My husband and I work in nyc. He has wfh and I have to go in maximum of two days a week. We are trying to buy a home but the market is so crazy! It seems to be a lose lose situation! The interest rates are rising and so are the house prices! We could easily have bought a house last year in Edison for 800 900k and gotten a low interest rate but now both are elevated! So frustrating! Will it get better? Or there is no hope now?
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Also, a lot of houses are being built but it'll take a while for it to impact the market.
The main point being that you get a house at a monthly payment you're comfortable with and where you can see yourself staying at for at least 7+ years. If you can find that now, then pull the trigger. If not wait and keep saving. High interest rate just means more value in your down payment.