First time buyer anxiety

By So worrried! at 21:59, Tue November 28 2017, in Buying or selling - 4 responses

We are first time buyers and have recently gone sale agreed on a lovely house. We\'re in a small rental with a growing family, so our time in our current location is truly ticking and this house meets most of our criteria. With a generous gift from our parents, money we\'ve saved, and the mortgage, we can buy this house with the same monthly payment as our current (strangely low) rent.

But....I am terrified of actually doing it! I know most people feel nervous buying a house but I am seriously panic stricken. One the one hand, I know we need to find a bigger place and that we cannot rent something for the same monthly payment that we\'ll be able to buy this house. BUT, I\'m absolutely terrified that the market is going to collapse again and we\'ll loose all the money we put down. The price of the house seems high, especially when compared to the property price register for that street (but really there are only about 7 houses that have sold in the last 7 years there, all of which before 2016, so maybe not the best measure). It\'s comparably priced to other houses in the area but everything just seems so expensive right now.

I know no one can predict the market. I know that things are meant to get even higher next year. But, I\'m just really struggling to accept the risk here. How do you all think through the financial risk in what seems to be a boom/bust real estate culture? Are you just willing to take a risk? Are there things to do to lessen the risk? How do you judge if the price is too high, even given the market? Can anyone offer me any insights that might help?
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