Quote:
Originally Posted by frayedends
Okay now that I love these realty threads, and I have a few cocktails in me I'm gonna post an OPINION.
It's my OPINION and no need to fight me on if I'm right or wrong. I could absolutely be 100% wrong. But the market crash people are waiting for isn't happening. Sorry, it's not.
This is not 2008. There are not a bunch of sub prime mortgages. What we have is a crappy interest rate compared to ridiculously low interest rates a few years ago. Things have slowed a tiny bit because people are hoping that the drop will happen. Nope, not what I'm seeing. People are now starting to see this is the new normal. Rates at 7 aren't the end of the world. Waiting for the crash may be a losing endeavor.
Some of us remember interest rates in the high teens. If you see where you want to live, buy now. I think it's actually a benefit that TV is selling bare bones but allowing some stretches. You can't make your house bigger but you can always add crown molding. So buy the cheap spec home, add the square footage you can and pay a contractor less for the upgrades. You'll make a killing on resale. If the crash happens, wait. Real estate is like the weather in Massachusetts. If you don't like it now, wait an hour.
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A crash is harsh wording. You must admit this is a difficult market. If you buy a home at ask price today, a few months later, the exact model is now $50,000 less. And, the same preowned models are sitting on MLS and VLS for months. We are not anticipating a crash. We are waiting for the market to stabilize. Right now, it is much better to invest your money instead of purchasing a home with cash. The real estate market is showing losses.