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Reply to "Is it a good time to buy now?"
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[quote=Anonymous][quote=Anonymous]We kept getting outbid last year when rates were low. Rates are so grim right now. We are debating whether to wait out a bit longer. I’m regretting the wait because rates may get even higher before they come back down. The 3% rate seems to be a one off, right? It’s due to the unusual circumstances regarding the pandemic [/quote] Can you find a place in a neighborhood that’s rougher around the edges (see crime surge) and underbid? We did that in 2005 when prices were at a peak— right before falling. We stretched to get a nicer place but the neighborhood was iffy, though central with nice houses. Paid $600k back then (actually had sn interest only loan at first, then refi’ed into a 30 year and much later locked in 2.5 rate, and it’s now worth $1.1m. ) the neighborhood is now very upscale, with new $1.8 m condos nearby.[/quote]
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