New Homebuyer - concerned about upcoming economy crisis (fixed rate, real estate, rate)
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Hello, we just purchased a Single Family Home in the end of December here in Minneapolis and I am really concerned about talked about upcoming economy crisis...
Any thoughts on what precautions I should take or what I should be considerate of in case this said crisis actually happens?
Can you afford your mortgage payments, is your job steady, can you get a different job that pays the same in case your job is not secure, if so stop worrying. There is no economic crisis besides stocks on Wall Street being down because Apple phone sales are down in China due to the trade problems that Trump created.
Did you survive when gas prices were $4 a gallon were you able to keep a roof over your head after the housing collapse that happened starting around 2006? If so you will survive an economic downturn.
Hello, we just purchased a Single Family Home in the end of December here in Minneapolis and I am really concerned about talked about upcoming economy crisis...
Any thoughts on what precautions I should take or what I should be considerate of in case this said crisis actually happens?
How would your fear be different if you were renting?
It's not likely that you bought into a home you can't afford, ie., 99% chance you didn't go with a Stated Income program. If you are scared, don't buy a boat or other expensive toys.
Depending on who you ask, there's always some sort of economic crisis being predicted. You can find someone predicting the end of the world too if you search long enough. Media feeds off of fearmongering...it creates viewers.
OP its pretty normal to feel a little vulnerable right after making such a huge commitment. It will pass.
Fear tactics are a big thing right now, and new homeowners are always susceptible to a case of nerves, but there's no indication that we're headed for a financial apocalypse. As long as you've taken on a mortgage payment you're comfortable with and have a stable income, you'll be fine. Real estate is still a pretty stable investment. The market fluctuates periodically, but if you bought a home you plan to live in and enjoy for a few years, I wouldn't worry.
You're giving off pheromones of N2HO (new to home ownership). Everyone you know starts putting the fear of God in you that a crisis is coming and failure is your future. This is how you combat it: plug the ears and start singing, any song will do (Hit the Road Jack works). Same thing happens with expectant and new parents. Couple years ago the zika virus had every expectant couple on the ledge.
It's a sick mentality of human nature to burst your bubble. All is well. Enjoy the home and tell the good people sharing their opinions to keep it to themselves. Nod like you are listening and figure out who are really your friends.
You're giving off pheromones of N2HO (new to home ownership). Everyone you know starts putting the fear of God in you that a crisis is coming and failure is your future. This is how you combat it: plug the ears and start singing, any song will do (Hit the Road Jack works). Same thing happens with expectant and new parents. Couple years ago the zika virus had every expectant couple on the ledge.
It's a sick mentality of human nature to burst your bubble. All is well. Enjoy the home and tell the good people sharing their opinions to keep it to themselves. Nod like you are listening and figure out who are really your friends.
Ahahahaha! That's SO TRUE. Why are people like that??
If you’re worried that the floor is going to fall out of the real estate market and your home will be worth less than you paid for it, remember that only counts if you sell it while prices are down. Real estate eventually comes back better than before.
Hello, we just purchased a Single Family Home in the end of December here in Minneapolis and I am really concerned about talked about upcoming economy crisis...
Any thoughts on what precautions I should take or what I should be considerate of in case this said crisis actually happens?
Thank you in advance
You should not have bought, you should have rented for the rest of your life because no one has a crystal ball. You should have waited 30 years for the next big housing scam when the last one is forgotten and buy a home that people have not destroyed for cheap.
Your best precaution would be to go see a therapist.
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