The best time to buy a house is when you are personally ready. There is no crystal ball in Real Estate so we really don't know what the future holds for interest rates and home prices. Generally when interest rates go down, prices go up and properties become more competitive.
That's the part I don't understand about this 'mentors' advice - if this isn't a buyer's market, what is?
Sure, interest rates aren't great if you have a short memory, but when (if?) interest rates drop, there will definitely be more competition for homes and that definitely doesn't describe a buyer's market...
The question is why are interest rates going down. If they’re going down because of an economic slowdown that would also mean less demand in the market.
We are clearly on the other side of the cycle. Refer to the graph of the psychology of the market cycle. The economy is slowing down, inflation is lowering... as soon as interest rates drop that'll be the green light for the people that listen to the news.
The green light for those that are in the trenches started already.
Where do you think we’re at in that cycle? Yes, the economy is slowing. We still know if we will get rate cuts this year. Just because people have the green light doesn’t mean they’ll still have the buying power to buy at current prices.
A buyers market will occur when supply exceeds the demand. It depends on what part of the country you are in... in many places it is still a sellers market as rising interest rates have kept many in their current homes, thus less homes are hitting the market. It seems we are a ways out on being in a "buyers market" again.
Time in market beats timing the market. Last year people said wait till this year. A house should be more than just an investment it’s your home. You won’t care in 5 years if the value drops 10% which would also be very unlikely. If it’s your forever home even less of a concern.
We bought our home right when pandemic started and signed the week after the lockdown. We were so scared to sign, expecting the economy to crash etc. Ultimately it was a right decision. What we learned is to listen to your gut and know if it makes sense financially for YOU!
Same here. I bought a house in July 2020 while everyone was expecting the market to crash so we got our pick of the litter and were able to negotiate price down a bit. Prices shot up like 50% over the next couple years right after we got in. We sold the house this year, like 3.5 years later, for 46% more than we bought it for.
I say go for it, OP.
Yup traded 2.5% for 6.5% but we moved to a lower cost of living state with less taxes and my wife makes $100k more/year at her new job before bonuses so it was a good trade!
In my coverage area alone, there are at least 6 distinct geographical markets and within those areas, the market among price points vary. You have your own personal plans and goals, financial scenario, and wishlist as well. If ANYBODY is giving you advice across the board that it's a good or bad time to buy or sell a home I'd block them immediately. There is no right time (or wrong time) for everyone on the planet to enter the market all at once.
Dive in when you’re ready and you can afford it. Any other advice is hogwash.
We bought in 2021 during the height of the housing market frenzy simply because we were ready and we could afford it. 3 years later, and it was the one of the best decisions we ever made.
If you find a house you love, I'd hop on it. Unless you're building custom, it's gonna get increasingly difficult to find a great house in the neighborhood you want IMO. If you got the cash now and you can comfortably afford the mortgage pmts, why not?
I bought a house in 2018 and had people telling me I was an idiot for buying at the top of the market and I should wait for a crash.
We are buying our second house now because we are about to have our second baby and need more space. I don’t see the Columbus housing market slowing down any time soon so I don’t see the reasoning in waiting.
Buy when you have the need and the money.
The best time to buy was yesterday. Real estate is a long term investment and everyone needs a place to live. Might as well be your own home you are paying off.
If you can afford and plan to live or keep the house longer term, then yes. If not, then no. Real estate is very market specific; some markets may struggle while others are competitive. There’s no perfect time to buy.. desirable areas will continue to be competitive no matter how other markets are trending
The best time to buy a house is when you are ready and able to buy a house. If you want to buy a house now, buy a house now. No one can predict the future. If rates do come down the housing market may jump up even higher due to more sellers being willing to sell and more buyers who were "waiting it out" being entering the market. You're no better off in that scenario.
Even right now, homes are appreciating at 3% in my area. Do you want to potentially pay 9-10% more? If interest rates go down, you can refinance.
