home purchase
is it worth buying home rught now or over next 6 months? there are news about recession all over the place, are people holding off on home purchase?
Good things come to those who wait,
I am also on the same boat. I dont think house prices will increase anytime soon. Better to wait
Waiiiiiitttt
Oct 2020
The market is already down. I see price cuts. And as per the stats, the inventory is all time high And houses remain on market for much longer time.
Which city ?
Overall real estate market. No particular city.
In similar situation as yours, this is the time when we can pick and choose and not have to go over bidding wars. Prices have fallen by 10-20% already and interest rates are also low. I am looking to buy by early next year for sure. As we can never time the market so buy it most of your metrics are met. Money wise you are in good shape for 1.2 million.
Yes, 30 year rate lock is more important than recession, you may see 3 to 5 recessions over 30 years.
Can’t you refinance once the rate goes down again? You will be saving 80-100K easily in Bay Area. Even, interest rate keeps changing, right?
Sure for time and money you could refinance if rates decline. I don't think rates will be this low again in our lifetime (at least certainly hope not). Locking insanely cheap leverage is unreal (and unfair imho).
I am in the same situation and I'd say No. Price are all time high. Market is slowing down.
But how long are you planning to wait? The rent payments per month are pretty much useless..
As long as it takes. And it depends, for a house you have to take into considerations the hidden costs (taxes, fees, closing costs, etc)