Is it a good time to buy now?
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Anonymous
And what is your advice? |
Anonymous
Not saying you should not buy now, if you plan to stay in home or at last not sell for 7 to 10 years AND can comfortably afford monthly payment without hopin' and dreamin' to refinance in a few years, sure buy. Otherwise, I would not. |
Anonymous
| Real home prices have been falling for some time now, but reality is it will take a bit of time for salaries to catch up. I'd say it's not a great time unless you must buy. |
Anonymous
| It's a good time if you want a new house, absolutely. Don't listen to these losers who are telling you interest rates are too high, they'll go down soon, or telling you that the housing market is going to crash. That will not happen any time soon. If you want or need a new house, definitely buy now. |
Anonymous
HAHAHAHAHAHAHAHAHAHAHAHA |
Anonymous
Please. Inflation is outpacing home price increases right now, at least in the DC area. |
Anonymous
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Buy if you can find something you like and can afford. Or something you can live with and fix it up. Either rates go down, and then you can refinance, and you’ll be glad you got your house before there were more buyers willing to outbid you with the more favorable rates. Or rates will go up, and the. I guess you’ll be glad you bought when you did.
I don’t think prices will come down a whole lot in DC or the sought after surrounding areas because there just isn’t enough housing stock. People don’t want to move and leave their 3% rate unless there’s a real reason, so you’ve got fewer houses on the market, plus in general there’s not enough housing, so you’re going to have buyers even at these rates. Which is all to say, time in the housing market is better than trying to get the timing right on entering the market. Best of luck |
Anonymous
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If you need a mortgage, I’d say this is the worst time to buy in over 21 years.
Interest rates on home mortgages are at the highest level they have been in over 21 years. Check the news headlines. I would never buy in this market. |
Anonymous
+100 no one with a decent home and low interest is selling right now. |
Anonymous
It can still be found. We recently bought a wonderful home from sellers who are getting divorced. There's also been several other sales in the neighborhood involving elderly wanting to downsize, or someone died etc. |
Anonymous
Please. Just shut up. |
Anonymous
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I think it’s a decent time to buy (not as good as a few years ago during peak COVID when some were fearful of city living) if you can pay all cash and aren’t expecting significant appreciation in the near term.
However, if you’ve already got a serviceable home with a low mortgage, I definitely wouldn’t sell that home just to buy another with cash. That’d be like setting cash on fire. Just parking your cash in treasuries will get you 5.5% interest, and I doubt area home prices will increase more than 5.5% per year while 30yr mortgage rates remain at 7+%. I think home prices are likely to remain stagnant over the next 2-3 years and will resume their march upward only after long-term rates fall below 5%. |
Anonymous
 "over 21 years" such a dimwit
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Anonymous
Sorry you don't understand math. Realtor? Case Shiller is flat, inflation is not. Calm down. |
Anonymous
Your graph is incomplete Headline “ Mortgage rates soar to their highest level in 21 years” CNN Business https://www.cnn.com/2023/08/17/homes/mortgage-rates-august-17/index.html |