Me and my partner saw an open house and my partner wants to bid on it. I’m skeptical, as there is a chance I might be laid off in the next layoff round and want to save as much as possible and wait till I have another job. Is it a good idea to make a downpayment when there is such a upcoming event coming up? Money for downpayment is not an issue and should be able to make mortgage atleast for an year but on visa Edit: My partner has no looming layoffs and has enough balance. Location : Bay Area Tc 🥜 #mortgage #housing
I'd wait till I'm in the clear Way too many risks in this market even without the chance of getting laid off
I am betting your wife wants this house. Poor man.
Visa and looming layoff and want to buy house.🙄😬🙏🙏🙏 I have seen everything on blind now!!!
Visa workers should not be buying right now
Layoffs are always a possibility. Not a big deal and cannot plan around it.
Mortgage is a 10-30 year commitment. If you can't commit, don't commit
Brainstorm a backup plan and see if it is actually possible. Everyone’s situation is different. Like if you did get laid off, could you airbnb your place while staying at another place like your parents for free/cheap? With mortgage rates so high, does the rent/airbnb cover the mortgage in that area? Only you can figure out these questions since we don’t have full information
Op loose job they will be out of country if don’t find job in 2 months
I had the exact thought process recently. Almost bought a house and then realized that it was dumb to spend all my cash on a house. Instead, I put a lot into CDs with great guaranteed, zero risk returns. There are houses outside the bay area and Seattle that are purchasable in cash for the cost of the down payment, so I'm just going to do that instead
Thanks for the suggestion! What other cities did you have in mind to buy a house?
How much cash you have and where in near seattle you could buy all cash?
I think worrying about the unknown is never good since who knows, maybe you don't get laid off and are fine? Then you waiting and housing goes up. At the end of the day it's a house and a place to live, if you love your home and would be really happy in that location and place for a long time, buy it
Why doesn't the fall of first republican bring the expected downturn for housing?
I can’t understand you kid’s thought process nowadays. Who buys a house when you have a looming layoff? I guess you kids didn’t live through the 2008 crash. Preserve your cash. What if you bought a house and the only decent job you are getting makes the commute untenable. At the same time due to the recession the housing prices go down and you are underwater on your mortgage. May seem outlandish but is not. Have you thought of what you will do then? This is what happened to millions of folks in the US in 2008. Preserve your cash. Maintain your mobility. House prices have peaked. They may go down or may remain stagnant for a while. In the rare chance it goes up, the risk reward ratio in your case still does not make sense
The 2008 crash was a very different ballgame and cash has never been this trash in decades. House prices will never peak.
lol. Famous last words. I agree this is not 2008, but your statement that house prices will never peak - long term may be true, but that can be said for any asset class. Next 2-5 years it has peaked IMO, but time will tell