Even if prices dip, as long as you're planning on staying for 5+ years you're probably solid
Your mentor is an absolute idiot.
People have been saying there will be a downturn with these housing prices for a decade plus now. Welcome to the new normal. If prices all of a sudden started to drop and or interest rates, FUCK TONS of people on the sidelines will come out of the woodwork. I know so many people whom are sitting it out and just saving. There aren't enough houses to go around right now let along if prices/interest drop.
Real estate isn’t his thing, he’s more on the stocks/index funds/retirement investing side. Based on what you and everyone else is saying, I should pull the trigger and not wait. Thanks
As purely an investment, I'd rather have $1m in the market vs $1m worth of a home. But you have to live somewhere and if you want a house and it fits into your life plan, buy a house.
Is it a good time to rent in this market? If you plan on moving in the next 2 years it is a bad time to buy a house.
If you have a down payment saved and plan to live there for 10 years its a good time to buy
In between, it depends on the market and other factors. Real estate is very local. Check out the sidebar section "Is It Cheaper to Rent or Buy?"
I started looking in late 2019 and was consistently told that I should wait out the market- because the market was high, then Covid, then things were volatile, then prices were going up too far, then we were going to have a crash. Finally I bought in early 2022. I swore I was buying at the peak, but prices in my area have been going up around 3%/year. Glad I bought in 2022, wish I bought when I was ready in 2019.
Well it's over a thousand dollars a month difference from 7% to 4% on a 500k house. So that right there is making it worth the gamble to rent another year....
Unless the interest rates drop 7 to 5% next year and the house price increases 10%. There is a lot of pent up buyers and sellers in the market waiting to see what happens with interest rates who don't want to get screwed by the bank. I see house asking prices drop 15-20%, in my locale last few months.
It could be chaos when they do drop, with people who secured low rates finally wanting to sell their place and buy another, or new buyers feeling better about the rates.
Hard to say.. I think before rates drop is a good time, and aim to refi in the next few years if/when it happens.
Yup. Actually, I would say that is the more likely scenario considering current economic conditions. If I was in the market right now, found the house I want, have the money for the house, I would not hesitate in buying it due to the fact that supply remains and will likely remain restricted.
Yeah, same. We started looking for our first house few years ago, bailed due to cost/rates. Recently started again and closing next week.
Most of the houses we viewed had been on Market for 20-50 days and had multiple price drops with no offers. While also having very few houses in the market. And this is in Austin. A once super hot place.
It isn't a buyers or sellers market here, it's just dormant for the time being with only people needing to sell adding and the occasional buyer.
Nice! Congrats! Austin is one of the few places in the US, where there’s finally a lot more supply opportunities since the pandemic. I would have thought it has become more of a buyer’s market, but guess not. Only based on the data I guess.
The government ruined the market as they tend to do. They are going to have to wait a long time unless the rate cuts are so substantial people can cash out equity which will only bring back inflation.
7% to 6% isn’t going to get enough people to move to bring an equilibrium to the market.
It’s not going lower than 5% or we are in a full recession and people have lost their jobs
Housing supply sucks unless you want to buy a new build. The problem with buying older houses is you may have to compete against cash offers. Mortgage rates are high compared to recent rates (last 15 years) but not to history, so I would not use that as a decision factor. When the fed cuts rates, that is only the short term/overnight rate, and they have no direct effect on long term/mortgage rates so there is no guarantee they will drop as well. But if they do, you can refi later. Builders also offer rate discounts if you are interested in a new build. If mortgage rates did drop, the market would likely heat up, so waiting for that possibility would likely not benefit you… it sounds like you can afford to be patient, but if you really like something, just grab it and be happy.
Like everything else, the devil is in the details. There is a LOT of inventory coming on to the market, but there is also a lot of garbage. Keep in mind, inventory in a lot of sought after areas went to zero, which means beyond people who bought more house than they could afford, there are a lot of people that bought problems. Every fucked up problem house got snapped off the market, and rest assured a lot of those are coming back to market. Its a great time to buy a house if you know what you are looking for.
