Post # 1
Hi all! I have a question for you…
Darling Husband and I are in the beginning stages of searching for a house. We have a realor, are prequalified, etc, etc. We are in an area with very little inventory, which is making the process more frustrating and longer than expected.
I REALLY want to change careers. Not just change my job, but change to a brand new career. I really dislike what I do, and I don’t think I can handle much more. I’ve made a lot of connections recently in my chosen new career and should probably act on them sooner rather than later.
The problem with this is that banks want to see a stable job history (usually 2 years), which means that there is a good chance we will not be able to buy a house if I change careers now. I feel like everything needs to be done NOW (house, job and baby (I’m in my early 30s, and we’d like to have babies sooner rather than later), which is really stressful.
So, my question for you, oh helpful bees that you are, is what would you do if you were me – change careers and hold off on the house (it’s doable to have a baby in a small apartment, right??), or buy a house now, which could actually take awhile to do because of the low inventory, and hold off on the new career?
Post # 3
Yikes! I don’t know what the best choice is. It really depends on which you want more. I would probably start feeling out houses and jobs and see which one come through first, but it really is a tough decision. Good luck!
Post # 4
@J Dubbs: I would do the house first. The market is still awesome for buyers and starting over your two year stability at this minute is probably a bad idea.
If inventory is low in your immediate area, you might just widen your scope? I agree it could take a while but consider yourself lucky that you actually have a job that enables you to purchase a home and just try to keep those connections alive as you establish your personal life.
I know you hate your job but its a necessary evil at this point so just think of all the wonderfulness of a home and family and once your personal life is in order, go for that career switch!
Its tough but the housing market would keep me in a job I dislike!
Post # 5
We’re in the same real estate boat – there’s very litte inventory in the Bay Area and lots of aggressive all-cash buyers that are pushing well qualified financed buyers like us aside.
It’s a ridiculously stressful and heart-wrenching ordeal.
I’d choose the career. Wait out the market a little and let more stuff come up for sale. So many are still underwater that they aren’t willing to put their place on the market! Interest rates aren’t going anywhere for at least 1-2 years – that gives you time to get started in your new career.
Post # 6
@KimmySumShuga: This is not a buyer’s market in most of the desireable parts of CA. Low inventory = bidding wars.
Post # 7
I would suggest buying a house now, the market is low and you will get significantly better deals now than in a few years. Unemployement is also at a high, so it may be much harder to find a job in the field you are looking for.
Once you have the home and mortgage, you can start looking for new careers and it won’t affect you trying to get approved.
Best of luck!!
Post # 8
Don’t buy the house til you have a new career. What if you buy a house, and then you have a hellish commute to your new career? Dropping baby off at daycare and then having a terrible commute would not be fun!
If you want a baby, just get a 2 bedroom apartment with a washer/dryer plus an elevator. It’s totally doable.
EDIT: the only areas I personally know of that are a buyer’s market is Corona, Valencia, etc. The really far, outlying areas. I was actually looking in Corona, just for kicks, and they have these gorgeous, 5 bedroom homes, 9000 square foot lot, for like $215K. But then I think, I work in West LA. This is not going to happen, LOL. We are TTC now, but we aren’t even going to THINK about buying a house for a good 5 years, and then we will look in the Chatsworth/West Hills area, maybe expand to Valencia. That commute is not terrible into west LA, if you work a 6-3 / 7-4 shift.
Post # 9
@crayfish: Well I live in So Cal (where the OP is from) and there are a lot of options in the greater area and commuting is pretty standard…
I’m sorry about your situation but I live in OC and I see homes for sale right and left… its sort of sad really… eek.
Good luck to both of you on your home purchasing.
Post # 10
I say do both!
We closed on our house less than 2 months after I started my new job (I also changed careers and took close to a 50% pay cut to do so).
I’m assuming your Darling Husband can show a stable job history right? My Darling Husband had been at his job for about 3 years and I’d been at my old job (pre-career change) for 2.5 years. So the banks could see that we weren’t just jumping around from job to job willy-nilly.
They literally had zero issues with the fact that I had just started a new job. They wanted to see a signed offer letter that confirmed my new pay and they wanted the couple of paystubs I had recieved since starting (DH also had to submit paystubs so you’ll have that whether you change jobs or not). That was it – it was really no big deal!
This doesn’t have to be an either/or situation! 🙂
Post # 11
Hi all! Thank you so much for your responses. I think we are going to try to find both (house and career) and see which one comes up first. If one avenue seems to be presenting better options, then we’ll go with that. It’s just such an uncertain and scary time!
@crayfish: You’re right, where I am in LA, the market is still definitely in the seller’s favor. Any house that is reasonably priced has multiple offers. It sucks!
@KimmySumShuga: I’m glad that it’s a buyer’s market SOMEWHERE in LA! We have already expanded our search to the point where I might have to drive 1 1/2 hours to work. In order to keep my sanity, i just can’t go out any farther! 🙂
@rubyred605: “ But then I think, I work in West LA. This is not going to happen, LOL”. I hear ya, sista!