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Should I buy a house during in this market?

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  • Should I buy a house during in this market?

    We have been renting for five years. I am seven years out of fellowship. We were finally ready to buy a house when the market took a turn. Should we just continue to rent until things cool off? What is the prospect of the housing market cooling off anytime soon?

  • #2
    It depends. In general, the longer you plan to stay put, the better it is to buy. Also, some markets are better for renters, some for buyers. What market are you in and how long do you plan to stay in your next home?

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    • #3
      One thing to consider is mortgage rates will be going up

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      • #4
        Buy when you're ready to buy a house. Ignore the market. A primary home shouldn't be viewed entirely through an investment lens.

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        • #5
          We are in Atlanta and staying forever, hopefully

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          • #6
            If you're not in the market, you're not in the market -- holds true for stocks. holds true for real estate.

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            • #7
              Originally posted by CordMcNally View Post
              Buy when you're ready to buy a house. Ignore the market. A primary home shouldn't be viewed entirely through an investment lens.
              Timing the housing market has the same drawbacks as stock market timing. Just greater transaction costs.
              Time in the house is vastly superior.
              But when you are ready and have a need.

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              • #8
                Wow, the Atlanta market is very hot right now. A good friend was looking for a house last year and was repeatedly rejected because too many people in front of him making cash offers.

                it’s hard to predict the future but it’s most likely interest rates, on mortgages, will rise. We’ve been looking for a second home in a nearby resort area and I wish I’d jumped on an opportunity a year ago because the prices then were more reasonable (to a degree) than what asking prices are now. As this crazy market continues, the prices seem to creep up more and more, so if you find something you really like, jump on it.

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                • #9
                  Rates going up. Last month I could’ve locked in 3.7…now it’s 4.0.
                  I bet for your price of house there is more negotiating power than your typical home buyer has.

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                  • #10
                    Primary residence or investment property I would pass on buying in a seller's market in my area which has historically gone up and down depending on external factors. The caveat in an instance like you present would be looking and consider making an offer if I fell in love with something for my primary residence and was emotionally willing to eat a possible future loss. Attempting to time the housing market has served me well over the last 30 years.

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                    • #11
                      Originally posted by JB3141 View Post
                      We have been renting for five years. I am seven years out of fellowship. We were finally ready to buy a house when the market took a turn. Should we just continue to rent until things cool off? What is the prospect of the housing market cooling off anytime soon?
                      Buy a fixer upper
                      look for properties not on MLS

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                      • #12
                        Mortgage rates going up is a double-edged sword: on the one hand, your future mortgage rate will be higher than now, but on the other hand, home prices are already starting to go down in price over the past 2 months, and will likely continue downward.

                        But it's also possible that they don't go down, especially in certain hot, in demand regional markets.

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                        • #13
                          Originally posted by JB3141 View Post
                          We are in Atlanta and staying forever, hopefully
                          In that case I would start looking. Take your time - there's no hurry to buy. Starting to look, though, will help you identify what you want and don't want in a house, and what you get at the various price points in the Atlanta area, which is knowledge you will need when you start house shopping in earnest. Understand that if you DO see something you want, you will have to be prepared to jump fast!

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                          • #14
                            Originally posted by xraygoggles View Post
                            Mortgage rates going up is a double-edged sword: on the one hand, your future mortgage rate will be higher than now, but on the other hand, home prices are already starting to go down in price over the past 2 months, and will likely continue downward.

                            But it's also possible that they don't go down, especially in certain hot, in demand regional markets.
                            Our market staying red hot. Inventory is less than 50% of even last year and still climbing. DOM single digits with multiple offers.

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                            • #15
                              Originally posted by nastle View Post

                              Buy a fixer upper
                              look for properties not on MLS
                              Here the developers buy all those. They pay cash so unless you have cash, you can forget it.

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