Is now a good time to purchase a personal home or do you recommend waiting a few months given the unprecedented times and lack of confidence in the market?

like
Posting as :
works at
You are currently posting as works at

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.

like

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.

Related Posts

Have an acquaintance who is a single mom; she purchased a used car 3 mos ago. Six wks later her 17yo wrecked it, air bags deployed, and estimates have ranged between $10-$18k in needed repairs while $21k is still owed. Acquaintance was switching insurance policies and flubbed the coverage dates and there were a few days where the vehicle was uninsured. No GAP insurance. I'm not seeing many options for her besides to continue pmts, fixing just enough to drive or voluntary repo. Thoughts?

like

Has anybody invested in Yamuna gaur city or planning to do so?

like

Has anyone gone through process to buy in Hawaii and use for vacation home / Airbnb? How was the experience? Does it make financial sense? Any lessens learned?

like

In your opinion which is the best target fund to choose in IRA Roth?

Anyone finding it harder getting managed money biz? If so, what changes or adjustments have you made in prospecting or sales approach? Thanks.

like

Quick question fishes: if someone who called a small % of company requests for tax return of the business, are we obligated to share it? This is a “technical cofounder” who existed two years ago

Thinking about making the switch to BDO! Is there a traditional pension, like in B4?

likefunny

What’s up with people talking about withdrawing from retirement due to CARES Act and investing elsewhere?

like

Invest in roth 401k or traditional 401k and save the difference for a house downpayment?

like

Thoughts on buying ~10 acres in VT/upstate NY, building a modest barn/garage with 1-2 BR and then waiting until I can afford to build a big house right next door using the same architectural style? I’m 23 yo, $250k net worth and yearly income of $200k (growing 15-25% a year for foreseeable future

like

How bad of a financial move is it to relocate to London from NYC?
Currently at 165 TC, 26M
No near term financial goals, just would like to retire at some point.

like

Any pros and cons on either getting the capital one venture card or a credit card with United. I want to start traveling more and mostly fly with United since it has a lot of flights out of my nearest airport. Debating on which one would be better.

like
like

Quick question: will you buy vanguard index funds through a vanguard account or their ETF versions through Robinhood or Ameritrade (already have Robinhood and Ameritrade) ?

Trying to build a strategy focused on index funds.

like

Anyone invest in real estate? Thinking seattle area, manhattan, SF and bay area, or miami.

like

Who here has successfully built a side hustle or startup? Who here is successfully creating additional income? Does anyone have resources [books, podcasts, anything] that have helped them?

likeuplifting

Hi Team
I've declared the tax under my profile payroll and what is the use of FCP?

Hi IBMers,
Do we need to mandatorily submit the rental agreement, rental proofs and landlord's PAN to claim HRA for any amount?
Please help me with your suggestions. Thanks in advance 😊

like

Decided to payoff my mortgage.

like

Considering buying Breitling Navitimer 41. Thoughts?

Post Photo
like

More Posts

What’re some of your favorite examples of good activations?

like

Does anyone regret going to portfolio school?

likesmarthelpful

Hey Fishes,

I'm looking for a job switch in HR domain. Having 4+ YOE and holding a master's degree in MBA HR.
Looking for your support.
Also, I don't have sufficient Likes to DM so struggling to unlock the same.

like

Hi Bay Area 🐠, would you recommend any reliable “man and van” type movers in SF?

like

Any recs for CIPM study books?

like

Looking for opportunities for my wife in the analytcis space. She is currently working for Accenture and has close to 5 years of experienceexperience in Power BI and data analytics. Expectations of CTC around 20 LPA

like

Can we apply for IJP when we are in notice period?

Recs for sushi grade tuna to buy pls? Thanks!

likehelpful

Attempting to leave my current job for an opportunity that allows me to work, but doesn’t limit my ability to do some consulting on my own. I have an opportunity I’ve been presented but I’m fairly new at the negotiation game. How do you guys negotiate without insulting your potential opportunity provider?

like

Hello everyone,

If you know about DBS in capgeminigar please share your inputs how it is in terms of technology and growth for micro services profile with 6years of experience

like

Hey Guys, what would be the salary of 11+ years experienced person, in Mainframe Technology in CSG International, Bangalore.
Designation is SDE Senior or SDE Lead.

like

I don't have much experience, but want to get my foot in the door in the VC space. What do you recommend?

like

Hi
I've 4+YOE in machine learning and deep learning
Any references in hyderabad in a better org pls

like

Hi All,

Looking for a switch in SAP MM CONSULTANT, any one can refer me 3+ years of yoe.
Location -pune.

