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Based on your other threads you do seem to be picky and you also tend to overthink everything.
Nothing really wrong with that as long as you recognize those tendencies can push you into taking minor things to extremes. Consequently, you end up never taking action or never being satisfied. In the end, no one other than yourself can really tell you what to do.
Sellers don’t want to sell and have people walk through their house, thus low inventory.
I personally think the market is going to be flooded with homes in a few months from people who’ve lost their jobs and need to cash out.
I'm in South Florida and our market is moving. Tons of stuff on the market and people do want to sell.
I think you are incorrect about the market. It's really healthy right now and banks are willing to work with people and extend their loans. One of my coworkers got his mortgage frozen for twelve months.
Based on your other threads you do seem to be picky and you also tend to overthink everything.
Nothing really wrong with that as long as you recognize those tendencies can push you into taking minor things to extremes. Consequently, you end up never taking action or never being satisfied. In the end, no one other than yourself can really tell you what to do.
What makes you say I'm picky and overthink? Buying a home is a huge decision.
If you can pay in all cash buy now. If not save like mad until you have enough to pay in cash in full then buy your long term or forever home.
Mortgages or any form of debt suck and it feels like you really do not own your own home or whatever it is you finance.
Well property taxes mean you technically never really own your home anyways, but paying cash and only having those is the best and closest you can get. Better than having a mortgage or any loan though and feels financially much freer rather tan like a debt slave.
What makes you say I'm picky and overthink? Buying a home is a huge decision.
I'm in the same boat - we are considering moving, but even with low rates (or perhaps because of low rates) prices are extremely high. I figure one of a few things will happen.
Prices will continue to rise, in which case my property appreciates (not ideal, but OK);
Prices stabilize with more houses on the market, and there is a better selection of properties;
Prices decline due to higher interest rates (and therefore more cash is a key);
Prices decline due to various factors in the economy (and waiting helps).
Unless it's a perfect house at the right price - I'd sit it out. The mere chance of a 20% drop is too much of a risk for me.
If you can pay in all cash buy now. If not save like mad until you have enough to pay in cash in full then buy your long term or forever home.
Mortgages or any form of debt suck and it feels like you really do not own your own home or whatever it is you finance.
Well property taxes mean you technically never really own your home anyways, but paying cash and only having those is the best and closest you can get. Better than having a mortgage or any loan though and feels financially much freer rather tan like a debt slave.
Worst advice yet. Why would you pay cash now when interest rates are at record lows. You want interest rates to be high if you're paying with cash because that will also help lower home prices.
Agents do not get paid until a sale happens, so what do you expect the typical agent to say?
There are no “typical” agents on this forum. Nor are we likely to be paid for this transaction.
The OP states s/he has been looking for the right property for a while. I think if s/he finds what s/he is looking for, go for it. You can’t win the house if you are not playing the real estate game.
Based on your other threads you do seem to be picky and you also tend to overthink everything.
Nothing really wrong with that as long as you recognize those tendencies can push you into taking minor things to extremes. Consequently, you end up never taking action or never being satisfied. In the end, no one other than yourself can really tell you what to do.
Quote:
Originally Posted by Berteau
What makes you say I'm picky and overthink? Buying a home is a huge decision.
34 topics started in this Forum in less than a year, all of them about buying. Several of them variations on the same question - "is now a good time to buy?"
And so, if you're unsure, only you will know when you're ready.
WHAT is your job/income/geographic stability?
WHY are you thinking about buying a home?
HOW does your projected ownership cost compare to your current rental cost, and how does it compare to your income (ie, DTI ratio)?
however - and sorry to muddy your thoughts - do NOT assume that other than 2006-2010 prices "never" go down in individual markets.
the LA market, for example, dipped from 1991 all the way until Jan 2020 (that is, it took 9 years to get all the way back to 1991). And double-dipped during the 2008 Recession.
It's been said numerous times to quit trying to time the market and buy whenever you're ready. And it's the same advice every Buyer on the fence has been given here for 10 years.
Agents do not get paid until a sale happens, so what do you expect the typical agent to say?
I don't know about typical but last night I advised my clients NOT to buy the house they very much wanted to make an offer on... Because it's in a 100 year flood zone near our frequently misbehaving river, and while it's beautiful and lush and green now, and might be for the next several years or decades, it might not. And no one can control that. I don't want them to mistakenly buy something that might be ruined, or ruin them, or for them to buy something they can't later sell. I don't want them to buy the wrong thing just because they really want to buy *something*.
Hopefully they'll buy something else! We're going to keep looking. But in the mean time, they trust me, and I value that a lot more than I value a quicker commission.
BroBromhal's post above is probably the best answer on the thread. Our OP may be in over-analysis paralysis. Makes it even harder in a competitive market, because you have to be pretty sure, and you have to be willing to take a risk, to win. Wavering isn't going to make it!
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