as to those of you who have any interst in my situation – my wife and I bought our rental. $350k for 1866 sq ft. one story. 3BD/2BA.
Congrats, you nailed it with the following: i ran all the numbers of renting vs buying. and candidly – i’m going to be paying about the same to buy this house compared to renting something similar.
That’s what everybody needs to keep in mind. If they can gamble on prices coming down 10-20% next year, they also gamble on three critical components: financing, inventory and upkeep.
With the prices mentioned here, the last three years of buyers will be priced-in to their homes, unable to sell unless they’re willing to go to foreclosure.
They’re also gambling that interest rates will stay near 50 year lows and not return to a more normal rates which will result in the same out of pocket.
The third gamble they’re taking is the quality of the home. I remember resale houses in the early 90s, upkeep is the first thing sacraficed when the money get’s tight. As you said, you’ve got the upgrades you want. Sellers are still updating homes to unload them, in another year, that’ll stop.