Thanks

like
like

Hi fishes,
Can anyone plz tell me is there any hiring for analytical position?
I have 2 years of work experience.

Is it a usual practice in SAP LABS to keep experienced hires in 6 months probation period?

like

Does cisco India have their own PF trust or is it EPFO..govt's only

like

90% of problems in the legal field would be solved if everyone set internal deadlines 2 days before the actual deadline 😭

like

Additional Posts in The Real Estate Bowl

Anyone able to get 5% cap rates on condos/townhouses in Chicago? I am looking for the green zone area, but still cannot find anything in this range...Unsure if I should wait until 2020 or bite 4.5%

Lots are releasing in Pflugerville ....

Will be sold out soon so jump on the opportunity now

like

Any fix and flippers in Chicago/Chicagoland area?

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

Looking for advise for a buying first home. Will be 28/yo married attorney with student loans looking to buy in northern NJ in 2022.

like

I have a rental property and my tenant is asking me to change the fridge light burb. I live out of state and don’t have property manager locally. Is it bad if I ask them to change the fridge light burb themselves?

I’m pretty responsive for things they need help with like laundry machine got broken or pantry doors fell off. So I had sent people to fix those maintenance and repair issues.

But light burbs? Srlsy? They are grown up people (fresh out of college girls)

likefunny

I am selling house and remodeling both master bath and kids bath. Got quote for 29k for both and I buy floors and cabinets.question is I have a very big whirlpool tub and tiles around it discolored. It’s a hassle to lift it up change the tiles and fixtures and put it back. It’s old but works great. Remodeling ppl recommend get rid of it, give space to buyers if they want to buy standalone tub. I thought it adds value to have whirlpool tub. But can’t even change fixture. Should I get rid of it?

Post Photo
like

I see two crowds these days. One thinks housing market will crash. The other thinks housing market will soar.

The contrarian in me makes me think this is a decent indication that housing market will stagnate (or increase minimally) for a few years.

As a general rules, I feel like the majority cannot foresee a crash/surge coming. The prevalence of such expectations would hamper the pre-conditions necessary for such a dramatic change.

likesmart

One of lenders I am working with is asking for 750 pre payment to finish he application, which has lie, 30 pages of signatures.

The other lender gave me a preapproval letter. Is the 750@ normal thing? First time home buyer here, feel like I’m about to screw myself over.

likehelpful

How do I classify my property for tax purposes if I received rental income for exactly 15 days this whole year? Primary?

like

Unwise to offer no appraisal contingency? Going to offer above asking price on a house with multiple bids. Realtor suggested potentially foregoing appraisal contingency to show we’re committed to closing. We have a lot of cash but wouldn’t it be a red flag if the house doesn’t appraise for the full value? How risky is it if we’re only paying 10-15k above asking? Any other considerations? Thanks!

like

Any thoughts on this book?

Post Photo
likefunny

Has anyone used redfin to sell a home and save on paying commission? Is it really just 1%?

like

I’ve been thinking about getting into real estate investing. Not right now but later down the road. I’ve been trying to save up for a down payment. What are some good resources for a beginner? Blogs, YouTube, books etc I’m not looking for paid courses because I will be learning at a slow pace. Any help will be appreciated.

like

Loopholes to using a VA home loan for rental properties? Have heard buy a duplex and rent half out but curious if there’s other opinions lol

like

I am in the process of buying my first rental property. What type of insurance do I need? Rental, landlord, condo insurance? A bit confused.

like

Closed on an apartment recently and the bank just contacted me saying they lost my closing package. They’re asking me to go back in and resign all the documents. What recourse do I have? Sorry if this type of post/question isn’t allowed!

likesmart

For folks who bought their second home and rented out their first home, how much harder/easier it is to get a mortgage? Bought a condo when interest rates were low but thinking of buying a SFH in the next 1-3 years. Was advised to wait till the condo appraised in value and then cash out refi but condos have terrible appreciation so banking on just saving up for it. LCOL. Any advice would be greatly appreciated.

like
like

Quoted a 30 year mortgage, 5% down for a ~600k home for 4% interest no points.

Profile: 250k salary, 800 credit score

Is this any good??

likefunny

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal