Is now a smart time, or a REALLY dumb time to buy a home? Me and my wife moved to Korea in 2019... Mostly everywhere now we aren't allowed to go to because of the vaccine, we can go to small marts and old markets to get food and shop online, most everything else we can't. We believe in the next month or so they are going to start fining people who aren't vaccinated, we don't know how this will effect us as we are both American citizens... but if you don't pay the fine you go to jail... so over night Korea went totally authoritarian, with zero push back.
We are looking at moving back to the USA ASAP, there is a presidential election in Korea in March, so maybe that will change something, but I doubt it.
I know very little about home buying, I have what is considered a great credit score and I own my own small online business as a sole proprietor, it does seem to be doing well despite everything. I am not rich, I do have money saved for a down payment of some sort and my income is very medium income sub 60K on average.
Just with all the uncertainty and inflation, is it a really dumb idea to buy a house now? I'm looking at rent and it seems astronomical currently, I just wanted some opinions, should I just rent when I get back and see what happens over the next year or so?
If you believe that we are about to experience a fundamental financial system event, and if you believe we're at the top of an overheated market, and if you believe we're going to experience a horrific die-off over the next several months, then the answer should be evident.
It's currently a sellers market.
It will soon be a buyers market.
Could be a good choice to rent for a year, then review the landscape.
Yeah I guess my only thought is, if we are going into such an "event" which I think it is possible to have some if not all of those things happen.
If I'm in a house... in the "boonies" then wouldn't that be better then being in an apartment somewhere or even a rented home?
But yeah I think rent for a year see how things shake out.... I'm of the belief you can't really live your life based on what might happen, otherwise you will never do anything. But I think rent for a year and review options is a good bet.... seems to be the consensus on here and with friends.