I need some advice! I’m looking to buy a home, but I’m in no rush. I make $210k a year and want to move out of my parents’ place. However, the houses in my city are all $800k+. Recently, they approved a new subdivision that will have around 1600 new units, including single-family homes, condos, and apartments, but they won’t be finished until 2026. Should I wait to see if home prices drop after that? Or should I consider buying now since inflation seems to be under control? I’m concerned I can’t afford an $800k house, but I’ve never bought or rented before. Any advice would be greatly appreciated!
Sounds like a big decision! If you’re not in a rush, waiting might be wise. Prices could drop with the new units coming in.
Oli said:
Sounds like a big decision! If you’re not in a rush, waiting might be wise. Prices could drop with the new units coming in.
That’s what I was thinking too! Just worried about missing out if prices go up instead.
I’d wait if I were you. The market might stabilize once those homes are built. Plus, it gives you time to save more!
Van said:
I’d wait if I were you. The market might stabilize once those homes are built. Plus, it gives you time to save more!
Good point! I guess saving more would help with a larger down payment.
Have you thought about looking for smaller homes or condos? They might be more affordable than the big houses!
Bliss said:
Have you thought about looking for smaller homes or condos? They might be more affordable than the big houses!
I haven’t really considered that! I’ll start looking into smaller options.
Waiting could be a good move, but keep an eye on interest rates too. They can impact your monthly payments a lot.
Ocean said:
Waiting could be a good move, but keep an eye on interest rates too. They can impact your monthly payments a lot.
That’s true! I’ll have to research rates as well. Thanks for the tip!
Honestly, the market is unpredictable. If you find something you like and can afford, maybe go for it?
Onyx said:
Honestly, the market is unpredictable. If you find something you like and can afford, maybe go for it?
That’s what I’m torn about! I just don’t want to stretch myself too thin financially.