Can you believe it is NOVEMBER? My heart is both happy and sad that another year is nearly in the books. But 2016 is going to hold some huge stuff for Nate & I so we are excited to keep moving forward.
I wrote an update post back in April that included an announcement of our most recent major purchase; a Mazda CX-7 which we are currently making payments on. We decided that we would continue to make our minimum payments due each month and instead of using all of our overhead to go toward the car, it would go towards saving for a down payment on a house.
Nashville’s housing market is RIDICULOUS right now. There are people coming to Nashville in droves and houses are selling like hotcakes. The average listing price here is just above $423,000. The median sale price of a home is close to $230,000 and it keeps rising (read more here). So, needless to say, these things were a big factor in our decision to go ahead and save for the house instead of paying off the car. If we wait too much longer we will be forced to move 30-45 minutes out of the city, which is an idea we aren’t really fond of right now.
So back to saving…our goal is to have at least a 10% down payment plus 5% of the house price saved for closing costs. This is what many financial advisors recommend preparing so that is our goal. As things stand right now, we should meet our goal by March or April 2016! It’s such an exciting prospect that we could be searching for our “home sweet home” in just a few more months!
If anyone has any home-buying advice for us, please feel free to leave a comment! We’d love to hear from experienced home buyers. What kinds of features do you feel are a must-have in a home? For us, we really want a 2 car garage, 3 bedrooms, 2 baths, central heating/air, and an updated kitchen.