Explain it to her this way:
*Foreclosures are rising rapidly.
*Home and condo sales have fallen and the rate of fall is increasing
*Standing inventory of unsold homes continues to rise.
*Mortgages are no longer being handed out like free food samples at Costco.
*This is now putting tremendous pressure on sellers who will continue to lower their selling prices if they want to sell their SFR or condo.
*If she just has to buy that condo or SFR, NOW……….you’re going to be saddled with a property that you paid way too much for and you will be stuck with the higher property tax that will be based on what you paid for it plus close to $100k of extra interest that you will pay over the life of the loan.
*A condo that is now selling at $330k will most likely be selling for no more than $250k within 2-3 years.
*If she can’t see the logic and rationale…………you’re just going to have to say, NO!
*Anyone who buys any type of home in SD right now is going to regret it. (unless they have so much money that they just don’t care about throwing $100’s of thousands down the drain).
