Quit reading everything about the housing market……well, maybe except for this post.
There is soooo much doom and gloom in the news out there regarding the market. It’s all written to grab your attention. It’s mostly accurate data just misinterpreted by people who are journalists and not actually in real estate. If you want to know how not to end a sentence in a prepositional phrase, ask a writer. You want to know about the real estate market, ask a realtor.
It drives me crazy how much the news impacts people’s decisions. There are so many people out there right now afraid to buy a house or afraid they should sell their house before the market crashes. I totally get that there is an investment side to homeownership. It is typically somebody’s largest asset and those who own their homes tend to have a higher net worth than those who rent.
But, there is another side and that is the fact that you have to pay to live somewhere. If you rent, somebody owns where you live. If you sell to beat any crash, you will still have to pay to live somewhere.
Since you’ve gotta pay to live somewhere and you’ve gotta have somewhere to live, I have always thought that the best time to buy a house is as soon as you can afford it and your life is stable enough where you expect to live there for at least several years. Possible fluctuating values and interest rates don’t matter as much when viewed against throwing money away in rent. If prices were to dip a little, the money you lose will likely be less than all the rent you would have paid over the same timeline. If rates go down, you can refinance your mortgage. If you currently own and home and are happy living there and it serves it purpose well, then stay put until it doesn’t.
The real estate market is just like any other market. It moves like the waves on a beach. It is always going back and forth. Sometimes the tide comes in, sometimes it goes out. It never stays the same for long and nobody should expect that. You can’t control the timing of the market but you CAN control your time in the market.