Would you wait to buy a house in my shoes? Explain why
Feb 20
55 Comments
I'm in a situation where I have some substantial savings but with a new job, I can save much faster, maybe faster than housing prices will appreciate, which will cut down on principal in the future. I've gotten less comfortable with rushing into a house with higher interest rates, but I figure that higher rates will slow price growth in my HCOL area.
Current savings available: $50k down + $20k closing costs + $10k moving costs = $80k for house
Current interest rate for me: 4%
Savings rate for house fund (excluding FIRE/retirement accounts): $65k/yr
Location: DC
Price range of target townhomes: $620k-700k. Not considering 2 BR apartments for now but I may change my mind.
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