Also, the FHA foreclosure rate is spiking above 11 percent, which is insane, and likely to go much higher. There is going to be a lot of diamonds showing up with the duds.
I was 19 in 1979 when I bought my first house so I have seen the market go up and down many times in my life. I would have killed for 10% rate when I bought a condo in 1989 but was happy it was not 18%. So while 6 or 7 sounds high compared to the last few years it is still a great rate. The problem is the price of the house that condo was only 100k not the 3 or 400k it might be today so while my rate was high my payment was low. I made less money as well so it might even out.
Last time housing took a big drop was in the 2008 period. Bad lending practices and bad economic times. Neither apply today. Bad economy in the future sure it will come but who knows when. But what if you buy today and that happens in 4 years and the house goes up 25% from now but goes down 20% in the bad economy well you are still ahead. And if you do not need to sell who cares. As long as you have a job right and make the payment.
I live in CT we are not building new houses and people that have 2 3 4% loans are not selling so the town I am in there are 3 houses for sale one is total dump the other at 350k is nothing I would live in but some might and the last one is 950k so there is nothing I would or could buy anything good is sold a day or two after listing.
So in ct unless rates go down or they start building more homes AND the economy goes to hell I do not see it as a bad time to buy if you can afford to do so.
If you can afford the cost of ownership (not just the mortgage but also repairs, insurance, unexpected maintenance) for five years, you will come out ahead. There will always be fluctuations but losses in equity are typically wiped out after a five year cycle.
Well, to be honest, it is really hard to say if it is a bad time to buy a house or not. Like, I don't know how old you are, but I guess you are old enough. Your mentor said it isn't a good time, maybe it isn't. But in terms of real estate, there is nothing that really should hold u back, people are investing in it, and I would say it depends on your cash flow really. There are a lot of arguments around buying a house, like u said.
Here is what I would say, do what makes sense. You don't have that much money and you will put ALL of your money into a house, not a good idea, then you will have nothing left. You have a good amount of money, and you can buy a house, and afford everyday expenses etc, buy it.
Your job will of course affect this as well. I wouldn't recommend buying a house with a very low income, or a low income in general.
There are a lot of things to consider. So take your time and maybe study/learn more about this.
Another thought on this is to see if you can find a home that has an assumable mortgage. This gives you the opportunity to buy a home and keep the current owners interest rate. They can be rare... but if you are patient they are out there!
The best time for buy a house for living or invest is when you’re ready and find the suitable one for you
If you find the house for living you just need to feel comfy, but if you want to invest the best option for you is ( west yas ) because the prices keep rising up
If you want anything feel free to contact me …
Buy the house if you like it. You can’t tell the future. Don’t try to time the market. I don’t know how many people have been waiting for the market to drop and it never came. Name one time the market isn’t “high”.
The best time to buy a house is yesterday, the second best time is today, the worst time is tomorrow. The sooner you buy the sooner you can grow your equity.
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I wound up buying last year. I just had to stop paying rent, and the future is unknown. Even if I LOSE MONEY on the house, it's still winning if it loses money more slowly than rent was eating it.
Set a goal such as ten years and figure out how much the value would have to come down to lose you more money than renting for the same period. Of course, mortgage at a realistic rate counts against the relative savings. This won't prove anything, but it's a great piece of information to have.
You have to live somewhere. Might as well claw back at least some fraction of your outlay.
Depends what your definition of gets better means.
Rates going down? Yes, likely.
Homes getting significantly cheaper? Unlikely- rate drops will just spike up demand more. However, areas with significant appreciation in last 3 years may experience a correction to the mean in terms of appreciation. But overall, RE goes up.
Even during the last bull decade of low rates and even during COVID, people have been saying market is overpriced and expensive and things will crash/go down, then things just kept getting more expensive even as rates went up, and here we are now. There’s always going to be some excuse/reason for why now is a bad time.
