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I'd buy now. I did last summer, in cash, and have been so happy with my choice to do that.
I stayed in my previous house for 12 years, and will probably stay in this one a very long time. I might feel different about buying now, if I expected to move soon.
What is your option to not buying? Continue to pay rent? How does the cost of renting something comparable to the type of house you're looking to buy compare? (If you're looking for an 1800 ft newish house, what would it cost to rent a similar house or apartment?) What would it cost to rent an apartment that's not as nice as a prospective house but that that you still feel good about living in? Where do you live - what geographic market are you looking in?
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by NOLA2SGF
I'd buy now. I did last summer, in cash, and have been so happy with my choice to do that.
I stayed in my previous house for 12 years, and will probably stay in this one a very long time. I might feel different about buying now, if I expected to move soon.
That's the key to winning the game and making money on your home, stay there. We paid $199k in 1993, it went as high as $674k at an appraisal in 2005. When the recession hit it went down to $420k, but we still had equity if we had wanted to sell. Now it's back above the peak already. Most of the foreclosures and upside-down people around here had bought in the last year or two before the crash.
Buy now there is not going to be another collapse any time soon, that was a unique situation where bad loans were being given out, that is no longer the case. Prices are coming back up because rents are going up and people realize it's wiser to buy.
Buy now there is not going to be another collapse any time soon, that was a unique situation where bad loans were being given out, that is no longer the case. Prices are coming back up because rents are going up and people realize it's wiser to buy.
I wonder. Homes in good areas with good schools are really high priced - who can afford the payments - 2 parents (if) working, insurance, cars, electric, gas, upkeep, HOA fees possibly...
I wonder. Homes in good areas with good schools are really high priced - who can afford the payments - 2 parents (if) working, insurance, cars, electric, gas, upkeep, HOA fees possibly...
With two incomes I imagine it is pretty doable. It's the single people that have to rent because so many of us can't afford to buy.
One person making 25K a year can't buy. Two people making 25K a year, it is possible (although it would be tight).
I have to agree with this. At least in my area, prices are only going to climb. No way are they going down anytime soon.
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