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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are putting off our purchase for at least six months (could wait up to 2ish years) unless the perfect house comes up at a fair price. We rent now - great home, excellent N Arlington neighborhood, our landlord is not raising our (very below marker) rent and is giving us lots of flexibility in our lease so we can still casually look. But our thinking is “why buy now with both high prices and significantly higher rates?” People I know either found something in the last 18 months or are stepping back, like us. We are looking in close-in VA around $1M.

Has there been much interest in your home? It seems like the market has cooled tremendously in just the last month.[/quote]

We are in the same boat.  [/quote]

Same here too. [b]I’m using 2020 prices as guidance[/b]. We’ll pay that. No higher. No longer bidding where we were earlier this year. Feels like time now on our side and we shouldn’t pull the trigger unless we are getting a truly good deal. [/quote]

Good luck with that. Yes, it's slowing and yes prices are stablizing and appreciation is normalizing. Prices going back to what they were 2 years ago?? Not going to happen, but keep waiting and spending $30K, $40K, or $50K a year in rent..... that makes so much more sense  :roll: [/quote]

I really hope the PP was joking. [b]But my fear like you pointed out is continuing to pay rent ($3k a month)[/b].[/quote]

If you have a mortgage at current rates you’ll be paying the bulk of your monthly mortgage payment toward interest and also have home maintenance costs plus real estate taxes.

Obviously interest will go down over time as your amortize and it’s nice to plant roots in a community. But it’s also not like you’re straight up “throwing away” 3k/month on rent since you have to pay to live somewhere no matter what.

I’m a homeowner who bought in 2019 and not planning to sell in the near future, so I have no dog in the fight as to whether home prices will fall/stagnate/go up. But just wanted to point out the financial calculation should really consider cost of rent vs. interest/taxes/maintenance. Of course potential home appreciation or alternatively declining home values is an issue, but that is harder to predict. [/quote]

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