SACHA PFEIFFER, HOST:
For many of us, it’s hard to find an aspect of our finances that hasn’t been affected by the economic moment we’re in now. That includes people trying to buy a house. Home prices are high, and the number of houses on the market is relatively low. It’s a bad combination for buyers. So what is it like to go through the house hunting process these days? Laura Lux and Jasmine Nazarette are going to tell us. Laura is in the middle of her search for a house outside Atlanta, Ga. And Jasmine is about to close on a home in Northern Virginia. Welcome to you both.
LAURA LUX: Hi.
JASMINE NAZARETTE: Hi.
PFEIFFER: Would you start us off by explaining why at this particular moment in time you’re trying to buy a house? Since it seems that if someone doesn’t have to do it now, they should probably try to avoid it. And, Jasmine, would you start us off? Why were you looking?
NAZARETTE: The reason I started looking is because rent prices are soaring. I am in the DMV area just outside D.C. And I’m expecting a pretty significant rent hike. I will say, like, the pandemic was tragic, and it has sucked for many people. But really, it helped me get into a financial space where I was able to save some money, not having to pay my student loans every month. And that moratorium helped me pay down some debt where I was in a financial position to save some money and, you know, just enough for a down payment for a home just anticipating these rent hikes. I have friends that, you know, they’ve seen their rent go up $600, $700 from one year to the next. I would have to move either way. So being able to save some money.
PFEIFFER: Are you – this – you will be a first-time homebuyer?
NAZARETTE: Yes.
PFEIFFER: And it’s a condo. Is that what you were looking for originally?
NAZARETTE: Yeah, that is what I was looking for originally. It’s a two bedroom-condo just outside D.C. That’s sort of what I’ve been looking at. My price point changed. I was looking at places a little bit more expensive than where I ended up. But that’s just the reality of the market and interest rates going up.
PFEIFFER: Oh, your payment was going to be higher. Oh, interesting. And, Laura, what about you? Why are you house hunting now?
LUX: I guess I’m kind of in the same boat as Jasmine. My boyfriend and I currently live in Austin, Texas, and the rent there has just gotten completely …….