Need some real estate advice. What should I do here?

[streetroc]

Lots of good advice here. I renewed my lease for another 15 months. $1200 is cheap rent even considering the condition of the house. They also replaced the entire septic system last week which is a huge improvement.

In the meantime I'm still saving money every month and I already have more than enough for a down payment. I'll see what the real estate market looks like next October. I really appreciate everyone that chimed in here.

 

[wildbill1973z28]

Lots of good advice here. I renewed my lease for another 15 months. $1200 is cheap rent even considering the condition of the house. They also replaced the entire septic system last week which is a huge improvement.

In the meantime I'm still saving money every month and I already have more than enough for a down payment. I'll see what the real estate market looks like next October. I really appreciate everyone that chimed in here.

Fabulous! Good for u sir! Thanks

 

[hikingthehills]

Be patient. Rising tide raises all the ships. The same with a lowering tide. Deals will be had in the coming year. Don't jump into a mortgage just to have one when the possibility of something much better is coming. This is just the tip of the iceberg. https://www.cnbc.com/2022/06/08/mortgage-demand-falls-to-the-lowest-level-in-22-years.html

 

[testdepth]

Looks like you made a good decision to stay renting based on the FED RESERVE just raised interest rates .75 percent and this:

Remember 2008? Another Terrifying Housing Crash Is Now in Progress​

Remember 2008? Another Terrifying Housing Crash Is Now in Progress

It is often said that those that refuse to learn from history are doomed to repeat it. More than a

noqreport.com

 

[greg vess]

Go to a tech school and take welding classes. The practice until you get real good. You will have more work than you can keep up with. You would work alone and if you are good and fast you will be your own boss.

 

[Buckeye Mike]

Be patient. Rising tide raises all the ships. The same with a lowering tide. Deals will be had in the coming year. Don't jump into a mortgage just to have one when the possibility of something much better is coming. This is just the tip of the iceberg. https://www.cnbc.com/2022/06/08/mortgage-demand-falls-to-the-lowest-level-in-22-years.html

Did you actually read the link? Demand is down because there are less houses to be sold. It’s a little misleading.

 

[Buckeye Mike]

Looks like you made a good decision to stay renting based on the FED RESERVE just raised interest rates .75 percent and this:

Remember 2008? Another Terrifying Housing Crash Is Now in Progress​

Remember 2008? Another Terrifying Housing Crash Is Now in Progress

It is often said that those that refuse to learn from history are doomed to repeat it. More than a

noqreport.com

Oh my. Another “the sky is falling” report. We are far from what happened in 2008. Sure there will probably be a recession but it will be nothing like 2008.

 

[hikingthehills]

Oh my. Another “the sky is falling” report. We are far from what happened in 2008. Sure there will probably be a recession but it will be nothing like 2008.

You're correct. It will be worse. We had nowhere the amount of debt or inflation at that time that we have now. Also with the geopolitical problems the world is experiencing the light at the end of the tunnel appears to be even further away.

 

[Glock 21]

Did you actually read the link? Demand is down because there are less houses to be sold. It’s a little misleading.

Yea unfortunately this time around we are less likely to see housing prices plummeting at least for a while yet it will cost more for those without the bankroll to pay cash. Stagflation sucks higher interest, higher prices and an economy that’s contracting.

 

[Buckeye Mike]

You're correct. It will be worse. We had nowhere the amount of debt or inflation at that time that we have now. Also with the geopolitical problems the world is experiencing the light at the end of the tunnel appears to be even further away.

Housing debt is what caused that crash. The banks were literally loaning money to people that couldn’t afford to pay it back. I’m in the construction industry and we’re still covered up with work. Things are slowing down to a normal pace. I’ve got one builder developing a subdivision now and 2 more with contract jobs lined up. The sky is not falling