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Originally Posted by SeeGeeWhy
Yeah, now we're in the same boat, receiving the same advice.
This message sounds very similar to those telling people who invest in equities to hold off because the stock market should be retreating more.
Seriously, who gives a flying fata if you time each transaction perfectly?
What is the downside of buying now? And what is the probability of that occurring?
You buy now and the market drops another 10% in a year.
More people get in and the market recovers.
Then interest rates spike a year after that.
Then the market gets flooded with houses that people are defaulting on.
So the market goes down again...
ad naseum.
Are you in your house to make money, or are you in it to live there?
That's the way I look at it, and I intend to buy if I see something I like, even if I do agree that the market is likely to go a bit lower in the coming months.
I'd rather get settled in and moving towards other things instead of sitting reading charts and articles, worrying about how well timed all of my actions are.
Two things we will try to do, is stay as close to the inner city as possible where we're more confident in the value of the property, and not to buy the most we can afford.
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I would recommend looking at a home purchase from both an investment standpoint, and a place to live standpoint. Too many people only look at it one way or another.
You are right in a lot of ways. If you can get a home you love, and a price you can afford, and mortgage rates that are lower then seen in decades I don't think you're a fool for doing so now. It makes sense in a lot of ways.
Prices will likely go down some more, but as you said that's not everything when it comes to buying a home. Don't be afraid to buy now, just know what you're getting in to and realize that you're probably sacrificing the lowest price for the other benefits you've listed.