Reply to buying now or waiting another year?

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Reply to "buying now or waiting another year?"

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[quote=Anonymous]So much noise in these threads.

It ultimate comes down to two scenarios that both have potential up and downsides. Just choose the one that the upside outweighs the downside of the alternative scenario.

1. You buy now, you get a home you really want and you are living in it in the very near future and living the life you want and you (hopefully) can afford it. The market may stull and contract, and you may lose 5 to 10 or maybe up to 20% of value over next two years before market reverse. It doesn't impact your monthly finances, but can impact your net worth until it reverses. OR the market may continue to go up or stay at normal levels of appreciation and you will gain value or stay roughly even on the value of your investment, your net worth may increase.

2. You DON'T buy now. You don't have the house or lifestyle you want right now (unless you can get that through renting). If the market contracts, you lost nothing and homes get more affordable a few years from now when you go to buy and you likely can afford more house. If market does NOT contract, when you come back to buy you are paying more than you would have had you not waited. And the money you have paid towards rent was not contributing to your equity nor reducing your tax liability.[/quote]

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