Quote:
Originally Posted by burn_this_city
Wait 6-8 months to buy.. It might be the smartest financial decision you'll make. Housing prices are continuing to tumble, and it takes a loooong time to pay off the amount of money they'll drop in the next year.
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This reminds me of another important piece of advice.
You will hear "expert" crystal ball predictions like this from almost everyone you talk to about buying your first home.
I've seen a lot of first time home buyers get stressed out over hearing this everywhere and feeling like they need to time it perfectly.
Truth is, no one know for sure what the market will do, so decide for yourself if it's the right time to buy, and ignore most opinions like the one above, unless they have substance to back it up.
Also, consider the effect of mortgage rates on your house price. A 1% increase in rates will equate to about 5% increase in cost. So if you think the market will go down another 5%, but rates will come up 1, you should consider this.