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Buying a house now? Or sit and wait? Houston area
Posted on 3/19/23 at 5:58 pm
Posted on 3/19/23 at 5:58 pm
With the markets, rates, and banking issues what would you do if looking to buy a house? Sold a year ago at peak market, made some cash, and have been renting (fairly friendly rent cost) and looking to buy something with a little property. Mid-40s with 800 credit
Will have 20% to put down but not much beyond after paying off all debt
Will have 20% to put down but not much beyond after paying off all debt
Posted on 3/19/23 at 6:06 pm to ehidal1
I'd say wait. With the "contagion" the msm is pushing and the likelihood that things will get worse economically, I'd venture to guess foreclosures and lower demand are in the near future. Desperation will offset whatever rate shenanigans also happen.
Full disclosure, I do post on the poliboard so you should probably do the opposite.
Edit: only serious advice I can give is on that "not much left" after you put down 20%. That's not a good place to be no matter when you buy, much less now when who knows what the frick will happen. I'd wait
Full disclosure, I do post on the poliboard so you should probably do the opposite.
Edit: only serious advice I can give is on that "not much left" after you put down 20%. That's not a good place to be no matter when you buy, much less now when who knows what the frick will happen. I'd wait
This post was edited on 3/19/23 at 6:09 pm
Posted on 3/19/23 at 6:08 pm to ehidal1
Banks and real estate will crash. Buy guns and ammo.
Posted on 3/19/23 at 6:12 pm to bostitch
quote:
Edit: only serious advice I can give is on that "not much left" after you put down 20%. That's not a good place to be no matter when you buy, much less now when who knows what the frick will happen. I'd wait
Thanks. Well, I will have money I just meant not enough to put down a higher % in liquidity.
Posted on 3/19/23 at 6:15 pm to NotoriousFSU
quote:
Banks and real estate will crash. Buy guns and ammo.
Okay I’ll play. In your scenario (hypothetically assuming I have the guns and ammo part covered), wouldn’t it still be better to have a house and land under mortgage (and living in) than be renting a house you don’t own if banks and real estate crash?
Posted on 3/19/23 at 6:23 pm to ehidal1
In that case, and money board will disagree, but if you find a property that is the one and not something you're settling for because you don't want to rent anymore then pull the trigger. Can always refinance if rates come down. If values come down can always weather it until the come back up. But you can't take that $ with you when you die. There's value in waking up in the exact place you want to be every morning.
Posted on 3/19/23 at 7:04 pm to ehidal1
If…
And you…
Then you…
quote:
banks and real estate crash
And you…
quote:
have the guns and ammo part covered
Then you…
quote:
have a house and land
Posted on 3/19/23 at 8:15 pm to ehidal1
Go back 6 months and check the comps...
Posted on 3/19/23 at 8:20 pm to ehidal1
If oil stays up, houston should be relatively shielded from a huge dip.
If you are looking in the burbs, maybe hold off. If you are looking in the loop/west side or established burbs with good schools, I say just starting looking for something to buy.
If you are looking in the burbs, maybe hold off. If you are looking in the loop/west side or established burbs with good schools, I say just starting looking for something to buy.
This post was edited on 3/19/23 at 8:22 pm
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