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There is no timing a real estate market, none. Look at the area you currently live in, and where you want to buy. What’s the availability like? How long are homes on the market? What’s the average closing price to list price look like? Should give you a decent sense of the health of the neighborhoods you’re interested in. Then Run the numbers. Are you buying cash for the new place? Is your current place paid off? If not, can the rent cover the mortgage and expenses of your current home? Interest rate increases are likely not done and it will be a long time (if ever) until we see 2.5% mortgages. Real estate is hyper local, often down to specific neighborhoods or even blocks.
I will say almost every time I DIDNT buy a property when I was thinking about it I regretted it later, but that was in a lower rate environment.
Visual Storyteller
Don’t know anything about that market. Read up!
I also want to know
First, this will vary a lot by region and certainly even more by country. My sentiment for my market may tell you nothing about yours, so I would at least give some geographical specificity. Second, I find people are just as often wrong on this. Maybe just I am often wrong. I would think more about the likely long term trends in your area than market timing. In my area, even the losses of the great recession were reversed within 5 years...
Can't help with MA. I am also HCOL, but I have been in a couple of those markets and they both behaved differently...
I can tell you the data is mixed. On the one hand you have investors with few options to make a profit. Gravy train is over. They are down to cities like Cleveland. We’re at the worst affordability ratios in history. There’s no inventory and there won’t be with 3.7% unemployment and a bunch of loans at 3.0%. If we’re headed for a recession first comes tanking transaction volumes. That’s happened. I see declines of 15-25% in transaction volumes, so it is slowing. What should come next is higher unemployment. Then we might see some adjustment in prices, but it’s all regional Austin already got a 15% decline in prices. My local market is up 10% in the PNW. I think a 15% average nationwide correction is probable this winter if tech and consulting keep losing jobs. Right this moment they have seasonality and still tight inventory. I’m gonna hold off for now. Wait for better deals, knowing it might not happen. These prices just can’t sustain through a period of higher unemployment. I know people are living paycheck to paycheck. We need more churn and fear in the real estate market to cool it off.
If you have the means and willpower to hold off, I believe the sentiment is to wait. It is always a gamble with real estate. The other side is if you are looking for your forever home, then the only important thing is that it financial works for you and you are not stretching yourself thin. Reason being, you may find a beautiful house and it may be at a premium but having that home will make you happier in the long run and the hope is that inflation will cause that house value to still end up increasing if you are in it for 30 years.
I’m also in the Northeast and if I had the capitol and had my primary residence completely renter ready I would buy another good primary residence. The option to refinance is always there and I would agree with Manager 1 that interest rate increases are likely not done. If you can comfortably make your mortgage payments at todays interest rates, I think taking action is the way to go.