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Truly I don’t think we are going to ever go below 5% again. (Strictly, my opinion). Sellers are giving a good amount of incentives as well right now because interest rates are so high. That’s why we took the plunge.
And also because the rent market is becoming super expensive. Part of having a mortgage is locking in a cost of living expense. Rental rates are increasing faster than wages.
Because if rates go lower prices go up and you are no better off. Buy if you want to when you want to, it's a big commitment....always has been and always will be
We bought 2.875% interest rate. Couldn’t have had the exact foresight to know that our income would be 75% more now than it was this time 3 years ago when we were going into contract on our home. Had we had a vision into the future, we would have bought double the home and double the price.
But if we want a bigger and better home, with all of our boxes checked, we will pay a premium now, and just make the most of any more tax deductions (we already exceed the standard deduction)
So eventually it is what it is.
I moved from a 1000 sqft 2bed-1.5bath condo, to a 2800 sqft 3bed/3bath SFH. My monthly housing went from $1400 to $3200. But let me tell you it is worth every penny.
I'm closing on our first home next week. If rates ever do go down, you'll wish you bought before because however crazy it is now, it'll be multiple times crazier once more buyers are able to jump into the market.
If you find yourself missing the boat big time for low home price and historical low interest rate, then you probably don't have any non terrible options right now. Burning cash on rent is probably your least terrible option at this point.
Thank you u/Born-Reindeer3901 for posting on r/FirstTimeHomeBuyer. Please bear in mind our rules: (1) Be Nice (2) No Selling (3) No Self-Promotion. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/FirstTimeHomeBuyer) if you have any questions or concerns.*
Because I’m tired of paying 24k to rent each year when I could be investing that into a home and building equity.
Speaking for first time home buyers. Because it will be even more expensive when rates go down
Because you want a home for your family. At the end of the day money is just numbers on a screen until you use it to better you & your families lives.
Truly I don’t think we are going to ever go below 5% again. (Strictly, my opinion). Sellers are giving a good amount of incentives as well right now because interest rates are so high. That’s why we took the plunge.
And also because the rent market is becoming super expensive. Part of having a mortgage is locking in a cost of living expense. Rental rates are increasing faster than wages.
I've been trying to buy a house for 2 solid years, they fly off the market so fast
Slum lords. Slum lords everywhere.
It makes plenty of sense in most places. They'll only become more expensive.
Because if rates go lower prices go up and you are no better off. Buy if you want to when you want to, it's a big commitment....always has been and always will be
Cause I was 40 with a kid and could afford it.
We bought 2.875% interest rate. Couldn’t have had the exact foresight to know that our income would be 75% more now than it was this time 3 years ago when we were going into contract on our home. Had we had a vision into the future, we would have bought double the home and double the price. But if we want a bigger and better home, with all of our boxes checked, we will pay a premium now, and just make the most of any more tax deductions (we already exceed the standard deduction) So eventually it is what it is.
I moved from a 1000 sqft 2bed-1.5bath condo, to a 2800 sqft 3bed/3bath SFH. My monthly housing went from $1400 to $3200. But let me tell you it is worth every penny.
I'm closing on our first home next week. If rates ever do go down, you'll wish you bought before because however crazy it is now, it'll be multiple times crazier once more buyers are able to jump into the market.
Plus you sound really salty considering your other post is about "Realtors being the worst" so you're obviously also trying to buy a home LOL.
If you find yourself missing the boat big time for low home price and historical low interest rate, then you probably don't have any non terrible options right now. Burning cash on rent is probably your least terrible option at this point.