cabanalane

Many videos on Youtube said don't buy a house now, wait till 2023.

Help me rationalize this theory. If I'm a current homeowner and would have to sell old house to buy a new house, the game is still good because if prices of new homes goes down, so do existing homes. So there is no need to wait. Do you agree that these two factors go together? Both new and existing home prices sort of move together.

It's only a bad idea for first time homeowners to buy now.

doopstr

IMO, assuming you are upgrading to a more expense house, the new house has a chance of losing more value than the current one.

But in principal I agree with you that it's best to buy a first home in a down market and sell your last home in a up market. Thanks, Dad.

Will Y.

Mortgage interest rates?

SamDoe1

Home values move by percentage and are hugely dependent on location and desirability. More expensive homes will rise and fall by more dollars (because percentages) than cheaper ones. Similarly if your house is in a not great location in an undesirable part of town, it won't appreciate as quickly as a house in a nicer more desirable area. On top of that area, some parts of town will probably cap out on how much people want to pay to live there and the percent rise will go down to a very low rate compared to other, newer, parts of town.

It's a crap shoot, a house today will be cheaper than it is tomorrow. That much you can probably live by.

pttl

Until the bubble bursts.

SamDoe1

Maybe, I think house prices will go down but not by that much. We've been looking for a new place for quite a while and price increase has definitely slowed along with how greedy people are being on asking prices. I'm also seeing more price decreases showing up as well.

I don't think it'll crash like what happened in 2007 but it'll go down 2-3% eventually but not before going up 10% lol.