- December 9, 2023
- Posted by: legaleseblogger
- Category: Related News
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Is it the right time for us to buy a home?
Our family of three has been renting a place for a while now and we have managed to survive on an annual income of 80k. However, things have recently taken a positive turn for us, as we have seen a 50% increase in our income in just a couple of months! This has left us wondering whether now is the right time to consider buying a home.
We are located in the Southern US and would greatly appreciate the insight of any real estate experts out there who could provide their opinion on the current housing market. We are particularly interested in whether it is a good or bad time to make a home purchase. Any input or advice would be greatly appreciated.
Up until now, we have been fairly conservative with our spending and have prioritized saving. We contribute to our retirement funds, have built up a healthy amount of savings, and live a relatively frugal lifestyle. We do not have any luxury items or debt and we prioritize economical transportation.
As a young adult of 22, the biggest financial decision I have ever made was purchasing a used car. The prospect of entering the housing market is quite intimidating for us, given the magnitude of the financial commitment involved.
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****** just grabbed a
Wait a few years and save. If income is still stable, you can still adjust lifestyle then.
Save the money. Lifestyle creep is the downfall of many high incomers. DonÔÇÖt be that household.
you have made nothing yet, merely your future potential income went up. Save the money and don’t inflate your lifestyle.
Live as you still only make $80k and see how flexible you become 2 years from now.
Save money for deposit
Down payment assistance program
Get a house
Everyone telling me to wait? I ignored them. Now they canÔÇÖt find homes and rent, while I own and build equity.
Save. You want to have that income solidly established before you look into buying a house. Plus building up a nice healthy savings first will make your life much easier.
Save money making lifestyle changes for new promotions is always un-good. This is colloquially known as as golden handcuffs once you spend the income on debt. If you dont it becomes wealth.
Get 3-6m savings then save up down payment
Congrats! Save for 1-3 years, then evaluate your options. While you’re aaving money, look around your area and start narrowing in on what you and your family need/want in a home.
You’re in your way, but no need to rush it. Save up so you can pay 20% of the value of a purchase (so, with a 100k home you’d have 20k cash that can be your down payment / equity). Putting down 20% helps you avoid the dreaded private mortgage insurance expense.
If you can get a mortgage payment that is less or close to what you spend in rent then yes absolutely. However, I think that in todayÔÇÖs housing market, the interest rates are so high it would probably cost you significantly more. I would work on building up your savings. The smart thing to do is to keep living like you make 80K and just bank the rest. You donÔÇÖt want to become house poor or be in the same financial position because youÔÇÖre spending more.
I bought my first house at 23 and it was the smartest thing I ever did. That was eight years ago though and I did it because it was more affordable to buy than rent. Also live in the South! So, if you can get an affordable mortgage then yes, definitely buy.
There is a lot more context you need to include if you want help making an informed decision. What are all your current expenses, current savings both retirement and any other savings, how stable is this income growth, are you carrying any debt? You mention a family of 3 but you are young. Are you married?
you have increased your earning, BUT NOT your EARNED income.
build a downpayment first, do not assume you can afford it. youre what-22?? thats nuts. thats gotta be a decade earlier than the national average for first time homeowners.
It’s always time to buy a house that you would want to live in that you can comfortably afford. Go find a realtor you can trust. Ask them all the questions in the world. Don’t sign anything. Just ask them about real estate and how to get into the market. Find out what your income can pre-qualify you for and what your expenses are going to be.
Once you get an idea of what you can comfortably afford, you’ll know if you’re ready to buy a home.
If what you can afford now is something you would never want to live in, then don’t buy it. Keep saving your money for a bigger down payment or until interest rates go lower.
First, no one can see the future. So everything is educated guesses.
Southern US is a vast areas, but in some areas prices have been dropping, and interests have also been dropping. So look at your market. If prices are still falling fast, then it will likely continue to fall. If prices appear to be stable, then itÔÇÖs time to buy.
I believe the fed is trying to find a balance for inflation and interest, and I believe weÔÇÖre around the balanced point. So the interest will remain around at this level for a while.
If you buy, single houses give you more flexibility and leverage than townhouses, and townhouses give more than condos. Best options are multifamily. Sometimes it would allow you to live rent free. So it all depends on how much money you have and how much you can borrow. Good luck.
Consider purchasing now; itÔÇÖs a favorable time. Invest in your own mortgage instead of contributing to your landlordÔÇÖs.
I would save up for a year or two first
Eta
I am not a realtor
Wait a bit. This is literally the worst time in recent history to extend yourself.
get a condo….what is your location?
Dont wait to buy real estate. Buy real estate and wait.
80k to 120k sounds nice. ItÔÇÖs the way an American would put it. But what does it mean? 40k a year equals 3k a month? After tax 1500 a month? Is that it?
80k to 120k sound great but it doesnÔÇÖt say anything about what you net extra. What are your monthly NET!!! expenses and what is your monthly NET!!! income growth? Only with specific numbers you can get some decent advice.
ItÔÇÖs summed up well by others. Save, build safety nets, safely invest, and target housing soon. With current interest rates probably going to return to the 20% down payment standard.
DonÔÇÖt buy house or for that matter any real estate purchase for sometime. At this point, the most important thing for you and your family is to mentally get used to this higher salary. When humans get more money than what they have had in past, normally we donÔÇÖt make wise decisions. So, it is very important that you and your family continue to live like you have for last few years. DonÔÇÖt spend more on unnecessary things because you make more now. Instead go on a vacation or two and continue to save like you have so far.
My experience, donÔÇÖt buy new cars, donÔÇÖt overspend or indulge in luxuries, the temptation is big and suddenly your expenses grow and need more income .
Save 2-3 yrs and buy a house, you wonÔÇÖt regret it.
If you begin spending that extra income in little things you wonÔÇÖt save anything, resist the temptation and save it all before you get used to spend.
Prices and rates are both up while supply is down. The first 2 will likely fall while the third increases. Wait a bit
Slow down, focus on earning more and saving more, then I would consider
If you know where you want to live, are willing to commit to a home long term, and have the capability of doing it, go for it. ItÔÇÖs that simple.