How long will you live there? Generally 7 years is a good rule of thumb for rent vs buy. Selling is more hasstle and expense. 7 years of no rent increases (read inflation, and your raises) and some principal paydown mean typically your have done better. However that is a guess. Sometimes even one year is better to buy, sometimes 15 years is needed (new roof and other major evpenses) just to break even.
this post was submitted on 27 Dec 2024
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You’re not gonna see a huge drop in prices. You might see better rates, but you can refinance. Presuming you’re not trying to sell the house in the next few years, now is as good a time as any to buy. Housing will continue to be more expensive, except in the case of market crash, but even then the prices will continue to go up after leveling out.
I have no idea about the situation in the US but normally prices will always go up because inflation. Sometimes the price will flatline or go down for a bit because of lower interest rate on a loan but the also more people want to buy. More buyers == higher prices.
Some time ago I heard a story about a couple buying a house in the 80s in a big city for an extreme high price. Now that house is worth 20x more than it used to be.
But then again, I have no idea about the situation in your country. In my country even the cheapest houses are made to last at least 80 years.
Tough to call. Prices are high right now, who knows when they'll come down. I look at it like this: my sister just bought a house for $120k and her mortgage payment is less than what she was paying for renting half a house. If the real estate market bottoms out tomorrow, her house value may drop and her mortgage payment stays the same. If she had stayed in the rental her rent would have stayed the same. After the lease expired the rent might have increased but the mortgage stays the same.
Wish I could help but economic things have not made sense to me since 2016
No clue but my brother and sister-in-law are hoping for a housing market crash so they can get one. I hope it crashes so not only can they get one, but hopefully my parents (and by extension my other brother and I) would have a house to live in instead of an apartment. Though I feel as though my they would have an easier time getting one than my parents since, even though it's only a smaller business, he has a good job (not doxxing what he does, though).
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How safe do you feel in your area?
There is strong likelihood of banking and us collapse. This also crashes housing.
If you would stop mortgage payments and squat if value goes down, and can get ultra high leveraged mortgage, then yes it's a good time to buy.
Big risk to all investments right now, but housing could do worst.
I used zillow. I heard all about the controversies. But it worked perfectly for me.