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Message
credit bubble vs house prices
Posted on 5/9/24 at 9:49 am
Posted on 5/9/24 at 9:49 am
Tl;dr have large cash set aside in hys wondering if invest in S&P or wait for short term bubble to pop
Kinda feels like a doomer here but we have a large sum saved for a house. Challenge is, most good houses around us go 150k+ over and sell in 5 days.
I feel pretty pessimistic about the economy over all but I am unsure if the credit crunch will impact areas where lower to middle class
Income can’t even buy homes anyways. Is it worth holding out a bit longer?
We can afford it now, it will be ~ 25% of our post tax income on a mortgage, but also don’t really think it’s the best value.
Also to further provide info: this is a very expensive area and have gone up 60%+ within past 1 year so even more concerning
Kinda feels like a doomer here but we have a large sum saved for a house. Challenge is, most good houses around us go 150k+ over and sell in 5 days.
I feel pretty pessimistic about the economy over all but I am unsure if the credit crunch will impact areas where lower to middle class
Income can’t even buy homes anyways. Is it worth holding out a bit longer?
We can afford it now, it will be ~ 25% of our post tax income on a mortgage, but also don’t really think it’s the best value.
Also to further provide info: this is a very expensive area and have gone up 60%+ within past 1 year so even more concerning
This post was edited on 5/9/24 at 9:58 am
6
Posted on 5/9/24 at 9:55 am to fareplay
quote:
can afford it now
Then do it, unless you expect to be moving in a few years.
If you're in the house for the long haul don't try to time the market. You're paying for a place to live either way.
Posted on 5/9/24 at 10:30 am to fareplay
Values are on pace for another 6-8% this year
2 more bad jobs reports and the Fed is 100% going to cut
Rates will drop 5mil new buyers very low inventory
Barbara Corcoran will be right. Now is the time to buy no matter how mad that gets ppl on here
2 more bad jobs reports and the Fed is 100% going to cut
Rates will drop 5mil new buyers very low inventory
Barbara Corcoran will be right. Now is the time to buy no matter how mad that gets ppl on here
Posted on 5/9/24 at 10:34 am to fareplay
quote:
We can afford it now
LINK
Wait. Foreclosures, delinquencies and bankruptcies have been on the rise since their post-COVID lows. They are still all relatively low but their rise as we look to be heading into a recessionary (or stagflation) period means they are likely to increase (and increase fast if the consumer debt bubble pops). That means more supply, meaning prices drop. Once inflation is tamed the Fed will begin dropping rates, that's when it will be time to buy.
This post was edited on 5/9/24 at 11:24 am
Posted on 5/9/24 at 11:13 am to fareplay
I’m completely torn in this one. Anyone that looks at housing price charts can see this is unsustainable but there’s no way to tell how long it will go on. I’m holding out for an investment property but that’s different from a residence.
An old manager of mine told me to always stretch just a little on your house as it will go up in value and you’ll make more over time. We could see another 5 years of pricing going up at least so if you’re in a good market and find something you like and can afford buy it. If rates start getting cut refinance and keep rolling. Equity is king in housing as long as you don’t stretch too much.
An old manager of mine told me to always stretch just a little on your house as it will go up in value and you’ll make more over time. We could see another 5 years of pricing going up at least so if you’re in a good market and find something you like and can afford buy it. If rates start getting cut refinance and keep rolling. Equity is king in housing as long as you don’t stretch too much.
Posted on 5/9/24 at 11:35 pm to fareplay
quote:
We can afford it now, it will be ~ 25% of our post tax income on a mortgage, but also don’t really think it’s the best value. Also to further provide info: this is a very expensive area and have gone up 60%+ within past 1 year so even more concerning
Move
Posted on 5/15/24 at 11:08 am to fareplay
quote:
Also to further provide info: this is a very expensive area and have gone up 60%+ within past 1 year so even more concerning
In Kirkland? We have a place in that area we are planning to sell next year. I haven't seen anything close to those numbers. Are you shopping a specific neighborhood or something?
I do think that if you want to buy in that area, it will be a good appreciation market. I think the best time to buy would be yesterday. There is no room to build anything there. Although Google isn't expanding as much as expected in Kirkland, so that could halt things a bit.
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