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tigersint
New Orleans Saints Fan
Lafayette
Member since Nov 2012
3263 posts

Buy a house rite now or wait a bit longer?
What is the boards consensus? Not in a major hurry to buy but don't want inflation to take off. Wait a bit longer or try to pull the trigger with a mortgage rate around 2.8%?


kengel2
LSU Fan
Team Gun
Member since Mar 2004
20250 posts
 Online 

re: Buy a house rite now or wait a bit longer?
Do you have a house now that you are selling as well?


rocket31
Toledo Fan
Member since Jan 2008
39718 posts

re: Buy a house rite now or wait a bit longer?
hedge funds and other investment groups are buying single family homes in droves

there's not going to be any crash, especially in desirable areas

only thing stopping real estate is a government mandate on price control which doesn't seem likely
This post was edited on 7/27 at 7:16 pm


Tshiz
LSU Fan
Oxford
Member since Jul 2013
4971 posts
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re: Buy a house rite now or wait a bit longer?
quote:

there's not going to be any crash, especially in desirable areas


Many disagree


thunderbird1100
LSU Fan
GSU Eagles fan
Member since Oct 2007
62509 posts
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re: Buy a house rite now or wait a bit longer?
I wouldn't be buying right now at all, this increase is simply not sustainable. Not sure if a correction happens this or next, but its most certainly coming.
This post was edited on 7/27 at 8:33 pm


JohnnyKilroy
New Orleans Pelicans Fan
Cajun Navy Vice Admiral
Member since Oct 2012
29095 posts

re: Buy a house rite now or wait a bit longer?
quote:

I wouldn't be buying right now at all, this increase is simply not sustainable. Not sure if a correction happens this or next, but its most certainly coming.


People have been saying this for years.


It could correct 20% sometime in the future and the housing prices may still be higher than it is today.


Capt ST
Army Fan
Middle of the Mall
Member since Aug 2011
10763 posts
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re: Buy a house rite now or wait a bit longer?
I agree, real estate markets never crash.


thunderbird1100
LSU Fan
GSU Eagles fan
Member since Oct 2007
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re: Buy a house rite now or wait a bit longer?
quote:

People have been saying this for years.


The market in the last year is not one like we've come close to seeing in a very long time. We bought in 2017 at $275k, last year earlier on it was still worth not far above that ($290k-$300k range), someone just sold our unit like ours for $380k. That is absolutely insane appreciation in that short a time frame. It's not going to last. Especially much more ridiculous than even that in other markets as well like where Californians are going such as boise.
This post was edited on 7/27 at 9:02 pm


lowspark12
Auburn Fan
nashville, tn
Member since Aug 2009
20377 posts

re: Buy a house rite now or wait a bit longer?
2008 has a bunch of folks looking for the next housing crash... that seems highly unlikely.


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100
Turf Taint
LSU Fan
New Orleans
Member since Jun 2021
1195 posts

re: Buy a house rite now or wait a bit longer?
We were seriously looking and prices, lumber, etc. led us to put hiatus on that, likely for at least 2 more years. Instead, we refinanced existing house.


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BigVoodoo
Xavier Fan
Milky Way Galaxy
Member since Jul 2015
953 posts

re: Buy a house rite now or wait a bit longer?
If you are not selling a house and you don’t need to buy now I would wait . Lumber prices are up , metal is up, material is up, and housing overall is a bit overinflated. You would benefit if you are selling now however I do see prices dropping but not back to before covid prices . The one benefit of buying now is the low interest rates which I expect to rise .