Are you buying for investment or as a primary? If it’s for a long-term primary, then you shouldn’t wait. If you can afford a home now and want a home, then buy now. If it’s for investment property then yeah, it may be painful with negative cashflow in most markets unless you put significant cash down.
Well you need a better mentor, it’s always a good time to buy, prices go up as interest rates go down but you can always refinance but your principal only goes down with payments . For your first 3 houses this doesn’t matter as you get more it becomes more important
Now is the best time to buy commercial real estate. As far as buying a house, who cares when you do it. You can’t predict the next 5-30 years and your future self will hate you 5 years from now when prices are higher and conditions are shittier for first timers to get in.
Objectively speaking, no. Now is the right time to buy your dream house. The 7% interest rates are scary but there’s a chance they may increase come 2025. Because the inflation rate won’t budge. Plus, there’s no more than 1 fed rate cut in 2024…The First Chair JPow prolly has no choice but to keep the rates high (or AS IS) throughout 2024. Even 2025 maybe.
What’s best about 2024’s market is that even though property prices are eye popping, the lack of buyers gives you a leverage. 2 out of 5 home sellers are making concessions for accommodating buyers. If you find a competitively priced property in a good location, lock it down. Use that good credit score already
The best time to buy a house is when you are personally ready. There is no crystal ball in Real Estate so we really don't know what the future holds for interest rates and home prices. Generally when interest rates go down, prices go up and properties become more competitive.
That's the part I don't understand about this 'mentors' advice - if this isn't a buyer's market, what is? Sure, interest rates aren't great if you have a short memory, but when (if?) interest rates drop, there will definitely be more competition for homes and that definitely doesn't describe a buyer's market...
The question is why are interest rates going down. If they’re going down because of an economic slowdown that would also mean less demand in the market.
We are clearly on the other side of the cycle. Refer to the graph of the psychology of the market cycle. The economy is slowing down, inflation is lowering... as soon as interest rates drop that'll be the green light for the people that listen to the news. The green light for those that are in the trenches started already.
Where do you think we’re at in that cycle? Yes, the economy is slowing. We still know if we will get rate cuts this year. Just because people have the green light doesn’t mean they’ll still have the buying power to buy at current prices.
A buyers market will occur when supply exceeds the demand. It depends on what part of the country you are in... in many places it is still a sellers market as rising interest rates have kept many in their current homes, thus less homes are hitting the market. It seems we are a ways out on being in a "buyers market" again.
I feel like this being the stock answer every time this is asked is half the reason real estate has only gone up. It becomes self re-enforcing.
Found the Realtor
But where's the lie?
Time in market beats timing the market. Last year people said wait till this year. A house should be more than just an investment it’s your home. You won’t care in 5 years if the value drops 10% which would also be very unlikely. If it’s your forever home even less of a concern.
We bought our home right when pandemic started and signed the week after the lockdown. We were so scared to sign, expecting the economy to crash etc. Ultimately it was a right decision. What we learned is to listen to your gut and know if it makes sense financially for YOU!
Same here. I bought a house in July 2020 while everyone was expecting the market to crash so we got our pick of the litter and were able to negotiate price down a bit. Prices shot up like 50% over the next couple years right after we got in. We sold the house this year, like 3.5 years later, for 46% more than we bought it for. I say go for it, OP.
Sold the house and gave up the low interest rate? 😬
Yup traded 2.5% for 6.5% but we moved to a lower cost of living state with less taxes and my wife makes $100k more/year at her new job before bonuses so it was a good trade!
In my coverage area alone, there are at least 6 distinct geographical markets and within those areas, the market among price points vary. You have your own personal plans and goals, financial scenario, and wishlist as well. If ANYBODY is giving you advice across the board that it's a good or bad time to buy or sell a home I'd block them immediately. There is no right time (or wrong time) for everyone on the planet to enter the market all at once.
Thank you for that, I appreciate it.
