Hey all! Newer doctor here less than 2 years out of school. Patriot, active in local medical freedom groups for a long time, testified for ivermectin off label use. Enormous school debt.
Anyhow, I want to be a home owner. I believe now is a risky time with anything money related, but want the security of home owning as I don’t want to be priced out completely and my apartment lease is about over. Rent is crazy expensive where I live, literally throwing money away. Homes are very expensive as well.
Any advice for do’s and don’t of home buying at the moment? They’re clearly trying to crash our economy… I’m not sure if this means it’s a good or bad time to buy a home. Would debts transfer the same to a CBDC if my mortgage/student loans are in USD? So many questions, and I don’t trust people clearly looking for me to take out a mortgage without hearing other patriot/anons advice at this moment in history. Thanks in advanced!
Wait until later 2023.
Agreed. Not only will the market crash, but the dead vaxxed folks won't need houses any longer. Market will be flooded. Morbid, but likely.
I think those trying to keep borders open and enemies entering will use the 'vacant houses' excuse for the invaders. If they arent ended by then. Its happening in the EU right already.
In the place of OP, I'd go where the jobs market is strong and the community is safe. Which is probably inversely proportional to the cost of property - its always been madness to pay huge amounts to live in a crime-ravaged hellhole cityscape.
Oh you are so sharp. I was looking just on economy.
Agree on this. Market will come down (excess mortality, foreclosures, etc.). Also, not sure where you are but where I am in midwest this is a down time anyway, can be hard to get a feel for a yard/land, etc.
IF you’re set on making the move now, I did hear Dave Ramsey say it’s a good time right now, just refi when interest comes down. He’d of course say be debt free before buying a home, though.
Follow the principles taught by Ramsey Solutions. Listen to podcast for encouragement.
Your landlord is providing a service, just like you are providing a service to your patients/customers. Pray for and respect service providers just like you want to be treated.
You will get debt free, you have a big shovel. Thank you for helping people.
I can extend my lease and do that, is the reason because things will get cheaper around that time? Thank you!
Yes. Also, in case you lose your job, you won't die from mortgage payments.
I would extend, at least ask for 6 months, bc he could probably get as twice what your paying, talk to him straight up, he might have something going too. I'm waiting to buy one more, I'm waiting. BTW what state ? And after you fill out these forms , that will be 5000 dollars. 😂
Denver Colorado
Don't know about Colorado, but I'm in Florida and Ohio, two completely different markets. People still fleeing blue states to go to florida.florida market still hot, Ohio has come to a screeching halt
Wait to buy,and get a very good home inspection.
Don't forget the meth test and the black mold test!
And lead, and have your proposed property surveyed and marked if it has land. Or in general, be aware of future hassles in selling. There are inspectors for every structural pitfall. The neighbors and what city planners have in mind for your area is harder to foresee. Personally I would avoid HOA property. Like moving in with built-in Karen's. I waited many years to buy a house that would not become an immediate financial burden, and chose one I would be free to amend to suit myself. Never been sorry.
Meth tested for free at Reddit .
Wait. Prices will come down. Supply will soon increase too. Sellers will be desperate.
There are a few homes in my neighborhood that have been on the market for months (really nice homes) and the prices keep dropping. This would be a good time to take some data points on suitable homes, watch the listings for a couple of months (or get a good agent who can provide these data points over the last three months) and determine a trend. Low-level data analysis can yield big insights.
While I have been predicting a crash or other dip in housing prices, I am no expert and can't say I have a good handle on upcoming real estate happenings. I'm also not a financial professional or real estate professional.
What I can say is this: if you were to buy a home at today's interest rates, you can no-cost refinance every six months assuming rates go down. At least that is in the US; one of my sisters did this with her home she bought in 2019.
I agree that renting is mostly wasteful. I would consider waiting maybe six months if I were in your position. However, I know that leases can be a pain and buying may alleviate some stresses now.
I recall one of my wife's friends saying that she was going to rent for another year "to save money" and buy a house. That was around 2015. Prices went up and she wound up getting a house nowhere near where she thought she would. It was nice enough in an okay neighborhood. She bought again in 2022, after prices went up. How unfortunate! I bought a home in 2020 and I regret not buying something much bigger!
Truthfully you may not find the "perfect" house, but you can find the right house for your situation. And chances are you'll live there 5-7 years, which is enough time to see a market dip and rebound.
So unless you think your job will require you to move within a year or two, you might be alright going for a house. Just get what you can afford where you want to live, improve it as desires as money permit, and move on when the time is right. You can't time the market, you can only do your best and what's right for you. You'll earn plenty before you know it and market conditions won't be on your mind soon enough.
And here's some advice I'm confident in: get multiple mortgage offers and pit them against one another. I squeezed an extra $1500 in value doing that. Don't be afraid to send a competing offer to one of the mortgage people; they'll play ball. I've had best luck with non-commission mortgage agents.
Houses are overpriced right now. Interest rates are ridiculous as well
Rent , save your money for now. Wait until everything falls apart, them pul the trigger.
I'm a surgeon, 25 years out. As a doctor you probably have good job security. Hopefully you like where you work. Good luck Fren
I have advised my kids to wait on buying, use this current time to eliminate debt and save as much as you can. Many think that they can buy now and refinance later if/when rates are lower but first there's no guarantee rates will be lower any time soon and second you cannot refi if you have no equity due to falling prices. The last real estate bubble took 4-5 years to bottom and we're just getting started on this one.
Follow Nick Gerli on Twitter he has great info: https://twitter.com/nickgerli1
Thank you for his Twitter! Very interesting
Nick gave a good interview on Wealthion today too. https://www.youtube.com/watch?v=u5fLNL27054
This was extremely helpful! Many thanks 🙏🏼
Interest rates are killing home sales. Interest hikes make the housing prices drop. It does that because the higher house payments due to increased interest put off buyers.
Unless you think you can weather the high interest to get a better price and later refinance at a lower interest, or have a lot of money to put down up front, I'd wait.
Wait a year. I'm in the same boat, Everything was going great til the plandemic.
Deflation is coming. (Yes you read right, deflation) Fed is shortening money supply. Banks are going to use discount window bigly because troubles with liquidity to the point of insolvenci. Big deleveraging is going to happen. No point to buy it now.
You’re a doctor. Live SUPER cheap for now, save cash, buy silver, wait for your income to rise. You’re good be cause you’ll always be needed, and especially during these times with the corporate medical establishment funneling all of our tax money into you income (while I’m bitter about it you might as well benefit and use it for good).
As a doctor and being of the type to pay their bills you might have much more negotiating power than you think. Talk to your landlord... since a crash is likely you might be better off trying to keep your rent down and live as cheaply as possible for now.
Also, roommates might be a good idea? Especially if they are fellow doctors? They could pay most of your rent for you...
Look into the etymology of the word mortgage.
Real estate is "REAL ESTATE" or REAL PROPERTY. Buy low sell Hi. Either way buy something so you can at least have a chance in the game.
been trying to refinance/consolidate for months and it's difficult. like none of them know what's going on and it takes Forever to get them to reply/finish paperwork.
I love houses, but think I'd wait until at least February/March. lots of Karens took the shot, and they're in the banks/filing paperwork/making mistakes, and don't know if they'll want to work when they find out they've been poisoned. maybe find a local credit union full of conservatives, might get better service.
-you could also get a nice used motor home for awhile/save on rent.