How many of you think it's a good idea to buy a house in the current market which is overly inflated? Finding the right balance between taking the advantage of low interest rate vs hefty price tag!

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Only buy if you really want a house. A personal residence is not a great investment and with current over inflated prices you’ll make way more investing that money in the stock market. If you buy you’re in it for the long haul. There’s a misconception that owning is better than renting always but once you consider the price inflation, property taxes, repairs and updates you’ll want to make, etc etc you often don’t end up better financially with ownership. Investment properties are another discussion however as they generate cash flow.

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Obviously this contemplated renting...

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I think it is fine to buy in today’s market as long as you understand the risks. I think you should only buy in this market if you plan on staying in the house for the mid to long term. In normal environments I think it is better to buy a starter home even if you’ll only keep it 5-7 years. In this market though, only buy if you are a long-term buyer. If there is a recession and interest rates rise (which I think is not out of the realm of possibilities given the decade+ growth we’ve seen) you could be screwed if you want to sell. Over the long-term it’s fine though. No one knows how long these inflated prices will last and I don’t think it makes sense to continue to rent if you can afford to buy. It also depends on your local market.

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I firmly believe in buying a house vs renting, if you can afford to without being house poor. I was very strict about my price point and not getting into bidding wars. Easier said than done but I feel rent is money with no return. If you have to pay for a place to live, you might as well build some equity. 🤷🏽‍♀️

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Thank you for asking this question!

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Buy if you’ve been planning on it for a while and it’s the right time for you AND if you love what you’re buying. Markets so crunched right now you honestly might not love the limited supply that’s out there. There’s been articles on nytimes + where so many people got caught in the bidding wars and spend everything only to hate their homes after. We bought in this market but it took us 6 careful months and made sure we could picture ourselves being there for long term without false justifications. It was tough because it was so easy to get caught up or defeated in the bidding wars but now we’re very happy homeowners.

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You’ll see a lot of dangerous articles out there saying “this isn’t a housing bubble” that proceed to explain how it’s different than 2008. Many of the authors are incentivized by the high prices. The variables at play and factors behind it are completely different than 2008, but any time house prices soar insanely beyond increases in salaries (in a non-sustainable way), it is a housing bubble. It doesn’t have to look or feel the same as 2008 to be a bubble, just has to be unsustainably high because of costs compared to salaries. Whatever is driving up the costs doesn’t really matter, is the unsustainable aspect that’s makes it a bubble. So long story short.. only buy if you plan to stay for 7+ years. People who bought in 2008 and sold in 2021 still made money.. but they were upside down in their loans for many years. Don’t buy anything you might want to sell in the next few years.

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