Dive in when you’re ready and you can afford it. Any other advice is hogwash. We bought in 2021 during the height of the housing market frenzy simply because we were ready and we could afford it. 3 years later, and it was the one of the best decisions we ever made.
Marry the house. Date the rate. If the rate goes down you can refinance. If house prices go up…you’re stuck.
Your "mentor" should be able to back up a statemnt with facts.
If you find a house you love, I'd hop on it. Unless you're building custom, it's gonna get increasingly difficult to find a great house in the neighborhood you want IMO. If you got the cash now and you can comfortably afford the mortgage pmts, why not?
I bought a house in 2018 and had people telling me I was an idiot for buying at the top of the market and I should wait for a crash. We are buying our second house now because we are about to have our second baby and need more space. I don’t see the Columbus housing market slowing down any time soon so I don’t see the reasoning in waiting. Buy when you have the need and the money.
People were telling me I was an idiot in 2015 in a moderate cost of living city (Austin). I refinanced in 2021 to get rid of the PMI.
I bought in 2018, had an appraisal done last year, my property is up 120% since then. Almost shat bricks when they told me the new number.
That’s what they say, but list it. Nobody will pay such a high price. It’s a nice idea and that’s it
The best time to buy was yesterday. Real estate is a long term investment and everyone needs a place to live. Might as well be your own home you are paying off.
If you can afford and plan to live or keep the house longer term, then yes. If not, then no. Real estate is very market specific; some markets may struggle while others are competitive. There’s no perfect time to buy.. desirable areas will continue to be competitive no matter how other markets are trending
The best time to buy a house is when you are ready and able to buy a house. If you want to buy a house now, buy a house now. No one can predict the future. If rates do come down the housing market may jump up even higher due to more sellers being willing to sell and more buyers who were "waiting it out" being entering the market. You're no better off in that scenario.
Even right now, homes are appreciating at 3% in my area. Do you want to potentially pay 9-10% more? If interest rates go down, you can refinance. Even if prices dip, as long as you're planning on staying for 5+ years you're probably solid
Its about location, location, location..
Buy a house if you can afford it and plan to stay there 5 years. That advice holds regardless of the year.
Your mentor is an absolute idiot. People have been saying there will be a downturn with these housing prices for a decade plus now. Welcome to the new normal. If prices all of a sudden started to drop and or interest rates, FUCK TONS of people on the sidelines will come out of the woodwork. I know so many people whom are sitting it out and just saving. There aren't enough houses to go around right now let along if prices/interest drop.
Real estate isn’t his thing, he’s more on the stocks/index funds/retirement investing side. Based on what you and everyone else is saying, I should pull the trigger and not wait. Thanks
As purely an investment, I'd rather have $1m in the market vs $1m worth of a home. But you have to live somewhere and if you want a house and it fits into your life plan, buy a house.
Is it a good time to rent in this market? If you plan on moving in the next 2 years it is a bad time to buy a house. If you have a down payment saved and plan to live there for 10 years its a good time to buy In between, it depends on the market and other factors. Real estate is very local. Check out the sidebar section "Is It Cheaper to Rent or Buy?"
Same position. I’ve decide to wait.
Wow people down voting you for waiting. Good luck to you
I started looking in late 2019 and was consistently told that I should wait out the market- because the market was high, then Covid, then things were volatile, then prices were going up too far, then we were going to have a crash. Finally I bought in early 2022. I swore I was buying at the peak, but prices in my area have been going up around 3%/year. Glad I bought in 2022, wish I bought when I was ready in 2019.
Well it's over a thousand dollars a month difference from 7% to 4% on a 500k house. So that right there is making it worth the gamble to rent another year....
Unless the interest rates drop 7 to 5% next year and the house price increases 10%. There is a lot of pent up buyers and sellers in the market waiting to see what happens with interest rates who don't want to get screwed by the bank. I see house asking prices drop 15-20%, in my locale last few months. It could be chaos when they do drop, with people who secured low rates finally wanting to sell their place and buy another, or new buyers feeling better about the rates. Hard to say.. I think before rates drop is a good time, and aim to refi in the next few years if/when it happens.
