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Buy a house rite now or wait a bit longer?
Posted on 7/27/21 at 6:19 pm
Posted on 7/27/21 at 6:19 pm
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%?
10
Posted on 7/27/21 at 7:11 pm to tigersint
Do you have a house now that you are selling as well?
Posted on 7/27/21 at 7:15 pm to tigersint
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
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 7/27/21 at 7:16 pm
Posted on 7/27/21 at 8:28 pm to rocket31
quote:
there's not going to be any crash, especially in desirable areas
Many disagree
Posted on 7/27/21 at 8:31 pm to tigersint
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 7/27/21 at 8:33 pm
Posted on 7/27/21 at 8:38 pm to thunderbird1100
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.
Posted on 7/27/21 at 8:52 pm to JohnnyKilroy
I agree, real estate markets never crash.
Posted on 7/27/21 at 8:56 pm to JohnnyKilroy
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 7/27/21 at 9:02 pm
Posted on 7/27/21 at 8:58 pm to Tshiz
2008 has a bunch of folks looking for the next housing crash... that seems highly unlikely.
Posted on 7/27/21 at 9:06 pm to tigersint
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.
Posted on 7/27/21 at 9:18 pm to tigersint
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 .
Posted on 7/27/21 at 9:20 pm to thunderbird1100
Just bc aggressive appreciation isn’t going to last doesn’t mean prices are going to fall in a significant way.
Posted on 7/27/21 at 9:25 pm to lowspark12
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 7/27/21 at 9:27 pm
Posted on 7/27/21 at 9:38 pm to thunderbird1100
Sell now , Buy in a year
Posted on 7/27/21 at 9:40 pm to thunderbird1100
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.
Posted on 7/28/21 at 7:48 am to V Bainbridge
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 7/28/21 at 7:51 am
Posted on 7/28/21 at 8:00 am to rocket31
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.
Posted on 7/28/21 at 8:09 am to Tshiz
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.
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.
Posted on 7/28/21 at 8:10 am to Capt ST
quote:
I agree, real estate markets never crash.
Posted on 7/28/21 at 8:18 am to boogiewoogie1978
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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