Is it right time ? I waited over 4 years to save 20% down payment.
It’s right time if you actually need a home...it’s not an ideal time if you would “like” a home and want a great deal though...I would wait 2-3 years we are at the top of market
Nobody can predict the right time. Rational thinking would suggest it is not a good time. But that would've been the case for last 3 years and people have still bought homes and are sitting on nice profits.
R u gonna stay there for 7-10 years ? If correction comes and u lose 30-40% will u panicky and sell or hold ?
This is amongst one of the critical questions to answer. If you are buying to live then it's okay to buy now.
Do you like the place and location? Can you afford it single income without getting bonuses and RSUs? Is the commute less than 1 hour and 15 minutes 1 way? Do you like the schools? If all above is 'yes' then you can buy the home.
Wow !! I like your way of thinking and questions
I think the second question is important if you don't want to face foreclosure and live outside your affordability. Many in bay area count 2 incomes, RSUs, and bonuses when buying a home which is a very big mistake.
1982
It seems a good price when you see price coming down but wait for it. It goes even lower. Wait until you see a turning point or see the price stabilize.
Best time to buy is when it is cheaper to buy then rent, this would be when either prices are low or interest rates are low, neither is true now, wait for one of these conditions to be true !!!
Interest rates aren't going to go down anytime soon. And they still are at historic lows if you go for 30y fixed. Now won't be a good time to go for an ARM.
Need more than 20%
Why more than 20%, public? Would that lower OP’s interest rate?
Closing cost, moving costs. Just saying if you are right on the cust and it in your first home consider having at least 25%. Rates are lowered by flybys for sure but most are at 500, 1, and 2.5m.
If the market is crashing or starting too, people would be more eager to sell in order not to lose the value on their house even more. For a long term thinker, If you calculate the rent you are paying every month (for a rented apartment) , you will probably realize that it's better to buy a house and sustain price drops since paying mortgage is a rent that you actually at least partially save, plus it's your own place. For a short-term thinker, if you are buying just to sell and cash out in 2 years, then now is probably not the time to buy.
a correction is coming...wait another one to two years and you'll be able to pick up something at a deep discount.
That's what they said last year too. And the year before that. Don't buy because of the market trends, buy when you are ready and want a place.
Exactly. As the wise saying goes: don’t wait to buy real estate. Buy real estate and wait. (Disclaimer: as long as you can afford it. Never a good idea to over leverage regardless of market trends)