Here’s my opinions… take them for what they’re worth (not much.)
If you are buying long term, as a place to live, and the house fits your family needs, and the mortgage, taxes, insurance, maintenance do not put financial stress on your family… then why not.
If you are buying as an investment, with the need for the property to increase in value… If the house is temporary – too small, wrong location, or somehow not suited for your long term needs… then it’s not a good time to buy a house.
My personal take – long term historical perspective (ignoring the last 2 decades) housing was a break even proposition. You did not get the gains that you could get in other investments. People bought so they could have a permanent home, that they could personalize, that they could pay off and live in mortgage free in their retirement. Also, taking a longer rear view perspective, a significant part of our population rented. Anectdotally, my maternal grandparents NEVER owned… they were lifelong renters, despite being comfortably middle to upper middle class. There was no stigma, they lived in nice neighborhoods, my mother was not harmed growing up in a rental.
If you’re buying for shelter, or to fix your costs, long term AND you stay within your means, then it’s a great time to buy.
If you’re like a coworker of mine – who’s actively shopping for a townhome, convinced that they’ll make enough off this purchase that in 5 years they’ll be able to buy a big house… in total denial that the market could be flat or go down… in total denial that they’d have to pay transaction costs to sell in 5 years so even in a flat market could come out worse off… Knowing that purchasing the townhouse will be more expensive, monthly than renting the same townhouse…. For this coworker, I don’t think it’s a good time to buy.
