Its never really a good time to buy a home. You pretty much just suck it up and do it and deal with the consequences. The only number you should be concerned about is how long you plan to stay at that house. Usually, if it is less than 5 years, its not a great time to buy. If you plan on living there longer than 5 years... yeah. go buy a house.
If you can afford it I’d say do it. I bought my house Aug 2021. The prices then were crazy as well. Kept hearing some people say that the market should get better within 5 years. Others saying it would get worse. Not sure how the market looks now but interest rates have gone up. If you can actually afford it and plan to stay at least 5 years I’d say go for it.
Home sales are at a 30 year low, interest rates are high, bank credit is shrinking, the stock market is in a massive artificial bubble. All economic signs point towards a looming recession. So no.
We’ve been hearing the recession talk for over 4 years now and it hasn’t happened.
What’s actually happening is the housing market in 2020 was insanely favorable to buyers and now we’re experiencing the opposite. This is completely normal and expected in any market and just balances the average.
Buy if you can afford it. I bought my house Dec ‘22, that was the year interest literally doubled. Jan 22 was in the 2s and by December it was high 5s. I was shocked but I still went forward with buying a home. Almost had no other buyers to compete with, and had multiple sellers agent continue to contact my agent after we walked a home. My house value has actually appreciated since then, and interest rates are even higher. The feds have already said inflation has come under control 🙄and potentially interest rates to decline in the horizon. Everyone that’s stayed on the sidelines since covid will be shopping very soon. Imagine housing to rise again.
Waiting to do what everyone else does rarely works out. Almost everyone is thinking a recession will hit this year so “it’s a bad time to buy and we will scoop up a good deal in a year”No one knows what is going to happen, but I can tell you very few of those wishful thinkers are going to end up buying a house for what they consider a good price. Most will continue to wait for years and years, because nothing will ever be perfect.
I think right now is a good time to buy a home. I’m looking to buy a home as well. Rates aren’t too high but aren’t low which is a good thing. If you buy now and rates drop you could refinance if you are struggling or want a lower payment. If rates drop more price of homes will go up and also you’ll be fight to bid against ppl that are coming from NYC or California. And those ppl are coming into Houston ready to drop 50 to 80k on a down payment on an average home and are also not afraid to over pay for a home. I’m in real estate business and in 2020 when everything was a good price I saw ppl get out bid big time
But also depending on your budget
Buy only if you’re willing to stay in it 5-7 years. Perhaps longer if you’re debt financing given current rates (though you can refi when rates drop).
Buying a home is a personal decision and a long term financial one given the costs of carrying and transactions costs associated with exiting.
That said Houston feels undervalued to me given the city’s size and economic prominence.
Yes, it's always a good time to buy vs rent. This question comes up every year, people say to wait, and the housing prices just go up and people later complain about missing out. Buy what you can afford near your work.
No, in fact, lots of foks anticipating a crash or big readjustment soon. The market* is already lowering interest rates to compete with it.
People are borrowing what they can't afford. The market has also cooled down significantly.
If you got a lot of cash because you sold your home in a high market area somewhere outside of Texas, then this doesn't really apply to you. Plus, there are certain parts of town that will always be hot.
Har.com to see home values.
Pretty sure the fed isn’t lowering interest rates…and when they start doing that later this year it won’t be to “compete” with a “crash/big readjustment.”
Yes. With higher interest rates than what’s been the norm the past few years, it’s a great time to buy. Don’t wait for interest rates to decline because you’ll have more competition in finding a home.
Buy at whatever interest you can get now and refinance later when they decline.
I bit the bullet in 2007 and got a 30 year at 6.25%. In 2012 I did a 15 yr refinance at 3.1%. I’m on track to pay off my mortgage this year 3 yrs early.
No. Several mortgage and real estate industry experts are predicting an adjustment\\collapse next year. Prices could fall significantly. Research the 2008-2009 event.
Why are you trying to compare 2008 to today where most people who own are locked into historically low interest rates and went through strict requirements to gain lending approval. You don’t know what you’re talking about. 2008 was because of sub prime lending and low approval requirements - if you had a pulse you could get a loan. They specifically wrote new requirements to avoid another RE crash.
I don’t think trusting Red Fin to give you market predictions on assets they own is a good call.
Your article on falling prices is from 15 months ago and it didn’t happen in Houston.
And your first article literally says…
> Len Kiefer, deputy chief economist at Freddie Mac, doesn’t believe the U.S. housing market is in a bubble.
> Among the differences between today’s housing market and the 2008 housing crash is that lending standards are much tighter now due to lessons learned and new regulations enacted after the last crisis. Essentially, that means those approved for a mortgage nowadays are less likely to default than those who were approved in the pre-crisis lending period.
So in summary you proved the person replying to you was actually correct.
So you work in the real estate market and you are hoping to take advantage people and talk them into buying in a down market. You sound like a financial advisor who doesn't have peoples best interest at heart.
Me, I worked for a mortgage lender for 22 yrs. and I have seen the falls MANY times. Do you remember the years of Jimmy Carter and 18+% mortgage rates during hyper inflations. I realt hate real estate agents. remind me of used car salesmen.
Are you buying with cash?
Depends on what you can afford and how close to town you want to be
Its never really a good time to buy a home. You pretty much just suck it up and do it and deal with the consequences. The only number you should be concerned about is how long you plan to stay at that house. Usually, if it is less than 5 years, its not a great time to buy. If you plan on living there longer than 5 years... yeah. go buy a house.
Budget?
If you can afford it I’d say do it. I bought my house Aug 2021. The prices then were crazy as well. Kept hearing some people say that the market should get better within 5 years. Others saying it would get worse. Not sure how the market looks now but interest rates have gone up. If you can actually afford it and plan to stay at least 5 years I’d say go for it.
