First home is most expensive home in the Neighborhood

[Rene M.]

Hello all,

I just recently got married and we are currently shopping for our first house. 

We have an accepted offer at full price - home warranty and 5k towards closing cost for this house.
https://www.redfin.com/SC/Summerville/9032-Fieldstone-Trce-29485/home/68869691

I really like the house, size and location are decent as are the schools.

My biggest concern are the comps. The last 3 sold houses were at 190, 210 and 210. If I look at the propert values of all neighboring houses, which also have the lake in the back their values are 20-30 K lower.

The house is from 2003, but has an AC from 2016. The roof is original and will come in the next 5 years...

I am fully aware that there will never be a perfect home, but in the hot markets of the last weeks in Charleston, SC I am concerned we might have caught a peak... Escpecially considering Corona, stock markets, etc.

I heard as a rule of thumb that you always want the cheapest house in the neighborhood - that would certainly not be the case. 

Any suggestions?

Thanks

Rene

[Jacob Sampson]

You are confusing an investment vs buying the place you will live.  People rarely make wise financial decisions with there personal residence because it is serving a different purpose than an investment.  Yes you are buying near a peak and over paying for the area you are in, but if it meets your family needs and you are ok with those negatives then pull the trigger.