For those who decided to wait for the housing market to cool down, what are your plans for the increasing interest rate?

likefunny
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Buy in budget and refi when the opportunity comes. I did just that. After two refis, I now have a 2.6 rate started at 5.375 YEARS ago and my home value is up quite a bit. Glad I did not wait to time the market. Prioritize location.

likesmarthelpful

Exactly this. Bought what I could afford. We could trade up but have decided paying off the house is more important than having to work longer.

like

Play it as per the situation. Keep looking if you find something in your budget. Analysis says prices wont go down unfortunately.

likesmart

While total cost is important and both higher prices and higher finance costs are unfortunate, waiting for better market conditions in which it no longer takes all cash offers, waved contingencies, and bids 25% above assessed value is not wrong.

like

Make a monthly budget and buy per my monthly budget, not per the purchase price.

like

Get blessed with the right foreclosure

funny

No plan needed, a recession will bring lower house prices and rock bottom interest rates (see 2009-2012)

Rent in the meantime

smart

WHERE has the housing market cooled down?

like

Stretch our budget, buy points, increase down payment, and do whatever else is necessary.

What are people’s thoughts on writing off the mortgage interest on your taxes (assuming you itemize)?

You have to have enough mortgage interest (currently capped at the first 750k of mortgage) and state and local taxes (capped at 10k) to be above the standard deduction to itemize. We live in Massachusetts and have a 1.05M mortgage balance and itemize and we barely make it over the standard deduction threshold. Generally good because we’re deducting more than the standard.

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