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Chief
I’m in day #1 of contract now. Haven’t heard or considered any aspects of taxes increasing.
Market has slower but supply is still low and demand high in many areas. More data is continuing to come out but impact hasn’t been huge yet, and will take some time for things to shake out.
My take is that if you find the right house at the right price, go for it. Especially in this low interest rate environment.
Chief
I expect the market to drop in 6-18 months. Lots of mortgage assistance from banks, and the fed unemployment income, and general stimulus package effects are keeping people afloat for now, but ...
Unfortunately I think the economic worst is yet to come, post- Covid. There’s massive restructuring to our daily lifestyles that will decimate whole industries for a long time. unemployment and failed businesses will abound. Many people are very likely to lose their homes, others will lose the ability to get loans or afford a home.
Partner and i thinking about moving up our timeline given where we think prices are heading!
Wife and I just closed on our condo on Friday. Seller accepted our offer about a week before corona really started to escalate. I was worried during the first month, but am cautiously optimistic. On the bright side, we locked in a great IR for our financing
Pro
Yes, I agree with you OP, it’s a good time right now.
I’m selling a few properties right now in NyC. I think market for buyer gets sweeter in a few months time when idiosyncratic seller distress begins to swell. Taxes shouldn’t go up. To say that would imply local authorities would be going around and marking up property assessments.
I’ve seen 2-5% drops here in the Bay Area on some houses
Rising Star
I’ve been looking aggressively, almost offered today. Financing is good but also less people in our cities are touring. Certain houses are still very hot but lots of others that would be in a normal market are moving slower. This is a good time for us. Will be first house, is one year earlier than we were thinking but we felt no harm in seeing if something sticks. In DC
Rising Star
Low interest rate environment should keep prices high until foreclosures start to kick in.
Pro
We closed on a “family house” last week. Lower mortgage rate (3.37%) and a great deal for the area. But we’re now selling our condo and we are sweating. We hope to get an offer soon. 7 showings in 7 days. People are still looking and buying but you have to take extreme cautions.
If I still have my job in the fall or winter and things seem to be getting bigger then I’ll start shopping around.
Also you’ll be paying taxes either way. They aren’t just paid on your closing date. Taxes based on value of house (usually up to latest sale) so if values decrease buying later also decreases your taxes
Aligned. Not for buying sooner, but rather holding off.