quote:
Wait. Foreclosures, delinquencies and bankruptcies have been on the rise since their post-COVID lows. They are still all relatively low but their rise as we look to be heading into a recessionary (or stagflation) period means they are likely to increase (and increase fast if the consumer debt bubble pops). That means more supply, meaning prices drop. Once inflation is tamed the Fed will begin dropping rates, that's when it will be time to buy.

The market hasn't made logical sense in some time. Depending on the location the OP is in, it may be as good of time as any to buy. If rates go down, you have the option to refinance, and if he's in a good area, home prices will remain static or keep rising.

At some point you have to be right. I believe there will be a correction, but when is the biggest question. He could be waiting for years. Or days.

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Posted by fareplay

Member since Nov 2012

4936 posts

Posted on 5/9/24 at 11:00 am to WhiskeyThrottle

I live in Seattle area in Kirkland. Market seems to be extremely strong here and it’s relatively a bubble due to tech

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Posted by ronricks

Member since Mar 2021

7103 posts

Posted on 5/10/24 at 4:03 am to WhiskeyThrottle

quote:
The market hasn't made logical sense in some time.

It’s truly amazing seeing people still waiting on a housing market ‘crash’ at this point. There’s low inventory and prices have remained stable despite rates skyrocketing. If one can afford a home today I’d rather buy it now where there is less competition then wait and have rates drop because all that is going to do is cause another buyer frenzy and you will be bidding for the same house you could get now against 2 or 3 other people. Buy now and refinance later.

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