As a first time home buyer, what is your advice for me in this current housing market?
I live in Maryland. Washington DC metro area. I’ve been waiting for the right time to jump in and buy a townhouse that i want to live in for at least 10 years. Yes, its my first house, no flipping, primary resident. However, reading about real estate in the past 3 months have been driving me crazy. I’m the kind that will have sleepless nights for months before making investments decisions, buying a car e.t.c
I don’t want to have to regret not waiting if i jump in right now and the housing market falls a bit lower. At the same time, i’m no fortune teller.
What do you think i should do. Wait or buy now?. How about waiting 8 more months or so. Please also remember that mortgage rate is creeping up slowly.
Please i need only respectful and honest advice. If all you have is harsh, hostile comments please just steer clear.
Thanks
JI
I won’t be harsh, but I WILL be realistic. If ANY of us had access to that real estate crystal ball, we would not be sitting here answering these questions.
Your guess is as good as mine, as to whether or not the market has hit bottom. A recent article in USAToday (quoting industry ‘experts’) indicates that the market may soften even a bit farther, and might take another eight months to fully bottom out. However, is this coming softening enough to absorb what might happen to interest rates in the interim ?
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