Thoughts on buying a house now? Lease is up in January. Can finally afford to buy. But would it be better to wait until next year in case of recession -> foreclosure market -> better deals? WDYT

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It depends…

1. What can you find for an interest rate?
2. What is the opportunity cost to not buy? (Lease renewal for x months, or moving costs and new lease) weigh it against everything else
3. How stable do you feel in your current job?
4. How much market risk are you willing to take on?

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There is so much more it depends on, but that’s a start

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time in the market > timing the market

having said that, i’ve been trying to buy for last 6 months. haven’t seen more price drops and inventory on the market than i’ve seen last month…and that’s before the the 7%+ interest rates hit last week

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Rate hikes and increased mortgage rates take at least 8-12 months to impact underlying price. Can take as long as 24 months. Until sellers feel pressure to sell (lots of factors) prices won’t change a whole lot. Could be isolated events up until then.

Personally, I would hate to buy anything right now knowing that I would be buying less house due to interest rates. Even if I refinanced, my residence would potentially be smaller / lesser.

very good advice d1, thanks for sharing 👍🏼

Interest rates are ridiculous. Even with a good credit score they are quoting like 6% which is ridiculous.

You could always see what kind of loan rates you can get. I think for me it woruld really depend on that because rates are high. They seem to be going down a little at a time though.

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