[quote=FlyerInHi]What is the short term? If you own already, there’s not much you can do but manage.
But what If you want to buy? Timing becomes very important because it’s a variable you control.[/quote]
Depends on what the purpose of buying is for. Owner occupancy or rental? Big difference.
If you own, your options depend on what that property is for. If you really want to roll the dice, you could take advantage of the low interest rate and cash out refinance and do something else with the equity. If your job is secure, like you are an educator that gets paid regardless, or you are in the medical profession and you don’t die from the virus, Id say things look pretty good for you.
Need to see if rent prices permanently falls relative to home ownership.
The other thing people keep forgetting. There’s no current law that days tenants are excused from paying rent and the moratoriums on evictions and foreclosures have set date (which could get moved out a bit). But, eventually if someone really can’t pay, you really got to evict, and that won’t change. Non rental payments just like vancancy rate is part cost of doing business that one should have planned for. It’s also one of the main differences between rentals in areas with a better rental pool versus areas crack alley places where income/credit/etc are more sketchy. This subtle difference might not be be as apparent when the economy is good and everyone has the means to pay.
But it becomes quickly apparent when the economy goes south for the winter. those people were more risky to take on, one probably commanded higher rent when it was good. But now that risk is going to rear its ugly head when times are bad. Hey, don’t like this risk game and don’t like getting burned by it, don’t play the higher risk game. That’s why I sold down by SDSU and exchanged. Didn’t want to deal with student tenants despite better rents, wanted to deal with boring enginerds, nurses, and teachers.
