Gold Star Member
- Apr 27, 2005
- Reaction score
I have a very simple question - is it insane to buy a house in this market? I've been looking for some time but it's so hard to rationalize buying now when comparing to prices from just 5 years ago, hell even 2 years. I just feel like I'm going to finally take the plunge and then the bottom is going to fall out.
In the nation the true bottom only fell out once. But price is only one factor to home owner ship. Right now you should be able to get a 30 fixed if you have decent credit from 2.875-3.25 based upon loan amount, loan to value and a few other factors. Anyone that has owned a home 10 years ago will tell you how stupid low that rate is.
Further rent is higher than ever right now, so typically outside of the 5% outlay for down payment, a mortgage is cheaper than renting.
So as long as you plan on being in the house 5-10, who cares if value goes down a bit.
For example, after the 2008 crash and 2010 bottom, 10+ years later, most of the country's housing markets values are significantly higher today than they were then including all of Ohio. 18 years if mortgage and looking up purchase price on every house because i have too to fill out the 1003 properly lets me know where values have gone and are currently.
Long story short, if you can afford it, stop being a wimp and buy a fucking house, lol