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re: Homebuyers are now spending 40% of their gross income on mortgage and interest costs
Posted on 7/22/23 at 10:07 am to jbgleason
Posted on 7/22/23 at 10:07 am to jbgleason
quote:People have been waiting on this for 13 years……Prices just keep going up
2. Rent something and wait for a potential crash? How long could that be? If there is a crash, what kind of advantage will cash give me? Is waiting going to be worth it?
1
Posted on 7/22/23 at 10:15 am to lsupride87
quote:
People have been waiting on this for 13 years……Prices just keep going up
They do go down sometimes though. This was exactly the sentiment in 2005-2007. We bought a house we knew we'd only be in for 7 years but why not? Prices just go up. We sold that house for less than we paid for it 8 years later.
I'm not saying market conditions are the same now, but a medium sized recession (which is inevitable at some point) would probably lead to a lot of foreclosures. Americans are in debt up to their eyeballs.
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