Buying a house

[Robw79]

Sold our house and been looking for a new place. Looking for some opinions. Planning on waiting a while and see what happens..

 

[cnelk]

So you’re homeless?

 

[Robw79]

So you’re homeless?

Renting a house

 

[180splitg3]

What do you want opinions on? Are you looking for an acreage to live and hunt on? I am a home builder and Realtor so I've been through the process a few times

 

[Bubblehide]

Wait. We are currently in uncertain and fast changing times.

 

[Azone]

My wife and are sick of renting and want to purchase a home as well. But with the current state of mass hysteria and uncertainty in the country right now I would hold tight and see what happens in the next six months.

 

[AT Hiker]

Personally, I don’t see rates climbing too much. I see home values dropping before a major rate increase.
Best case scenario, this crap is over come Summer and the housing market continues its boom while rates are still low.


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[Marble]

It's a long term investment. If you plan on buying and staying for the long term then do it. If youare concerned about your job then I might wait.

For me, I would start shopping for the cheapest house in the most expensive neighborhood.

 

[tdot]

I was supposed to list my place tomorrow. I'll give ya a deal!

I'd wait.

 

[16Bore]

Rates are stupid low right now...the rest a crap shoot.

 

[Throwin Darts]

With interest rates at all time lows id buy.

Prices could come down but if rates go up you’ll end up paying more (unless you’re paying all cash).


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[Wrench]

I just paid my house off last month. I'm now going to buy a place in Idaho do to the resident tags going up. I had planned on doing so right away.....but given the state of the working class uncertainty, I'm going to wait. Pretty much anyone in service and in a business that can hold over 50 people is NERVOUS right now.....and I am betting that market shows it.

 

[flashgunvp]

i would definately wait it out. I think housing will slip some before this is all said and done.. you got out at a great time.

 

[Piscatory_4]

With interest rates at all time lows id buy.

Prices could come down but if rates go up you’ll end up paying more (unless you’re paying all cash).


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And prices at all time highs...

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[Don Qui Puncher]

Interest rates are excellent but the housing market is still crazy high here, hope they tank we’re looking for a new house also

 

[Mike Islander]

It should take a bit of time for the markets to catch up with interest rates. More home sell in May than any other month. As we move closer to May, I expect competition to drive commercial rates lower and lower. If it were me, I would wait at least a month, then grab the best deal I could find. Can always refinance if rates get better in the future, but they aren't likely to get much better than what we'll see as we approach May.

RISK! Of course we have to acknowledge that many things can change between now and the end of April, so waiting includes adding some risk. For many, that risk is enough for them to move NOW and grab a mortgage at current rates. Not for me, and not what I recommend to friends and loved ones. But I am comfortable with some degree of risk. Others may not be.

 

[Wapiti1]

Make damn certain the toilet paper supply is intact where you plan on buying. That would be shitty if it wasn't.

In seriousness, waiting is prudent. Rates aren't going to roar back. This will do financial damage, and low rates are a necessary consequence (albeit a positive one for a home buyer, negative for a bond buyer) of that financial damage.

Jeremy

 

[ewade07]

My gf and i are looking right now as well. I know for damn sure i am not buying one in the coming months, faaaarrrrr too much uncertainty right now.

 

[fatlander]

The only thing certain is you’re padding someone else’s pockets when you don’t own your home. Whether it’s the bank or the landlord. The faster you actually own your own home the faster you have economic freedom to make some real money.

Prices are going to do nothing but go up. Inflation from the trillions the government is pumping out has to catch up some point.

Buy your house now while rates are low. In a few years when all the inflation catches up, your note is still what you signed in today’s market. Your house is worth more than you paid for it and you’re getting paid a lot more money to keep up with the inflation.

That’s why the rich go in ‘debt’ with real property prior to spikes in inflation.


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[grossklw]

Or do you the best of both worlds and buy a 2-4 plex and live in one unit and the rent the rest and live for free or even get paid. Live in it for a year, rinse, lather, repeat. House hacking is an amazingly powerful tool to build wealth with a low down payment.

Interest rates aren't going to do anything anytime soon. Housing hasn't really been affected by the virus, it could or it may not but who knows. Nobody actually knows, there's thousands of opinions each way. Just buy right and don't sweat it.

Virus hasn't stopped my rental property investing, bought a couple houses this spring and close on a lake house next Friday to airBnB.