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Posted on 9/9/22 at 1:12 pm to REB BEER
quote:
If this is true(which I don't believe it is) if he waits, then the price of his current house will drop as well. So what's the difference in selling high and buying high as opposed to selling low and buying low. As long as the ratio is about the same, I say do it and make your family and yourself comfortable and happy.
The difference is that he’s stepping up, not down. Assume that the two houses appreciate/depreciate at the same rate (a major assumption, I know) this is what the math looks like:
House A is 100k. House B is 200k. A 100k spread.
The market in his neighborhood then goes down 20%.
House A is now 80k. House B is now 160k. An 80k spread.
They’re still the same houses, but you’ve decreased the spread by losing less in the value of your cheaper house than they lost in their expensive house.
Also of note: mortgage interest is deductible. Principle is not. I’d rather pay a higher percentage of the same end-amount in interest.
The answer is obvious, financially-speaking. He should wait.
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
Posted on 9/10/22 at 9:43 am to Bard
quote:
Housing prices are likely to continue dropping at least until next year.
That means the house they buy is also cheaper.
I'd look at what the monthly payment will be and how much profit will come from selling the current house.
Posted on 9/10/22 at 6:07 pm to Furbs311
You have 4 kids in a 3BR 2BA. That’s miserable, and that space is only going to get tighter each year they get older. If you can reasonably afford the new house, then do it. If rates drop in the future, you can always refinance.
Posted on 9/10/22 at 8:24 pm to llfshoals
Because you are a real estate agent and require people to buy to have a living 
You are the definition of agency problems.
You are the definition of agency problems.
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