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Forum » Buy house now or in 6 months?
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Thread: Buy house now or in 6 months?

post 1669327583 10-11-2022, 07:36 PM
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Buy house now or in 6 months?

Wut do, misc?
post 1669327883 10-11-2022, 07:42 PM
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That's a loaded question which requires more information
post 1669327963 10-11-2022, 07:43 PM
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Depends

What are your goals?

Do you want to settle in a place?

Do you want to use the home as investment?
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post 1669327993 10-11-2022, 07:44 PM
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lol at mortgagecels

brb signing to pay 1.5k+ a month for 25 years.
post 1669328013 10-11-2022, 07:44 PM
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Whichever one you choose will be wrong. Such is life. Prices will go down but rates will go up so payments will be similar. The only upside i can think is if in 6 months you get a variable rate that has a really good rate for the first year or two, and doesn’t get too much higher after for a few years
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post 1669328073 10-11-2022, 07:46 PM
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post 1669328173 10-11-2022, 07:47 PM
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Originally Posted By desslok⏩
Whichever one you choose will be wrong. Such is life. Prices will go down but rates will go up so payments will be similar. The only upside i can think is if in 6 months you get a variable rate that has a really good rate for the first year or two, and doesn’t get too much higher after for a few years
I'm looking into buying a home, and this is what I have concluded. Prices are going down, but rates are going up. No real winning scenario here.
Lol, lmfao
post 1669328193 10-11-2022, 07:47 PM
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Originally Posted By uRFeeble⏩
lol at mortgagecels

brb signing to pay 1.5k+ a month for 25 years.
In 25 years rent will be 5k a month for a 1br. Mortgage will be zero.
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post 1669328203 10-11-2022, 07:48 PM
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Interest rates will likely keep going up, market is gonna crash. I'd wait personally but idk man. Shoulda bought when trump was in office pre covid.
post 1669328233 10-11-2022, 07:48 PM
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Prices can only continue down at this point.
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post 1669328443 10-11-2022, 07:53 PM
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Originally Posted By iloveus⏩
Depends

What are your goals?

Do you want to settle in a place?

Do you want to use the home as investment?
No real goal in mind, but looking to buy an investment home since I have the 20% down.
Originally Posted By desslok⏩
Whichever one you choose will be wrong. Such is life. Prices will go down but rates will go up so payments will be similar. The only upside i can think is if in 6 months you get a variable rate that has a really good rate for the first year or two, and doesn’t get too much higher after for a few years
I'm not too worried about interest rates, moreso focused on the cost of the house. I plan on paying it off within a few years, so any interest will just be short-term. Seems like we're at the beginning of a market correction though so I'm not sure if I should hold out for a bit longer. Will 6 months be enough though is the question
post 1669328883 10-11-2022, 07:59 PM
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If you have cash you'll find cheaper prices but with rates you are ****ed either way you do it.

This isn't 2008, this time is the auto market.
post 1669329173 10-11-2022, 08:03 PM
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It depends on the location.

If you're in a market that has been super overheated over the past couple years, you probably want to wait until the reality of higher interest rates dawns on people.

If you lie in a more modest market, I'd recommend buying in the next 1-2 months. Rates will be super high, but you should be able to negotiate a good price from someone who really needs to sell. Then you can refinance when rates drop next year back into the 4-5% range and complete the process.
post 1669333843 10-11-2022, 09:34 PM
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post 1669334353 10-11-2022, 09:45 PM
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What is your lifestyle like? Are you looking to buy rural, more suburban or in a city? What are your hobbies? What gives you peace after work? I ask all of these things because I bought a few years back and though it worked out fine for me financially, I made a terrible location choice (for me!) and ended up selling and moving. I'm much happier now, better zoning, great walkability and riding scores, etc.

If you guys are traveling again, I'd also consider the nearest airport hub and if it will get you to where you need to go. Most of my work trips have now tacked on a 2.5 hour drive every way because it's just easier to get to the larger airport.
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post 1669334783 10-11-2022, 09:53 PM
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Neither. Save up to cover more of the downpayment, but give it 12 months. Way too much uncertainty to even make an informed guess as to where things will land in the future. Whether or not you come out ahead will be due to dumb luck, and that’s not how I like to invest my money.
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