Buying a home in 2018

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Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Buying a home in 2018

Post by Faisal » Mon Feb 12, 2018 3:16 pm

It honestly looks like a fools errand with the uncertainity around real estate right now and for the short term (2 to 3 months), limited homes in the VHCOL area we are in. Added to that interest rates are increasing, driving up borrowing costs and most likely limiting the supply of homes. The demands for homes in our area is insane, with houses disappearing within weeks if not days and our requirements are basically that of millennials.

For basic information:
This will be our first home, we have a young boy and we can afford a 600,000 home in our tri-state area and we can put down a 30% downpayment on that without being house poor and then paying the closing costs. We are looking a basic starter home, 3 bedrooms, 2 baths, with 1 garage and no luxuries like a swimming pool etc.

The question is do we start searching now and buy this year when we know rates are going to increase and with a smaller supply of good homes in our area. Or do we wait for next year when potentially the environment is more stable. The uncertainty around real estate is concerning to me and i am the type that likes to research [(removed) --admin LadyGeek] something before going forward so I know what potential pit falls are there.

Any advice or experience would be helpful.


Topic Author
Faisal
Posts: 92
Joined: Sun Dec 18, 2016 6:37 pm

Re: Buying a home in 2018

Post by Faisal » Mon Feb 12, 2018 3:30 pm

Thanks RRAAYY3, Been through that a few times. For us its better to buy then to rent financially.

FootballFan5548
Posts: 227
Joined: Mon May 01, 2017 2:20 pm

Re: Buying a home in 2018

Post by FootballFan5548 » Mon Feb 12, 2018 4:11 pm

If you plan to stay for 10 years or more... then buy the home and enjoy it. If you're looking for a quick flip, or might upsize to a 4br or larger in the near future, then continue renting.

You need a place to live. Paying a mortgage + interest + property taxes can be comparable to rent... it's all about how long you plan to stay there.

chevca
Posts: 2816
Joined: Wed Jul 26, 2017 11:22 am

Re: Buying a home in 2018

Post by chevca » Mon Feb 12, 2018 4:12 pm

I say buy when you're ready and not wait it out to try and time anything. If you're ready now, buy this year. Next year could be better or worse.

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tennisplyr
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Location: Sarasota, FL

Re: Buying a home in 2018

Post by tennisplyr » Mon Feb 12, 2018 7:26 pm

Bought a home 35 years ago shortly after getting married in HCOL. We bought it knowing that we could handle it on one salary. Sold it last year and downsized to a LCOL area. Buying back thing was one of the best things we've done.
Those who move forward with a happy spirit will find that things always work out.

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