Quote:
Originally Posted by margaretmattson
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.
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I would agree with frayedends.
In my opinion trying to guess where home prices will go is fools gold to a certain extent. Yes, the market is a bit uncertain now, and prices seem to have leveled off or even gone down. But if we were looking now, I wouldn't hesitate to buy if this is where we really wanted to be.
If rates drop, and at some point I believe they will, the market will pick up steam again.
We have friends looking to buy this summer to be snowbirds. Their house in Indiana is paid for and they're getting a mortgage for the home here. They said they can live with the higher rates, and if they go down they'll refinance.
They're 74 and 67 and have had some health scares. As they said, time is not on their side and they don't want to wait to live here.
We were lucky and bought 2.5 years ago and got a very good rate. Like our friends, our home in Indiana is paid for, and our main goal when we bought was to find a home we liked within our budget. We really didn't give any thought to what it would be worth down the road, and we still don't.
At this point for us, it's all about living our best life everyday.
At the end of the day, it all depends on your situation. If you're buying for investment reasons, then that's a different story.