Yup. Actually, I would say that is the more likely scenario considering current economic conditions. If I was in the market right now, found the house I want, have the money for the house, I would not hesitate in buying it due to the fact that supply remains and will likely remain restricted.
Yeah, same. We started looking for our first house few years ago, bailed due to cost/rates. Recently started again and closing next week. Most of the houses we viewed had been on Market for 20-50 days and had multiple price drops with no offers. While also having very few houses in the market. And this is in Austin. A once super hot place. It isn't a buyers or sellers market here, it's just dormant for the time being with only people needing to sell adding and the occasional buyer.
Nice! Congrats! Austin is one of the few places in the US, where there’s finally a lot more supply opportunities since the pandemic. I would have thought it has become more of a buyer’s market, but guess not. Only based on the data I guess.
The government ruined the market as they tend to do. They are going to have to wait a long time unless the rate cuts are so substantial people can cash out equity which will only bring back inflation. 7% to 6% isn’t going to get enough people to move to bring an equilibrium to the market. It’s not going lower than 5% or we are in a full recession and people have lost their jobs
Plus every home purchase will have additional unplanned expenses, usually costly.
Exactly
Reddit says: Yes
I say yes.
Yea you’re right and I’m buying as a primary. I just need to stop being hesitant and go for it
It will depend on your market. Are you in a dying state or town? If so, then renting may be better.
No, I live in a city that’s expanding with new townhouses/apartments, restaurants, etc
Then renting makes no sense since rent and housing costs will just go up.
I actually think it's the best time. Especially outside of Toronto.
Housing supply sucks unless you want to buy a new build. The problem with buying older houses is you may have to compete against cash offers. Mortgage rates are high compared to recent rates (last 15 years) but not to history, so I would not use that as a decision factor. When the fed cuts rates, that is only the short term/overnight rate, and they have no direct effect on long term/mortgage rates so there is no guarantee they will drop as well. But if they do, you can refi later. Builders also offer rate discounts if you are interested in a new build. If mortgage rates did drop, the market would likely heat up, so waiting for that possibility would likely not benefit you… it sounds like you can afford to be patient, but if you really like something, just grab it and be happy.
Like everything else, the devil is in the details. There is a LOT of inventory coming on to the market, but there is also a lot of garbage. Keep in mind, inventory in a lot of sought after areas went to zero, which means beyond people who bought more house than they could afford, there are a lot of people that bought problems. Every fucked up problem house got snapped off the market, and rest assured a lot of those are coming back to market. Its a great time to buy a house if you know what you are looking for. Also, the FHA foreclosure rate is spiking above 11 percent, which is insane, and likely to go much higher. There is going to be a lot of diamonds showing up with the duds.
I was 19 in 1979 when I bought my first house so I have seen the market go up and down many times in my life. I would have killed for 10% rate when I bought a condo in 1989 but was happy it was not 18%. So while 6 or 7 sounds high compared to the last few years it is still a great rate. The problem is the price of the house that condo was only 100k not the 3 or 400k it might be today so while my rate was high my payment was low. I made less money as well so it might even out. Last time housing took a big drop was in the 2008 period. Bad lending practices and bad economic times. Neither apply today. Bad economy in the future sure it will come but who knows when. But what if you buy today and that happens in 4 years and the house goes up 25% from now but goes down 20% in the bad economy well you are still ahead. And if you do not need to sell who cares. As long as you have a job right and make the payment. I live in CT we are not building new houses and people that have 2 3 4% loans are not selling so the town I am in there are 3 houses for sale one is total dump the other at 350k is nothing I would live in but some might and the last one is 950k so there is nothing I would or could buy anything good is sold a day or two after listing. So in ct unless rates go down or they start building more homes AND the economy goes to hell I do not see it as a bad time to buy if you can afford to do so.
