buy a house now or wait a few years?

[Psilloh1]

Its really not a time to buy retail..
Its really not even a level playing field and a person on the outside of the industry right now is gonna skinned.
Investors are lined up with agents and as soon as a agent gets a listing it is never even getting to the market if its priced low enough to be a "Deal"...
Its even getting to the point of people knocking on doors upon hearing a rumor of a house maybe being for sale..

The reason I say its not a good time to buy retail is that in a market like this you have to think outside the box..
Pre-Foreclosures or the weekly foreclosure notices that run in the paper..
Obituaries..
Estate sales?

I once bought a house at a estate sale
Wife was looking and buying items at the sale and I asked the guy running it if Mom or Dad had passed?
He said yes..I asked if house was for sale?
He said it would be in a few weeks...So I had him walk me around and we agreed on a all cash price close in 2weeks.

On the ride home my wife asked why I didn't buy anything?
I told her I bought the best/biggest sale of the day..
What?
I bought the house..

In a market like this you cant expect to finds anything worth buying at its true value without the risk of getting hurt (badly)

Look outside the box
Ask friends/relatives/church members..
Let people know you are looking
My State farm agent once told me about a house she knew about that was "going to be" for sale.

Wow. I Didn’t realize there was that kind of demand in Murray county!

 

[chucklenut]

damn

so i could pull the trigger now and take advantage of low interest rates or i could hold out, pad my cash and then just throw it all into a house when/if the market crashes

 

[Chatsworth]

Interest rates are very near a historical low.

You can buy a nicer house with a below 4% mortgage than a less expensive house for 6% interest.

$300k house at 3.92% is $1418 per month, $511k over 30 years.

$200k house at 6% is $1499 per month, $599k over 30 years.

$300k house at 3.125 is $2090 per month, $376k over 15 years.

Rates have not stayed this low for a long time.

https://www.macrotrends.net/2604/30-year-fixed-mortgage-rate-chart

Rates make a diffrence..but not like overpaying by $100K upfront and then financing the payment.

$300,000 at 3%pct 30years...$1264.
or
$300,000 at 4%pct 30years...$1432.

$160month difference
Really not a big difference

 

[Falcon1]

damn

so i could pull the trigger now and take advantage of low interest rates or i could hold out, pad my cash and then just throw it all into a house when/if the market crashes

Bigger down payment and shorter loan term means price is more important than rate.

 

[Chatsworth]

Wow. I Didn’t realize there was that kind of demand in Murray county!

Good Houses arnt even making 2 days on market with 5-6 offers and selling $10k above asking price.

 

[Blue bio balls]

Come out to Flowery Branch.

 

[BDR1]

Of course, you will be broke and unable to pay for that cheap house.

I know of plenty of broke people who bought a home in the market downfall of the obammy administration... can you imagine that

 

[Poppa Mike]

Damn, y’all making me glad my place is paid for and I’m not looking to buy!

 

[BDR1]

damn

so i could pull the trigger now and take advantage of low interest rates or i could hold out, pad my cash and then just throw it all into a house when/if the market crashes

Better do it now.. the word is you'll be too broke to buy when it crashes. That's what I've read anyways

 

[Chatsworth]

I know of plenty of broke people who bought a home in the market downfall of the obammy administration... can you imagine that

I don't
The free for ALL of the non qualified loans ended when GW left office
(people should have gone to jail..but no one did)

After that they wanted proof of EVERYTHING and wanted to attach your work retirement and 401k to your loan
It got very hard to qualify for a while