“I’m not in any big rush really, just kind of tired of renting. No family, I’m single, have a good job, car is paid for. Other than living expenses, I have virtually no debt, just a small credit card balance.”
FLP, I understand you are tired or renting. I only sold my house last year, and already I hate renting!
But my advice to you is this: wait until events unfold after the Fall. Everyone knows that things are not as they seem in an election year, and what we are seeing already is extremely ugly. An election year is historically when the pig gets lipstick. So what does that tell you?
My hunch (reluctantly confirmed by all too many in the financial services world) is that the whole kit-and-kaboodle is being held together with Scotch tape and toothpicks. If I’m wrong, we’ll certainly know by January. But if I’m right, this ship is going to sustain a massive blow to its hull come Nov or December, and you will rue your purchase — again, unless you plan to stay put for 15 years. But remember, you’re pretty much stuck with the prop taxes based on the purchase price. The assessor may make some downward adjustments, but its peanuts. Purchase price is key in may ways.
Hold off for 6 months. You’re not in a big rush, you have wisely minimized your expenses (and hopefully have accumulated some cash), so you have nothing to lose.
