If you live in a market where it’s cheaper to buy than rent, it’s always a good idea to buy. Fixed housing costs are awesome in an inflationary environment. When rates eventually drop you can refi and you’ll be sitting pretty.
Otherwise, I’m not sure that prices have corrected enough to accommodate the current interest rates. You really have to track new listings, the average days on market, and sold vs listing price to see if your local market has bottomed out or not. Rates haven’t been ~7% in a long time and that’s going to really increase your mortgage payment vs a few years ago.
How about a market where both buying and renting have already been insanely high (relative to pre clown world salaries) to begin with, where buying was slightly cheaper than renting (1 year of rent was 3% of buy price) but now buying is cheaper than renting (1 year of rent is 4% of buy price) but buying prices are so overheated, there's a chance of a serious correction
Goood points. Plus your insurance and property taxes can go up even if your mortgage payment does not.
Land. Rv. Used lumber (well at least bought cheap from contractors who bought too much and you can speak a bit of Spanish.). Save until you can dig well, septic.
Build your foundation.
Girlfriend doesn’t want to live in an rv until you build her house? See headline of this post and wait.
Is it worth trying to buy a home at this time?
If you live in a market where it’s cheaper to buy than rent, it’s always a good idea to buy. Fixed housing costs are awesome in an inflationary environment. When rates eventually drop you can refi and you’ll be sitting pretty.
Otherwise, I’m not sure that prices have corrected enough to accommodate the current interest rates. You really have to track new listings, the average days on market, and sold vs listing price to see if your local market has bottomed out or not. Rates haven’t been ~7% in a long time and that’s going to really increase your mortgage payment vs a few years ago.
How about a market where both buying and renting have already been insanely high (relative to pre clown world salaries) to begin with, where buying was slightly cheaper than renting (1 year of rent was 3% of buy price) but now buying is cheaper than renting (1 year of rent is 4% of buy price) but buying prices are so overheated, there's a chance of a serious correction
Goood points. Plus your insurance and property taxes can go up even if your mortgage payment does not.
Land. Rv. Used lumber (well at least bought cheap from contractors who bought too much and you can speak a bit of Spanish.). Save until you can dig well, septic. Build your foundation.
Girlfriend doesn’t want to live in an rv until you build her house? See headline of this post and wait.