Is it a good time to buy now?
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Anonymous
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Hello,
first-time home buyer here... Is it a good time to get a mortgage now? The rates are at 7%. Would you go for it or wait? |
Anonymous
| If you're planning on living in your home long term it's always a good time to buy. |
Anonymous
| Its a terrible time to buy, but don't expect next year or the year after that to be any better. |
Anonymous
| Good luck finding a house that's not a nightmare someone is trying to unload ON YOU right now. |
Anonymous
| The right time to buy is when you want to, and can afford what you're looking for. Interest rates in themselves play into it only if 1) you take out a mortgage, and 2) can't make the payments on the mortgage. If you can get a home you like within your financial comfort zone, ignore the interest rates, buy the house, and enjoy living in it. If rates go down you can consider refinancing. If they go up, you'll congratulate yourself for having bought when rates were lower. Meanwhile you'll be a homeowner instead of on the sidelines trying to interpret a crystal ball message about the future direction of interest rates and home prices. |
Anonymous
| I would wait. Rates and prices are at an all time high. |
Anonymous
No, they’re not at an all-time high. |
Anonymous
rates may not be at an all time high -- but prices are close to it |
Anonymous
This. Expect to lose money if you need to sell in the next 5 years. |
Anonymous
sure, but that's pretty standard advice If you're ready to settle down and put down roots, its a fine time to buy. May not be the BEST time, but people that managed to buy in those times were really just lucky, not smart. Remember, 2-3 years ago, there were people on this forum that were screaming how it was the WORST time to buy and the bubble would burst any minute. But the people that ignored it and bought with the 2-3 interest rates are pretty happy. Buy a house to make it a home. Not to turn a quick buck |
Anonymous
| I only buy high. Bought in 2006 and 2014 and looking now. I already had a place when prices went down and it wasn’t my time to buy. My needs and cycle of life only coincides with high times. |
Anonymous
| No it is not. Just wait prices will go down eventually. Maybe not this year maybe not next but eventually. Someone on here just wants people to buy and pretend that overall monthly payment affordability is an unreasonable consideration to think about but ignore this person |
Anonymous
| Here's the best advice I can offer you: Buy when you can afford to buy, and when you find the home that works for you. You can always refinance your loan later on down the line if/when rates drop. I would not bank on prices going down much if at all any time soon. |
Anonymous
This is the party line of NAR and mortgage brokers, literally, looms at what their press reps have been saying in interviews recently. |
Anonymous
Sorry typo, look not loom |