Reply to I was so close and now I’m shut out

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Was so close to buying in 2020 and 2021 and now those properties I could afford at 1.2 and 3% are at 1.7 and 6.8% and I am locked out of the UMC for the rest of my life. No equity here.[/quote]

Moral of the story: buy at $900K when interest rates are 3%, even if you’re dreaming to get into the $1.2m house.

But what you can afford as soon as possible. The equity gains will compound any increases in your salary. Trying to save income alone isn’t enough because prices generally are also going up and it’s difficult to stay ahead of the price increases.[/quote]

but will there be equity gains now that are as significant as the last few years?  If I buy now - I feel like I'm buying at the top of the market - which may not go down but I doubt will go up as significantly as it has.

its easy to look back and say yeah - should've bought that 900k home a couple years ago - but what do we do right now.[/quote]

Here's a different way to look at things, we bought our first house in the exurbs in 2008 (market downturn) for 500k, we sold it in 2019 for only 60k appreciation. However, we went from 30yr on a 15 yr mortgage during our stay ended by net 200k profit when we sold and bought in Bethesda. Sure, our price appreciation was only 60k but we managed to save 140k by simply paying our mortgage. This time around our house has appreciated 300k in 4 years but it's very hard to time the market.

Paying down your mortgage is an equity gain compared to renting.[/quote]

true if you intend to live in the house a while.[/quote]

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