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If you are home buying in Texas, Colorado, or Georgia, consider Homeward- they make all cash offers and buy the house for you. Then you rent from them until you can buy it back from them with a mortgage or after selling your current home. I worked with them last year when making offer in Austin, Texas. They are very easy to work with and I had my offer accepted. Whether the fees and risks are worth it is a personal calculation, but it makes your offer competitive in an insane market.
https://www.homeward.com/about-us
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Just bought a house, closing in a few weeks.
Debating the same as OP. My thoughts:
-I’m expecting that our house will dip in price a bit. 5-10%, probably beginning in the summer and fall. Also expecting it to recover probably within 2 years. This isn’t like 08 where housing WAS the culprit of the recession.
-We’re planning to be there for a while. We have room to grow into it.
-We got a great interest rate, 3%.
-Both of our jobs are relatively secure.
-We’re buying into a “hot” market. This probably means that the house is a little overpriced, but I also expect the area to be desirable in the long run.
It’s tough. At the end of the day we could rent in another tiny apartment or get a house that checks our boxes.
And ignoring the market price...we get to live in it! Even if prices drop 15% over the next 3-4 years, we’re living in an area and house that we very much prefer, building equity at a very low rate. Would I love to swoop in and buy something depressed? Sure. But that’s probably what a bunch of others are thinking too.
Lastly - real estate is super local. Our market declined 15% from 07-11. It took another 2.5 years to reach 07 levels. I’m expecting this as the worst case, but again, 2020 is not 08. I don’t think the government will allow for mass defaults.
I’m ok with losing value now knowing we will be there long term. Should be able to get some good value in the coming years
I’ve been reading that there’s going to be a six month lag between the shut down and price drops. Might want to wait a few months.
The catalyst are also way different this time. A see many real estate professionals saying that a crash likely won't happen. At least not to the level people are expecting. While demand is lower, so is the supply of homes. New housing starts are being reduced by a significant margin and less people are listing their homes.
Second A1.
Same. I’m in cyber so I feel I have some security
Winter is coming.