buying now or waiting another year?

[Anonymous]

We are on the market for two years now. We are in our thirties but we were living in urban areas for work(nyc, sf, dc) so never bought a home before.
We finally managed to collect the downpayment and with spring, there are actually some listings that we like. But reading these bubble news everyday are so depressing. My husband has a start up company, so we have a good monthly income but also in a high risk situation. I am in grad school and a year shy of graduation. What would you do? I read in bubble threads that it makes sense to wait for another year but people were saying the same thing last year when the prices got crazy, so I do not want to wait another year for nothing.

we are currently renting in Fairfax County.
Thanks!

[Anonymous]

You buy when you see something you like that’s reasonably in your budget. Planning to stay longer-term can insulate you from overpaying in a desirable area of the DMV. So if you’re looking for a house that will work for the next 7-10 years, I wouldn’t worry too much. Does that make sense?

[Anonymous]

OP here-yes, thanks so much!

[Anonymous]

Anonymous wrote:We are on the market for two years now. We are in our thirties but we were living in urban areas for work(nyc, sf, dc) so never bought a home before.
We finally managed to collect the downpayment and with spring, there are actually some listings that we like. But reading these bubble news everyday are so depressing. My husband has a start up company, so we have a good monthly income but also in a high risk situation. I am in grad school and a year shy of graduation. What would you do? I read in bubble threads that it makes sense to wait for another year but people were saying the same thing last year when the prices got crazy, so I do not want to wait another year for nothing.

we are currently renting in Fairfax County.
Thanks!

We were in a similar situation last year and I'm very very sorry to have listened to people that told us to wait or made patronizing comments about how they wouldn't pay the market prices. Esp those that live in cheaper areas that we don't want to live in.

[Anonymous]

If you buy in the next couple of months you will be being buying at the worst possible point since 2007. If you are comfortable with that, that’s up to you, but I would ask what is so urgent that you can’t wait 6 or 12 months? The people who are telling you to buy now, that it will be fine, are realtors who have a personal financial stake in keeping the inflated market going for as long as possible. These are salespeople. Talk to a market forecaster who has nothing to gain from you losing money on a purchase. Read about what’s going on in the larger market, what the rising interest rates will do to prices, what the Fed is doing and predicting. Don’t listen to salespeople.

Incidentally, the people who said don’t buy last year were also right. People who bought in 2021 will take a financial beating too during the downturn. Just not as bad a beating as the people buying now. In a few weeks it’s expected their houses will be worth whatever it’s valuation in 2019 was. They didn’t buy at the absolute peak (which was probably last week) but they still paid a premium they won’t be able to recover anytime soon. Talk to someone in your real life who understands market behavior. Don’t take anonymous advice from a bunch of realtors on the internet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We are on the market for two years now. We are in our thirties but we were living in urban areas for work(nyc, sf, dc) so never bought a home before.
We finally managed to collect the downpayment and with spring, there are actually some listings that we like. But reading these bubble news everyday are so depressing. My husband has a start up company, so we have a good monthly income but also in a high risk situation. I am in grad school and a year shy of graduation. What would you do? I read in bubble threads that it makes sense to wait for another year but people were saying the same thing last year when the prices got crazy, so I do not want to wait another year for nothing.

we are currently renting in Fairfax County.
Thanks!

We were in a similar situation last year and I'm very very sorry to have listened to people that told us to wait or made patronizing comments about how they wouldn't pay the market prices. Esp those that live in cheaper areas that we don't want to live in.

Because people in cheaper areas are bad at predicting markets? My guess is you are a realtor. Any potential buyer who didn’t buy last year (and still hasn’t bought)!is breathing a sigh of relief right now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We are on the market for two years now. We are in our thirties but we were living in urban areas for work(nyc, sf, dc) so never bought a home before.
We finally managed to collect the downpayment and with spring, there are actually some listings that we like. But reading these bubble news everyday are so depressing. My husband has a start up company, so we have a good monthly income but also in a high risk situation. I am in grad school and a year shy of graduation. What would you do? I read in bubble threads that it makes sense to wait for another year but people were saying the same thing last year when the prices got crazy, so I do not want to wait another year for nothing.

we are currently renting in Fairfax County.
Thanks!

We were in a similar situation last year and I'm very very sorry to have listened to people that told us to wait or made patronizing comments about how they wouldn't pay the market prices. Esp those that live in cheaper areas that we don't want to live in.

Because people in cheaper areas are bad at predicting markets? My guess is you are a realtor. Any potential buyer who didn’t buy last year (and still hasn’t bought)!is breathing a sigh of relief right now.