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lowspark12
Auburn Fan
nashville, tn
Member since Aug 2009
20377 posts

re: Buy a house rite now or wait a bit longer?
Just bc aggressive appreciation isn’t going to last doesn’t mean prices are going to fall in a significant way.


thunderbird1100
LSU Fan
GSU Eagles fan
Member since Oct 2007
62509 posts
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re: Buy a house rite now or wait a bit longer?
quote:

Just bc aggressive appreciation isn’t going to last doesn’t mean prices are going to fall in a significant way


I never said it was going to be significant as like a crash, but a correction will come as soon as supply catches up and things will cool off. No one is expecting a 2008 all over again, but a decent correction is certainly in order. This is all a supply demand issue. About the only way this continues to chug on like this is govt stepping in offering home buyer credit on top of it all. So many people refinanced in last year and are hunkered down a bit bc of that and covid employment uncertainty. This is definitely a bit of a bubble.

You also have well over a million people behind on their mortgage, may be able to refinance to a 40 if govt thing passes otherwise a huge amount of foreclosures could be hitting market end of this year.
This post was edited on 7/27 at 9:27 pm


cadillacattack
Auburn Fan
the ATL
Member since May 2020
2044 posts

re: Buy a house rite now or wait a bit longer?
Sell now , Buy in a year


V Bainbridge
Arkansas Fan
Member since Jul 2020
3895 posts

re: Buy a house rite now or wait a bit longer?
quote:

a huge amount of foreclosures could be hitting market end of this year.

This is going to be the X factor. I guess the expectation is that the government HAS to bail these people out or risk another recession. If they do everything will continue to appreciate. They need to say no but I don't think they can. So we just keep going until the music stops.


thunderbird1100
LSU Fan
GSU Eagles fan
Member since Oct 2007
62509 posts
 Online 

re: Buy a house rite now or wait a bit longer?
quote:

This is going to be the X factor. I guess the expectation is that the government HAS to bail these people out or risk another recession. If they do everything will continue to appreciate. They need to say no but I don't think they can. So we just keep going until the music stops.



Yeah not sure the latest update on the govt stepping in but supposedly they are thinking about allowing people in forbearance the option to refi their mortgages to a 40 year and I guess lump their behind payments into that new refi, this way it not only gets them "caught up" but should lower their payment a little. Talk about a pretty bad band-aid but they also have 2008 fresh in their minds still and want to be the savior I'm sure as much as possible.

A bunch of foreclosures hitting the market might be what's best for it honestly. Median house pricing up about 25% over a year is absolutely insane and its due to this really low supply with people hunkered down mostly with refis already. If you let over a million households refi to a 40 year who are in forbearance, thats going to make the market go even crazier....then of course we'll eventually get something else because housing becomes too unaffordable to even middle class where the govt goes back to offering down payment "assistance" and further driving up the market
This post was edited on 7/28 at 7:51 am


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boogiewoogie1978
Arkansas Fan
Little Rock
Member since Aug 2012
12273 posts

re: Buy a house rite now or wait a bit longer?
quote:

there's not going to be any crash, especially in desirable areas

Maybe but the definition of "desirable area" is changing with remote work.


funnystuff
Member since Nov 2012
7123 posts

re: Buy a house rite now or wait a bit longer?
Would you care to present a foundation for that disagreement?

The poster you are responding to notes that institutional investors will likely create steady demand growth for homes for the foreseeable future. What did that poster get wrong? Or alternatively, what countervailing forces will be sufficient to outweigh the substantial demand growth coming from groups like BlackRock?

Don’t just say “nuh-uh” and bounce; present an argument for a counter position. This isn’t the OT.


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cadillacattack
Auburn Fan
the ATL
Member since May 2020
2044 posts

re: Buy a house rite now or wait a bit longer?

quote:

I agree, real estate markets never crash.




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Billy Mays
New Orleans Pelicans Fan
Mandeville
Member since Jan 2009
23659 posts

re: Buy a house rite now or wait a bit longer?
quote:

Maybe but the definition of "desirable area" is changing with remote work.


Some places in the Midwest and Rust Belt areas are among the hottest real estate markets right now, bc of affordability.

There's surely a lot of people that moved to big cities for work, can do their job remotely now, and are moving back home to affordable areas be near their parents and other family.


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