I was going to buy a condo this year and I just found one in a pretty good neighborhood. I do feel it is being sold at a premium but I can afford the property and locked down a 5.5% interest rate after a buy down costing 4K. Should I hold off on buying a place. The monthly payment is higher than I would have wanted but I feel like buying is better than renting because you are investing in yourself.I had saved up 40k and it’s in my account for buying. If I don’t buy what should I do?

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Wait 6 months and see where the markets at, seems like it’s cooling

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As rates rise, prices generally drop, but if this is going to be your primary home, it’s not the same as buying a piece of commercial real estate. If you like it, and can afford it, I’d seriously consider pulling the trigger. You can always refi when rates drop. If you’re not that attached to the property, then no harm in waiting. Though, depending on the market, I’d doubt this particular piece of property will be there for all that long. But I guess that also depends on how long it’s been on the market, etc.; sellers haven’t quite internalized that with higher rates and no COVID uncertainty, crazy prices have to come down to earth.

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