![]() No way in hell I would buy right now but I am in a volitle market. Then pray that plan doesn't go sideways any time soon. Find your house that works for you and lock that thing in as long as you are planing to sit on it. That said I fully agree if you can hang on long term you will be fine in the end. Something has to give wages need to go up or house prices need to drop. I don't believe for a second that is sustainable or that interest rates will fix it. The only thing pointing to prices going up in most of the nation at this point is marketing.Īfordability is lower nationwide than it has been at any point in the last 30 years. I agree timing the market is hard but you can get close. I dont think we will be done with this correction for at least two years. I have no idea where you are and that prospect might be highly unlikely but given a 60k drop in a year depeding on the full value of the house that could be a ton or just a fraction. but if something happens that forces you to sell it's a big chunk to eat in a short period of time.Įven worse should the price drop another 60k. I agree with almost everything you said except the value part.Ħ0k might not feel like much when spread out over 30 years. Wait until you find the RIGHT house, not the right now house. Don’t get worn down in the process and give in just to end the process. That being said find the right house that you absolutely love, don’t just buy a house to buy one. In 15 years if you paid 10 or 20 percent too much it won’t matter. ![]() I’d buy what you need and never look back. It may not be perfect but you won’t ruin your life buying cheap even if prices drop 30%. If you’re buying a house anticipating staying less than 5 years. You can hedge against them but it is hard. ![]() It is a lesson most people need to learn. She had in her head a price for the house as opposed to the “value” given market conditions. However rates are at least 1% more and ultimately the monthly payment will be the same if not more. Now almost a year later we are contingent on another property that checks all our want list but isn’t as nice as two of the properties from last summer that were $60k more. Passed on a couple other really nice properties because the price was too high for her. At the time I told the wife we could afford $xxx but she was hesitant and didn’t want to spend more. We were second highest bidder behind a realtor that waived the buyer agent fee. Last year we found an awesome property that was priced right and offered with an escalation clause to what my wife felt comfortable paying. That being said, I though prices would already be down more, but demand is outpacing rate increases, at least currently. I guarantee none of these people saying to buy now and refi in 2 years would hedge your rate. If anyone says they’ll go down in the next 6-36 months ask them to hedge your rate. I will add never count on rates going down. Ultimately my payment is the same so did I “save” money? No because instead of paying it on the price I pay it on interest. Prices ended up coming down about 6% in my market but the rates went up 1%. I held off buying in the fall thinking prices would come down more. Yes if you buy now and put less than 10% down you may be underwater. You may be able to wait and get a discount but rates maybe 8%. The only people left buying are investors. The prices are driven down because the buyer pool also reduces due to layoffs. Layoffs force the people holding 3% loans to sell and the market will be flooded driving down prices. The problem is inventory isn’t going to rise to the point prices will crash unless there is a significant economic event. ![]() That being said, with where rates are there will be a downward adjustment in price, but likely 10% or so. Also there is still pent up demand and as people realize rates are what they are but they aren’t loosing their jobs they’ll buy, just less expensive houses. From what I’ve seen there are so many buyers on the sidelines due to rates or prices, if there is a meaningful adjustment in pricing the market will flood with buyers and drive prices back up.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |