Do you think it's a bad idea to buy a house at this time?

Overnight said:
I assume you are not flipping the house, but are looking to buy it for a long-term investment. You know, 20+ years.
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Yes Jim, I'm planning to live in it. Though if the price goes up, I'd be tempted to sell it.
 
RGLD said:
Yes Jim, I'm planning to live in it. Though if the price goes up, I'd be tempted to sell it.
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Then you are buying at a good time, looking through the next 20 year time frame. Remember...rates can go no where but up from here. We're never going to go negative. We're flatlined.
 
RGLD said:
Zillow predicts my area to go down 3.2% in 2021 - I don't know, how accurate are Zillow predictions anyway?

Looking at interest rates going to be 0% for a while, overall what are your thoughts in general? (yes let's discuss the whole US as I'm not only interested in talking about my zip code)
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I'm in the same boat your in. I want to buy my first house but I think with Biden having a good chance to ruin the economy the same way Obama did there is a big chance the market will go down, the same way it did in 2008. And also, that was over 10 years ago, so it seems like we are due for another market tumble. If this happens then houses will once again be cheap. Which that will be the absolute best time to buy. Some houses in my area (Florida) were going for as little as 40k. You just have to be willing to wait, and it is a little uncomfortable renting, but it's the price you have to pay for big savings.
 
Trader Curt said:
I'm in the same boat your in. I want to buy my first house but I think with Biden having a good chance to ruin the economy the same way Obama did there is a big chance the market will go down, the same way it did in 2008. And also, that was over 10 years ago, so it seems like we are due for another market tumble. If this happens then houses will once again be cheap. Which that will be the absolute best time to buy. Some houses in my area (Florida) were going for as little as 40k. You just have to be willing to wait, and it is a little uncomfortable renting, but it's the price you have to pay for big savings.
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You do realize Obama didn't take office until 2009? And that the economy took a nosedive in 2008 under Bush, but GDP grew every year under Obama and was in far better shape when he left office than when he took over? This kind of gross ignorance just makes me sad for the future of our country.
 
Price will go down in mid/later 2021, where we see the limit that this recovery, which is not really bring us back to before pandemic. The unemployment rate are going to hovering around 5%, and house price will dip a bit more.
 
Will the Salt cap be overturned under the Biden administration? Should give real estate a real pop in the markets most impacted.
 
Sig said:
You do realize Obama didn't take office until 2009? And that the economy took a nosedive in 2008 under Bush, but GDP grew every year under Obama and was in far better shape when he left office than when he took over?
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Yes, didn't I already say the market went down in 2008? You did read my post right?

Unemployment was down over 10% with Obama, with high gas prices and overly priced healthcare and raised payroll taxes. I don't know what world your living in, but the economy even under him was horrible. Obama held back a lot of what could have been an even greater economy. And of course the economy picked up at the end of his term because he was leaving. I mean, I would start buying too if someone like him were about to leave the office. Tell me something I don't already know ...
 
Buy a house! Build equity into it.

America is so spoiled with cheap real estate, especially in metropolitan cities. I wish I could buy some properties for 300k in Ontario.

Perhaps up north, a little cabin in a community of 4000, with lots of black flies and bears.

Everything is a million dollars here, with average return of 7%YTD the past 10 years..
 
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