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Message
Bad idea to buy a new house right now?
Posted on 9/8/22 at 12:11 pm
Posted on 9/8/22 at 12:11 pm
Have my house on the market with hopes to purchase another house for sale in the same neighborhood that fits our family better long term.
Mortgage balance will go from $300k to $450-500k. Rate goes from 2.75% to 5.5% or more (which is the hardest for me).
Long term (next 5 years) our family would like to make a move, but we love our neighborhood and doubt we will look elsewhere in our town unless there’s a perfect set up.
I’ve bought 2 foreclosures and an estate sale thus far, so it’s hard for me to think I’m buying at the top of the market, even if I’m also selling at the top of the market.
Mortgage balance will go from $300k to $450-500k. Rate goes from 2.75% to 5.5% or more (which is the hardest for me).
Long term (next 5 years) our family would like to make a move, but we love our neighborhood and doubt we will look elsewhere in our town unless there’s a perfect set up.
I’ve bought 2 foreclosures and an estate sale thus far, so it’s hard for me to think I’m buying at the top of the market, even if I’m also selling at the top of the market.
12
Posted on 9/8/22 at 12:15 pm to Furbs311
quote:
Long term (next 5 years) our family would like to make a move
So you would buy a house and then move again in 5 years? If so, I'd probably just wait it out.
Posted on 9/8/22 at 1:11 pm to Furbs311
What is wrong with the current house you are living in?
Posted on 9/8/22 at 1:50 pm to Furbs311
By staying where you're at you can probably make that ?second? move in 3 years as opposed to 5 years.
Think of how much you'll lose in movers, realtor fees, closing costs, and interest rate.
Why move twice when you can move once and come out ahead? Temporary discomfort long term success
Think of how much you'll lose in movers, realtor fees, closing costs, and interest rate.
Why move twice when you can move once and come out ahead? Temporary discomfort long term success
Posted on 9/8/22 at 2:08 pm to Furbs311
From most indications, home prices will not be declining. But the rate of increase has slowed. There is still more demand than supply for houses. If I were you with 6 people in a 3BR house, I'd make the move.
It will likely be a LONG time before interest rates return to the historic lows of the last couple years.
It will likely be a LONG time before interest rates return to the historic lows of the last couple years.
Posted on 9/8/22 at 2:10 pm to Furbs311
In 2010 after the sub-prime meltdown took place, we found a house in Florida that was 4 bedrooms, 3 baths in a gated community. Nice layout and maybe 3000 square feet. It was about 3 years old and the bank was selling it for $100k. It was built for $450k. Nobody was issuing mortgages at that time so it would have been an all cash deal but we didn't want to move to FL or manage a rental from here in NY. Beautiful place though.
Looks like the housing market is going that way again, so there could be some real nice bargains over the next couple of years.
Looks like the housing market is going that way again, so there could be some real nice bargains over the next couple of years.
Posted on 9/8/22 at 4:09 pm to Furbs311
Yeah I was going to say wait, with the way your OP read. Sounded like you'd be leaving the new house after 5 years. But seems like that's not the case.
If you find something that
1- you like
2- will be there for a "while" - what's that? Idk, but certainly more than 5 years
3- fits your budget
Then go for it. The waiting game is a dangerous one. And depending on which market you're in, could really backfire.
If you find something that
1- you like
2- will be there for a "while" - what's that? Idk, but certainly more than 5 years
3- fits your budget
Then go for it. The waiting game is a dangerous one. And depending on which market you're in, could really backfire.
Posted on 9/8/22 at 4:21 pm to Furbs311
You don’t have to buy another house.
At some point, kids can share space.
I would not mortgage my future to give them their own room.
However, if you want more space, that is reasonable as well. I am not reflexively against getting a bigger house, but you don’t have to.
At some point, kids can share space.
I would not mortgage my future to give them their own room.
However, if you want more space, that is reasonable as well. I am not reflexively against getting a bigger house, but you don’t have to.
Posted on 9/8/22 at 5:04 pm to Furbs311
Buying the home you live in as a CONSUMER PURCHASE FIRST and not a primary investment. If you don't maximize your dollar but you are happier does it really matter?
Posted on 9/8/22 at 5:48 pm to Furbs311
Sounds like you want to double your mortgage payment to possible gain an additional 25% in square footage? Guess it depends how cramped space really is.
Posted on 9/9/22 at 8:41 am to Furbs311
Sounds like the best financial move would be to remodel and add on to your current home, unless the lot just will not ever fit your parking, additional cars as kids age, etc...
Posted on 9/9/22 at 1:04 pm to Furbs311
It’s always a bad idea to buy a house
Just get on section 8 and knock holes in the drywall and have cookouts with the boys
Just get on section 8 and knock holes in the drywall and have cookouts with the boys
Posted on 9/9/22 at 11:00 pm to Furbs311
The are few bad times to buy. I say that as referring to market conditions. Just don’t buy emotionally.
I tell my clients rates now while higher than they’ve been recently are still historically low. So don’t get caught up in rate you didn’t get and won’t see again for a long time. Just look at the purchase based on your needs for now and go with it
I tell my clients rates now while higher than they’ve been recently are still historically low. So don’t get caught up in rate you didn’t get and won’t see again for a long time. Just look at the purchase based on your needs for now and go with it
This post was edited on 9/10/22 at 4:33 am
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