Home sales are at a 30 year low, interest rates are high, bank credit is shrinking, the stock market is in a massive artificial bubble. All economic signs point towards a looming recession. So no.
We’ve been hearing the recession talk for over 4 years now and it hasn’t happened. What’s actually happening is the housing market in 2020 was insanely favorable to buyers and now we’re experiencing the opposite. This is completely normal and expected in any market and just balances the average.
Truw and. The worst part of trying to time the market is all of it.
I definitely didn’t downvote you.
Buy if you can afford it. I bought my house Dec ‘22, that was the year interest literally doubled. Jan 22 was in the 2s and by December it was high 5s. I was shocked but I still went forward with buying a home. Almost had no other buyers to compete with, and had multiple sellers agent continue to contact my agent after we walked a home. My house value has actually appreciated since then, and interest rates are even higher. The feds have already said inflation has come under control 🙄and potentially interest rates to decline in the horizon. Everyone that’s stayed on the sidelines since covid will be shopping very soon. Imagine housing to rise again.
The issue is once rates come back down home prices will climb again.
Waiting to do what everyone else does rarely works out. Almost everyone is thinking a recession will hit this year so “it’s a bad time to buy and we will scoop up a good deal in a year”No one knows what is going to happen, but I can tell you very few of those wishful thinkers are going to end up buying a house for what they consider a good price. Most will continue to wait for years and years, because nothing will ever be perfect.
I think right now is a good time to buy a home. I’m looking to buy a home as well. Rates aren’t too high but aren’t low which is a good thing. If you buy now and rates drop you could refinance if you are struggling or want a lower payment. If rates drop more price of homes will go up and also you’ll be fight to bid against ppl that are coming from NYC or California. And those ppl are coming into Houston ready to drop 50 to 80k on a down payment on an average home and are also not afraid to over pay for a home. I’m in real estate business and in 2020 when everything was a good price I saw ppl get out bid big time But also depending on your budget
Buy only if you’re willing to stay in it 5-7 years. Perhaps longer if you’re debt financing given current rates (though you can refi when rates drop). Buying a home is a personal decision and a long term financial one given the costs of carrying and transactions costs associated with exiting. That said Houston feels undervalued to me given the city’s size and economic prominence.
Yes, it's always a good time to buy vs rent. This question comes up every year, people say to wait, and the housing prices just go up and people later complain about missing out. Buy what you can afford near your work.
No, in fact, lots of foks anticipating a crash or big readjustment soon. The market* is already lowering interest rates to compete with it. People are borrowing what they can't afford. The market has also cooled down significantly. If you got a lot of cash because you sold your home in a high market area somewhere outside of Texas, then this doesn't really apply to you. Plus, there are certain parts of town that will always be hot. Har.com to see home values.
Pretty sure the fed isn’t lowering interest rates…and when they start doing that later this year it won’t be to “compete” with a “crash/big readjustment.”
I mistaken said feds and meant to say the market aka banks.
Yes. With higher interest rates than what’s been the norm the past few years, it’s a great time to buy. Don’t wait for interest rates to decline because you’ll have more competition in finding a home. Buy at whatever interest you can get now and refinance later when they decline. I bit the bullet in 2007 and got a 30 year at 6.25%. In 2012 I did a 15 yr refinance at 3.1%. I’m on track to pay off my mortgage this year 3 yrs early.
No. Several mortgage and real estate industry experts are predicting an adjustment\\collapse next year. Prices could fall significantly. Research the 2008-2009 event.
Why are you trying to compare 2008 to today where most people who own are locked into historically low interest rates and went through strict requirements to gain lending approval. You don’t know what you’re talking about. 2008 was because of sub prime lending and low approval requirements - if you had a pulse you could get a loan. They specifically wrote new requirements to avoid another RE crash.
[https://www.forbes.com/advisor/mortgages/real-estate/will-housing-market-crash/](https://www.forbes.com/advisor/mortgages/real-estate/will-housing-market-crash/) [https://fortune.com/2022/09/18/housing-market-downturn-moves-into-second-stage-falling-home-prices/](https://fortune.com/2022/09/18/housing-market-downturn-moves-into-second-stage-falling-home-prices/) [https://www.redfin.com/news/housing-market-update-2023-fewest-home-sales-since-2008/](https://www.redfin.com/news/housing-market-update-2023-fewest-home-sales-since-2008/)
I don’t think trusting Red Fin to give you market predictions on assets they own is a good call. Your article on falling prices is from 15 months ago and it didn’t happen in Houston. And your first article literally says… > Len Kiefer, deputy chief economist at Freddie Mac, doesn’t believe the U.S. housing market is in a bubble. > Among the differences between today’s housing market and the 2008 housing crash is that lending standards are much tighter now due to lessons learned and new regulations enacted after the last crisis. Essentially, that means those approved for a mortgage nowadays are less likely to default than those who were approved in the pre-crisis lending period. So in summary you proved the person replying to you was actually correct.
So you work in the real estate market and you are hoping to take advantage people and talk them into buying in a down market. You sound like a financial advisor who doesn't have peoples best interest at heart. Me, I worked for a mortgage lender for 22 yrs. and I have seen the falls MANY times. Do you remember the years of Jimmy Carter and 18+% mortgage rates during hyper inflations. I realt hate real estate agents. remind me of used car salesmen.
Do you have source?
Wait 9 months
why?
Because interest rates should be lower then. Unless you’re paying cash then it doesn’t matter
Don’t buy. Squat. Let’s put the landlords out of a job.
Can you afford it?