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!
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.