Really? Bc a lot of them are posting all over this board worried that they missed the boat.

None of us know what’s going to happen, that’s why OP is asking for people’s best guesses.

[Anonymous]

Anonymous wrote:If you buy in the next couple of months you will be being buying at the worst possible point since 2007. If you are comfortable with that, that’s up to you, but I would ask what is so urgent that you can’t wait 6 or 12 months? The people who are telling you to buy now, that it will be fine, are realtors who have a personal financial stake in keeping the inflated market going for as long as possible. These are salespeople. Talk to a market forecaster who has nothing to gain from you losing money on a purchase. Read about what’s going on in the larger market, what the rising interest rates will do to prices, what the Fed is doing and predicting. Don’t listen to salespeople.

Incidentally, the people who said don’t buy last year were also right. People who bought in 2021 will take a financial beating too during the downturn. Just not as bad a beating as the people buying now. In a few weeks it’s expected their houses will be worth whatever it’s valuation in 2019 was. They didn’t buy at the absolute peak (which was probably last week) but they still paid a premium they won’t be able to recover anytime soon. Talk to someone in your real life who understands market behavior. Don’t take anonymous advice from a bunch of realtors on the internet.

This is correct.

[Anonymous]

Anonymous wrote:OP here-yes, thanks so much!

Just to follow up, I live in a very expensive zip code and people who bought in 2007 or 2008 would have lost money had they needed to sell right away, but I’m told after 5-6 years the prices caught back up. This is just an anecdote but it’s my best guess at what could happen in neighborhoods that have always been “hot.”

I’m not a realtor (for what an I internet stranger’s word is worth).

[Anonymous]

Tbh is but now bc prices never seem to go down. I say this as someone who bought in the 2008 bubble

[Anonymous]

We bought last year and are glad we did because now we live in a great house (that we can afford). Best advice I got was don't try to time the market. Just buy something you like and can afford when you are ready.

[Anonymous]

Buy now if you plan to live in it, buy later if you are looking for investment!

[Anonymous]

Anonymous wrote:Tbh is but now bc prices never seem to go down. I say this as someone who bought in the 2008 bubble

The crash was in 2007. Nice try, though. OP, just be aware that most of the personal anecdotes you’ll read on here are posted by realtors trying to sound like they are just regular folk.

[Anonymous]

Anonymous wrote:If you buy in the next couple of months you will be being buying at the worst possible point since 2007. If you are comfortable with that, that’s up to you, but I would ask what is so urgent that you can’t wait 6 or 12 months? The people who are telling you to buy now, that it will be fine, are realtors who have a personal financial stake in keeping the inflated market going for as long as possible. These are salespeople. Talk to a market forecaster who has nothing to gain from you losing money on a purchase. Read about what’s going on in the larger market, what the rising interest rates will do to prices, what the Fed is doing and predicting. Don’t listen to salespeople.

Incidentally, the people who said don’t buy last year were also right. People who bought in 2021 will take a financial beating too during the downturn. Just not as bad a beating as the people buying now. In a few weeks it’s expected their houses will be worth whatever it’s valuation in 2019 was. They didn’t buy at the absolute peak (which was probably last week) but they still paid a premium they won’t be able to recover anytime soon. Talk to someone in your real life who understands market behavior. Don’t take anonymous advice from a bunch of realtors on the internet.

+1

Agree. Wait until 2023 at least.

[Anonymous]

Anonymous wrote:If you buy in the next couple of months you will be being buying at the worst possible point since 2007. If you are comfortable with that, that’s up to you, but I would ask what is so urgent that you can’t wait 6 or 12 months? The people who are telling you to buy now, that it will be fine, are realtors who have a personal financial stake in keeping the inflated market going for as long as possible. These are salespeople. Talk to a market forecaster who has nothing to gain from you losing money on a purchase. Read about what’s going on in the larger market, what the rising interest rates will do to prices, what the Fed is doing and predicting. Don’t listen to salespeople.

Incidentally, the people who said don’t buy last year were also right. People who bought in 2021 will take a financial beating too during the downturn. Just not as bad a beating as the people buying now. In a few weeks it’s expected their houses will be worth whatever it’s valuation in 2019 was. They didn’t buy at the absolute peak (which was probably last week) but they still paid a premium they won’t be able to recover anytime soon. Talk to someone in your real life who understands market behavior. Don’t take anonymous advice from a bunch of realtors on the internet.

A few weeks? Great! Fastest market crash in history!