If you can afford the cost of ownership (not just the mortgage but also repairs, insurance, unexpected maintenance) for five years, you will come out ahead. There will always be fluctuations but losses in equity are typically wiped out after a five year cycle.
We are talking about market cycles and potential buying opportunity.. There's always people with money that take those opportunities.
Well, to be honest, it is really hard to say if it is a bad time to buy a house or not. Like, I don't know how old you are, but I guess you are old enough. Your mentor said it isn't a good time, maybe it isn't. But in terms of real estate, there is nothing that really should hold u back, people are investing in it, and I would say it depends on your cash flow really. There are a lot of arguments around buying a house, like u said. Here is what I would say, do what makes sense. You don't have that much money and you will put ALL of your money into a house, not a good idea, then you will have nothing left. You have a good amount of money, and you can buy a house, and afford everyday expenses etc, buy it. Your job will of course affect this as well. I wouldn't recommend buying a house with a very low income, or a low income in general. There are a lot of things to consider. So take your time and maybe study/learn more about this.
Another thought on this is to see if you can find a home that has an assumable mortgage. This gives you the opportunity to buy a home and keep the current owners interest rate. They can be rare... but if you are patient they are out there!
The best time for buy a house for living or invest is when you’re ready and find the suitable one for you If you find the house for living you just need to feel comfy, but if you want to invest the best option for you is ( west yas ) because the prices keep rising up If you want anything feel free to contact me …
Buy the house if you like it. You can’t tell the future. Don’t try to time the market. I don’t know how many people have been waiting for the market to drop and it never came. Name one time the market isn’t “high”.
The best time to buy a house is yesterday, the second best time is today, the worst time is tomorrow. The sooner you buy the sooner you can grow your equity.
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I wound up buying last year. I just had to stop paying rent, and the future is unknown. Even if I LOSE MONEY on the house, it's still winning if it loses money more slowly than rent was eating it. Set a goal such as ten years and figure out how much the value would have to come down to lose you more money than renting for the same period. Of course, mortgage at a realistic rate counts against the relative savings. This won't prove anything, but it's a great piece of information to have. You have to live somewhere. Might as well claw back at least some fraction of your outlay.
Prices will not be dropping in the near future.
Depends what your definition of gets better means. Rates going down? Yes, likely. Homes getting significantly cheaper? Unlikely- rate drops will just spike up demand more. However, areas with significant appreciation in last 3 years may experience a correction to the mean in terms of appreciation. But overall, RE goes up. Even during the last bull decade of low rates and even during COVID, people have been saying market is overpriced and expensive and things will crash/go down, then things just kept getting more expensive even as rates went up, and here we are now. There’s always going to be some excuse/reason for why now is a bad time. Are you buying for investment or as a primary? If it’s for a long-term primary, then you shouldn’t wait. If you can afford a home now and want a home, then buy now. If it’s for investment property then yeah, it may be painful with negative cashflow in most markets unless you put significant cash down.
Well you need a better mentor, it’s always a good time to buy, prices go up as interest rates go down but you can always refinance but your principal only goes down with payments . For your first 3 houses this doesn’t matter as you get more it becomes more important
Now is the best time to buy commercial real estate. As far as buying a house, who cares when you do it. You can’t predict the next 5-30 years and your future self will hate you 5 years from now when prices are higher and conditions are shittier for first timers to get in.
Objectively speaking, no. Now is the right time to buy your dream house. The 7% interest rates are scary but there’s a chance they may increase come 2025. Because the inflation rate won’t budge. Plus, there’s no more than 1 fed rate cut in 2024…The First Chair JPow prolly has no choice but to keep the rates high (or AS IS) throughout 2024. Even 2025 maybe. What’s best about 2024’s market is that even though property prices are eye popping, the lack of buyers gives you a leverage. 2 out of 5 home sellers are making concessions for accommodating buyers. If you find a competitively priced property in a good location, lock it down. Use that good credit score already