In a position to buy a house within a month

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Dark Edea

Dark Edea

kiwifarms.net
Joined
Jul 20, 2020
Just curious about the housing market and concerns over interest rates and building material costs. I can and want to buy a house and can make it happen very soon. I have a decent interest rate locked in (for now) but have worries about inflation and the value of my money. Not to mention the general value of my existing property, though that is another issue.

On the one hand, I worry that I may be buying too soon, as the market looks like it might falter within a year or so. On the other hand I am worried that my savings may be worth less if I wait and that interest rates will become very burdensome. What are your general thoughts on buying a home and property in mid 2021?

Again, just curious. Not going to quote you for advice or anything. Thanks.
 
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Dark Edea said:
Just curious about the housing market and concerns over interest rates and building material costs. I can and want to buy a house and can make it happen very soon. I have a decent interest rate locked in (for now) but have worries about inflation and the value of my money. Not to mention the general value of my existing property, though that is another issue.

On the one hand, I worry that I may be buying too soon, as the market looks like it might falter within a year or so. On the other hand I am worried that my savings may be worth less if I wait and that interest rates will become very burdensome. What are your general thoughts on buying a home and property in mid 2021?

Again, just curious. Not going to quote you for advice or anything. Thanks.
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Don't buy oceanfront. That global warming finna steal your land like an Injun.
 
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Buying with cash or a standard fixed rate loan?
If it's a fixed rate loan then inflation just means you can pay it off faster.
Home values depend more on location and less on national trends, if the local economy is somewhat stable the home prices will stay the same.
As they have in San Francisco throughout the jackbooted lockdowns, or in Texas where fleeing Californians are pushing the market up.
TLDR too many variables, not enough information.
 
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Be prepared for unforeseen expenses if this is your first time owning a home. There are a lot of things you don’t think about when it comes to maintaining a home that are expensive.

Anyhow, like other have said money is free and Yellen signaled a rate hike in the future meaning interest rates are likely to rise. I’d take advantage of this— this isn’t a 2008 situation. That said, please do not overspend.
 
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Housing prices have gone crazy in the last half a decade. IANA economist but I'd be very surprised if it turns out we're not in a bubble of some sort. If I were you, I'd keep saving for a few more years and see if the market takes another dive. Maybe in three years you can get twice the house for the same money, and by then you'll have an even bigger down payment.
 
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Least Concern said:
Housing prices have gone crazy in the last half a decade.
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Found this on CNBC:

How much housing prices have risen since 1940

Here’s how much the median home value in the U.S. has changed between 1940 and 2000:

1940: $2,938
1950: $7,354
1960: $11,900
1970: $17,000
1980: $47,200
1990: $79,100
2000: $119,600

Here are those values again, adjusted for 2000 dollars:

1940: $30,600
1950: $44,600
1960: $58,600
1970: $65,600
1980: $93,400
1990: $101,100
2000: $119,600
Click to expand...
 
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Dark Edea said:
Just curious about the housing market and concerns over interest rates and building material costs. I can and want to buy a house and can make it happen very soon. I have a decent interest rate locked in (for now) but have worries about inflation and the value of my money. Not to mention the general value of my existing property, though that is another issue.

On the one hand, I worry that I may be buying too soon, as the market looks like it might falter within a year or so. On the other hand I am worried that my savings may be worth less if I wait and that interest rates will become very burdensome. What are your general thoughts on buying a home and property in mid 2021?

Again, just curious. Not going to quote you for advice or anything. Thanks.
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Buy in a predominantly nigger area. Save lots of money and the community does a garage sell for you and steals buys everything from you as well so no need to worry about lifting a finger.
 
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Fixed rate? Hit that shit like it's going out of style, cause it literally is. Land is always a good investment. Keep some finances on hand for maintenance as shit will break, usually at the start of each season. Cost of lumber can be an issue, maybe not the best idea to plan out any extensions or major renos right now. May be a good idea to keep some lumber on hand for fixing shit like fences and gazebos, though.
 
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ToroidalBoat said:
It's insane how housing prices have skyrocketed.

In the 1990s, $100,000 (USD) could buy a detached house.

In Current Year, you're lucky to get a condo with that.
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Disagree. Am looking at a 2 bedroom home in N California in a good size town for 150 grand.
It really depends on what area you want to live in and what you want to do with it down the road.
For me it's another income investment property.

It's either that or going with some of my investors in buying an apartment near a college.
I'm my case it does not matter how high the market goes. All it matters to me is What I can get as a rental as well as what I can do to write it off on taxes.

Let me tell you a little secret. A lot of the super rich... Like Musk Buy their property and take incredibly low lending rates that are being offered by the banks. They buy more tangible assets and do the process over again. And of course you write it off your taxes... legally.

And even though Musk bought into Crypto, its all financed money off of real world assets in the first place.
 
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