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Rising Star
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It’s not going to crash. If you need a place to live then buy.
If you can wait for 6 months, it would be a good time to buy with 10-20% discount possible.. housing is never a good investment in any part of the world now with the new generation which prefers renting- you can get rent but not appreciation 😊
Actually you can say you don’t get appreciation on your house. The housing rents are a function of demand and supply. Eg NYC - the discounts are steep right now on new leases and the market doesn’t care what you paid for your apartment. The rent is set at what the market will bear. Now if you plan on living there then it is a different question. You need to be there for 5 - 7 years to break even on all the one time costs that you’ll incur buying and selling your place.
The market depends on your location. Cali is insane now, everybody’s buying, NYC not so much. At the end of the day, run your numbers, if you find a good deal (a desperate seller), then buy. Of course don’t just buy to buy. Video with a real (lol) real estate expert: https://youtu.be/NFfDhpg86eI
Think it depends on where you live. Depending on the city there are plenty of homes appreciating right now, contrary to the previous comment. Also depends on how long you plan to live there - if it’s going to be 7-10 years+ you’ll be fine even if values temporarily move down. If it’s 2-4 years, I may be more hesitant.
People have been touting another housing bubble for years now with logical reasoning and it has yet to happen - this video would not be the first. Now do I speculate that there may be some decent deals that potentially arise from COVID if no further government assistance (i.e. HEROS Act) is provided moving forward - yes. Does that mean there aren’t any decent deals in the market now? No.
Invest in the DC market 😉
DC always has demand because of government so more recession proof and M1 is right - amazon is coming. More to follow.
I have a condo in VA.
I just bought in North Jersey, 20 mins from
NYC 2.875 interest rate. It made sense to me.
Rising Star
I believe in holding off- the demand is artificially inflated and housing costs are way out for proportion (already were pre-covid). Pre-covid sellers are/were dealing with a) covid restrictions b) fear of unemployment d) lack of housing options to move into if their home sold. The foreclosure protections and multitudes of other factors make it a likely scenario that the housing market will take a hit. All that being said there is the factor of the millennial generation increasing demand as they start families, which continues to outpace supply- but for this to continue we have to assume a strong economy and stable employment to afford homes at their current costs in the long term, and consultant salaries are just not the norm. I think our economy is going to tank even further in a couple months... if you are in a position to wait and have a secure job, I’d wait it out 1.5-2.5 years and anticipate better prices- just my opinion.