Under Contract, Cold Feet in Colorado Springs

[Eric Frith]

Hi everyone. First time on the forum. I'm in Colorado Springs, CO. I've been renting since my divorce. Decided in March 2020 it was time to buy...rough year. After getting outbid by cash offers 6 or 8 times, I finally had an offer accepted on an 1889, stone-built home, at $50k above asking. It's just a _little_ outside the bounds of the neighborhood I was targeting; the street is not _quite_ as nice or shady as the place I rent. A good 35-50% of the homes on the street are rentals. And stimulus and sentiment seem to be plateauing. In short, I've got cold feet. Any advice to help me make a decision in a market like this? Appraisal came back right at contract price. Any help appreciated!

[Dustin Allen]

@Eric Frith

You have to decide based on the house.  It sounds like you got everything you wanted and are getting cold feet looking at the larger market.  If you had to leave and rent this house, would you be able to cover all your expenses?  Do you plan on living in it for the next 7-10 years at least? Is the house in overall good condition?  Can you comfortably afford the payment? If you answered yes to all of those, I would probably go for it.  You wrote an offer in the first place so obviously the neighborhood and other factors you mentioned weren't really an issue.