted on 02/18/2023 7:43:17 AM PST by Melinda in TN
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To: SaxxonWoods

Market Watch really does recycle these made up problems.


32 posted on 02/18/2023 7:43:32 AM PST by Jaded (I'll take "How Stupid Are People" for $1000, Alex. Look! It's a Daily Double.)
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To: SaxxonWoods

I would answer Yes, hire a professional demolition crew, blow up the house and leave Frisco as fast as possible.


33 posted on 02/18/2023 7:44:36 AM PST by Quentin Quarantino (T from Dr.)
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To: traderrob6
The combined salary of my wife and I has never exceeded 100K/yr yet I am now a millionaire.

The “secret” to accumulating wealth is spending less than you make. Somehow this obvious truth is forgotten or was never taught to today's youth.

Sadly, the guy who wrote the letter and his wife who make quite a bit of money are not likely to be accumulating much wealth any time soon.

34 posted on 02/18/2023 7:44:55 AM PST by fireman15 (Irritating people are the grit from which we fashion our pearl. I provide the grit. You're Welcome.)
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To: bigbob

People this stupid making $320k a year is proof that the USA is the greatest country in the world.


35 posted on 02/18/2023 7:45:43 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: Jaded

Yes, I’ve noticed. It’s like MarketWatch Classics.


36 posted on 02/18/2023 7:46:50 AM PST by SaxxonWoods (The only way to secure your own future is to create it yourself. 111 is the key.)
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To: SaxxonWoods

They should have moved out of the Bay Area


37 posted on 02/18/2023 7:47:43 AM PST by realcleanguy (quickly things are falling apart, now that the )
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To: SaxxonWoods

Nah! just stay there and keep voting for the RATS and wallow in the sh^t.


38 posted on 02/18/2023 7:48:02 AM PST by kenmcg (ti hi o)
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To: fireman15

“The “secret” to accumulating wealth is spending less than you make.”

The other “secret” is that reducing a dollar in expenses is worth more than increasing a dollar in income.

That is because of the income tax—and of course is especially critical in a high income tax state like California.


39 posted on 02/18/2023 7:49:11 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: SaxxonWoods
Sorry, too late.

Having to ask if you need help suggests you need help.

In real estate the only rule to follow is "location, location, location". You chose the wrong one(s).

40 posted on 02/18/2023 7:50:18 AM PST by lewislynn ( Trump accomplished more for America in one 4yr term than any President in your lifetime)
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